​​​ A broker-dealer is a firm or individual who offers and sells securities to the public. Investment advice given by broker-dealers is usually incidental to the completion of purchase and sale transactions in securities. Compensation is normally in the form of commission but some firms charge one fee for all services, based on the value of assets in the account. All broker-dealers, regardless of their location, must be registered to conduct business in Wisconsin unless they qualify for an exemption from registration. There is no de minimis or sophisticated investor exemption for broker-dealers.

For more detailed information, please see our Broker-Dealer Guide.

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Phone: (608) 266-2139

Email: DFISecurities@dfi.wisconsin.gov