Washington Investment Adviser Surety Bond is a type of surety bond required by the Washington State Office of the Secretary of State for investment advisers operating in the state. This bond is a form of financial security that protects investors from losses due to the fraudulent or dishonest actions of an investment adviser. The bond amount must be at least $50,000 and can go up to $500,000 depending on the number of clients an adviser has. There are two types of Washington Investment Adviser Surety Bonds: the Individual Investment Adviser Surety Bond and the Agency Investment Adviser Surety Bond. The Individual Investment Adviser Surety Bond covers the actions of a single investment adviser. The Agency Investment Adviser Surety Bond covers the actions of a firm that employs multiple investment advisers.
Washington Investment Adviser Surety Bond
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FAQ
Investment Advisor & Broker-Dealer Bonds Investment advisors and broker-dealers often must post a surety bond as part of the licensing or registration requirements.
Broker-dealers fulfill several important functions in the financial industry. These include providing investment advice to customers, supplying liquidity through market-making activities, facilitating trading activities, publishing investment research, and raising capital for companies.
Surety bonds are often issued by banks and insurance companies. They are usually obtained through brokers and dealers who, like insurance agents, obtain a commission on sales.
What is an investment advisor surety bond? Investment advisor surety bonds are license bonds required by many states of those who provide financial advice for a fee. The bond financially guarantees you will perform ing to the laws & regulations governing your license.
A broker dealer "blanket" fidelity bond is an industry specific commercial crime policy which protects the clients of a broker/dealer from the dishonest acts of its employees and registered financial advisory representatives.
General contractors require a $12,000 surety bond, and specialty contractors need a $6,000 bond that they must post to the Washington State Dept.
To register as a broker-dealer, a surety bond must be posted (typically $10,000); and if the broker-dealer takes custody, a higher bond must be posted (typically $35,000). The surety bond can take the form of cash, securities or an insurance policy.
How to Get a Washington Surety Bond Apply For Your Bond. To begin the bonding process, complete the online application form.Get a Bond Rate. As soon as we receive your application, we will begin processing it and looking for the lowest possible rate at which you can get bonded.Buy Your Bond.