Investment Advisor Registration Requirements for Texas

To register as a Registered Investment Adviser (RIA) in Texas, firms must file through FINRA’s IARD system and comply with the Texas Securities Act. The Texas State Securities Board (TSSB) requires detailed ADV Parts 1 and 2 filings, business entity formation documents, ownership disclosures, financial statements, and written supervisory and compliance procedures. Examiners carefully review all documentation and often request clarifications before approval. 

The Texas registration process is one of the most thorough in the U.S. It typically takes 60–90 days, but the timeline can extend if documentation is vague, inconsistent, or incomplete. Because the TSSB often requests multiple rounds of clarifications, preparing firm-specific ADV narratives, tailored policies, and accurate financial records can help shorten the approval process. 

Key deadlines for Texas investment advisers include: 

• ADV Annual Amendment: Within 90 days of fiscal year-end. 

• IARD Renewal Fees: Due annually in Q4 (firm renewal: $40; IAR renewal: $20). 

• Form U-5: Must be filed within 30 days of an IAR’s termination. 

• Audited Financials: Required if the firm has custody or discretionary authority.
  Meeting these deadlines is critical to avoid late fees, termination, or disciplinary action by the TSSB. 

Texas places strong emphasis on: 

• Thorough, multi-round registration reviews that focus on conflicts of interest, advisory contracts, and discretionary authority. 

• Detailed supervisory and recordkeeping procedures, including policies on advertising, social media, senior vulnerable adult exploitation, and Texas-specific data breach rules. 

• Business formation documentation, such as LLC agreements or incorporation papers.
  Because of this, firms often face longer registration timelines and must ensure their documentation is tailored, not boilerplate. 

Yes. Anyone providing investment advice for compensation in Texas must register as either an RIA firm or an Investment Adviser Representative (IAR). RIAs register the business entity with the TSSB, while individual advisers must also register as IARs. Without the appropriate registration, firms and advisers cannot legally serve Texas clients.