What is Form ADV? The adviser registration form

Form ADV is the form an investment adviser files with the US Securities and Exchange Commission (SEC), or with a state regulator, to register and to disclose how it runs its business. It is filed under the Investment Advisers Act of 1940 and is public, so anyone can read what an adviser charges, how it makes money, and whether it has a disciplinary history. This guide explains what Form ADV is, what its three parts cover, and where to read it. It is not investment advice.

What do the three parts of Form ADV cover?

Form ADV is filed electronically through the Investment Adviser Registration Depository (IARD) and splits into three parts:

• Part 1 structured data: the adviser's business, ownership, assets under management, types of clients, and any disciplinary events involving the firm or its people.
• Part 2 the brochure, written in plain English: services, fees, conflicts of interest, and disciplinary history. Part 2A covers the firm; Part 2B covers the individuals who advise you.
• Part 3 the Form CRS relationship summary, a short document for retail clients on services, fees, conflicts, and where to check the firm's background.

Who files Form ADV, and with whom?

An investment adviser files with either the SEC or a state securities regulator, depending mainly on how much it manages. Larger advisers register with the SEC; smaller ones typically register with the state where they do business. The SEC publishes the threshold and the switching rules, so the line depends on current SEC rules rather than a fixed number that holds forever.

When is Form ADV updated?

An adviser must file an annual updating amendment within 90 days of its fiscal year-end, and must also amend promptly when certain information becomes materially inaccurate. The Form CRS is updated within 30 days when it becomes materially inaccurate.

Where can you read a Form ADV?

Part 1 of Form ADV is public on the SEC's Investment Adviser Public Disclosure (IAPD) website, and the Part 2 brochure is available there too. You search by the adviser's name. Note that Form ADV lives on IAPD, not on EDGAR, which is where company filings such as the 10-K sit. For a step-by-step on what to look at, see how to read a Form ADV.

An adviser large enough to register with the SEC often also files a 13F listing its US equity holdings, so Form ADV and the 13F together show who the adviser is and what it holds.

Flock reads disclosure filings and keeps each one dated and linked back to its source. What any of it means for your money is your call to make.