Who's that fella over there in the sunglasses looking so free-and-easy? Oh, he's a federal covered advisor.
That means that by the power invested in the National Securities Markets Improvement Act of 1996, he registers with the SEC, not the state. But he still has to file a Form ADV with the state and note that he's choosing to register with the SEC.
Wait, what? He doesn't have to register with the state?
You want in? Well, do you have less than $25 million in assets under management? Then...
Looking for more? Why is this annoying box in the way? It's because you haven't paid for the course yet!