Vermont Investment Adviser Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bonding of Vermont Investment Advisers
You may or not may be required to obtain a surety bond as a licensed Vermont investment adviser. Determining whether or not this is applicable in case is 1. by the type of custody you maintain over client securities; and 2. your personal net worth.
The breakdown looks like this:
- If you do not have custody and discretion of your clients’ accounts and your net worth is less than $35,000, you must file a surety bond in the amount of the deficiency (from the $35,000 amount), rounded to the nearest $5000;
- If you do have discretion over your clients’ accounts, but not custody over the accounts; OR you require advance payments of fees from clients that are 6 months or more out and greater than $500, you must have a net worth of at least $10,000, or post a surety bond in the amount of the deficiency (from the $10,000 amount), rounded to the nearest $5000.
Qualifying and the Premium
You will automatically be approved for the amount of the Vermont investment adviser bond that you require. This is because there is no credit check. Your bond will therefore be issued to you immediately after payment of the premium.
When you call us, we’ll just need you to provide us with the amount of surety you require (we don’t figure that amount for you).
We’ll also pre-fill part of the application with you over the phone. This really is just your name, and phone number. But before the bond is issued to you, we’ll need you to sign it. Again, there is no credit check.
As two examples of the premium amounts: a $10,000 surety bond will have a $150 annual premium; a $35,000 surety bond will have a $525 premium.
Once the application is received, and the premium paid, our agency issues your bond to you along with a Power of Attorney (POA) form.
You’ll sign your original bond as Principal, filing it with the POA to:
State of Vermont
Dept of Banking, Insurance, Securities & Health Care Admin.
89 Main Street – Drawer 20
Montpelier, VT 05620-3101
Purpose Of Your Surety Bond Requirement
For those investment advisers for whom it’s required, your investment adviser surety bond is a financial guarantee of your compliance with Section 5411 of Title 9, Vermont Statutes Annotated Chapter 150, as amended.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and probate bonds throughout Vermont.
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