RIA Glossary / Registration & Formation

Investment Adviser Representative (IAR)

Quick Answer
An Investment Adviser Representative (IAR) is an individual who provides investment advice on behalf of a registered investment adviser and is subject to the firm’s supervision. IARs must meet specific qualification requirements and register individually, separate from the firm’s own registration.
Reviewed by Sam Carter, Director of Registration Services
Last reviewed October 8, 2026

What Is an Investment Adviser Representative (IAR)?

While Form ADV registers the firm itself, each individual providing advisory services on the firm’s behalf must separately qualify and register as an Investment Adviser Representative (IAR), typically through Form U-4. Qualification is usually satisfied by passing the Series 65 exam, or the Series 66 combined with the Series 7, or by holding a recognized professional designation that many states accept as an exam waiver.

IARs are subject to the firm’s Code of Ethics and Written Supervisory Procedures, and depending on their role, may also be classified as access persons with additional personal trading reporting obligations. In states that have adopted continuing education requirements, IARs must also complete ongoing CE credits to maintain their registration.

Why it Matters

Firm registration and individual IAR registration are two distinct obligations — a firm can be properly registered while having representatives who aren’t yet qualified or registered to provide advice, which is a gap firms need to actively manage as they hire.

Frequently Asked Questions

Does every employee at an RIA need to be an IAR?

No — only individuals actually providing investment advice to clients on the firm’s behalf need IAR registration; support staff without advisory responsibilities generally don’t.

Can someone work as an IAR before passing the required exam?

No — qualification (via exam or recognized designation) is required before an individual can be registered and act as an IAR.
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Related Terms

Regulation S-P

What Is Regulation S-P? Regulation S-P requires two main things: a privacy notice given to clients

Access Person

Who Is an “Access Person” at an RIA? Because access persons can see what trades are

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