RIA Glossary / Fees & Cost Structures

IARD System Fee

Quick Answer
The IARD system fee is the processing fee charged for filing and maintaining Form ADV through the Investment Adviser Registration Depository. The amount generally scales with the firm’s reported assets under management (RAUM) and applies at both initial registration and annual renewal.
Reviewed by Sam Carter, Director of Registration Services
Last reviewed September 18, 2026

What Is the IARD System Fee?

FINRA, which operates the IARD system on behalf of the SEC and state regulators, charges this fee to cover the cost of processing and maintaining electronic filings. The fee schedule is tiered by RAUM, meaning larger firms generally pay more than smaller ones, and it applies whether the firm is registering with the SEC or a state. This fee is separate from any state-specific registration or notice filing fees a firm may also owe.

Firms should budget for this fee both at initial registration and at each annual renewal cycle, since it’s an ongoing cost of maintaining active registration rather than a one-time charge.

Why it Matters

Because the fee scales with RAUM, firms experiencing significant asset growth should expect this cost to increase accordingly at their next renewal, rather than assuming it stays flat year to year.

Frequently Asked Questions

How is the IARD fee calculated?

It’s generally tiered based on the firm’s reported RAUM, with the exact schedule set by FINRA and subject to periodic updates.

Is this the only fee I pay to register?

No — state-registered firms typically also owe a separate state registration fee, and multi-state firms owe notice filing fees in other states where they have clients.
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Related Terms

IARD/CRD

What Are IARD and CRD? IARD, operated by FINRA on behalf of the SEC and state

State Notice Filing Fee

What Is a State Notice Filing Fee? SEC-registered advisers aren’t state-registered, but most states still require

Annual Renewal Fee

What Is the Annual Renewal Fee for RIAs? Renewal fees are typically due in the fourth

Form ADV

What is Form ADV? Form ADV is filed and maintained through the IARD system and consists

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