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What is the difference between an investment advisory firm registered with the SEC and one that is state registered?

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What is the difference between an investment advisory firm registered with the SEC and one that is state registered?

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Based on the number of assets under management, a firm either registers with the SEC or registers with the states in which it conducts investment advisory business. Firms that have at least $25 Million in assets under management register with the SEC. Vision Investment Advisors is registered with SEC.

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