The home of Motor City, Motown and the Wolverines has known big business for a long time. Heavily industrial Michigan has a number of special environmental and community protection-oriented regulations to keep its citizens safe. That means lots of licenses and permits for business-owners to secure.
In Michigan, investment Advisers provide financial advice and perform securities transactions for an annual flat-fee from their clients. This is designed to make it so advisers do not hold a personal stake in performing transactions and therefore give their clients the best possible advice. Still, the federal government licenses and monitors investment advisers as do state regulators.