For those who believe that the Garden State’s greatest contribution to the securities industry is that Snooki of Jersey Shore fame does not practice in the field, think again.

In the past, we have blogged that the Dodd-Frank Act would require the shifting of numerous registered investment advisors from SEC oversight to state oversight.  The results are now in.  The New Jersey Bureau of Securities (a bureau within the New Jersey State Attorney General) has reported that it has seen an increase of 8% in registrations directly attribuatable from this shift of advisors into state registration.  The new registration applications are from over 100 advisor firms.

Such an influx has forced the New Jersey Bureau of Securities to dedicate more resources to review these new advisors.  In fact, four new employees were hired to handle this extra workload.  I wonder if Snooki needs a job????

In any event, RIA state registration for many is a by-product of the Dodd-Frank Act, and states, like New Jersey, will be on the front lines in the regulatory battles to be fought in the future.