Broker Check

What is a Registered Investment Adviser?

Under the Investment Advisers Act of 1940, as amended, an Investment Adviser is "any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as part of a regular business, issues or promulgates analysis or reports concerning securities..."

A typical Registered Investment Adviser:

  • Registers either with their state or the SEC by filing Form ADV and meeting other requirements
  • Uses a broker/dealer and/or bank to custody assets and to settle and/or to execute trades

This registration does not mean that the firm is recommended or endorsed by the SEC, it simply means that they are regulated by the SEC.

In general a firm with more than $100 million under management must register with the SEC, and those managing less than $100 million are registered with a state securities agency.

KMS Financial Services, Inc. is an SEC Registered Investment Adviser.  Additional background information about KMS can be found at www.sec.gov.  Mike and Leonard are both Investment Adviser Representatives with KMS.

An Investment Adviser Representative:

  • Evaluates client's needs and risk tolerance, and advises on appropriate investments
  • Monitors client's portfolio. Regular performance reports may be provided
  • May provide other wealth management services, such as retirement, trust, tax, charitable giving, estate and financial planning services