Financial License Fee Calculator
Estimate annual regulatory license fees for financial services firms based on license type, assets under management (AUM), and number of registered representatives.
Formulas Used
Investment Adviser (RIA) — Federal (SEC):
Total = $225 + AUM Fee
AUM ≤ $1B: AUM Fee = 0.00257% × AUM
AUM > $1B: AUM Fee = $25,700 + 0.00131% × (AUM − $1,000,000,000)
Investment Adviser (RIA) — State:
Total = $150 + ($50 × Reps) + ($75 × Branches)
Broker-Dealer — Federal (FINRA):
Total = $7,500 + ($85 × Reps) + ($1,200 × Branches) + (0.0025% × AUM)
Broker-Dealer — State:
Total = $500 + ($40 × Reps) + ($200 × Branches)
Mortgage Lender/Broker — Federal (NMLS):
Total = $1,000 + ($100 × Loan Officers)
Mortgage Lender/Broker — State (NMLS):
Total = $500 + ($75 × Loan Officers) + ($150 × Branches)
MSB — Federal (FinCEN):
Total = $0 registration + $500 compliance estimate
MSB — State:
Total = $1,000 + (0.0001% × Transaction Volume) + ($200 × Branches)
Insurance Company — Federal:
Total = $5,000 (proxy)
Insurance Company — State:
Total = $2,500 + (0.002% × Premium Volume) + ($300 × Agents) + ($500 × Branches)
Assumptions & References
- SEC investment adviser fee schedule based on SEC Form ADV filing fees (17 CFR § 203.5); 2024 rates.
- FINRA broker-dealer fees based on FINRA Annual Registration Fees schedule.
- SIPC assessment rate of 0.0025% sourced from SIPC.org annual assessment notices.
- Mortgage licensing fees based on NMLS Resource Center published state fee schedules (average used).
- FinCEN MSB registration is free per 31 CFR § 1022.380; state fees are averages across U.S. states.
- Insurance fees based on NAIC model law averages; actual state fees vary significantly.
- AUM / Loan Volume / Premium Volume / Transaction Volume are used interchangeably as the relevant financial base depending on license type.
- This calculator provides estimates only. Consult a licensed compliance attorney or your state regulator for exact fees.
- Federal fee tiers for RIA: Tier 1 (≤$1B AUM) = 0.00257%; Tier 2 (>$1B AUM) = 0.00131% on the excess, per SEC fee rate schedule effective 2024.