SEC Form ADV: Requirements, Parts, and How to Access

Key takeaways

• SEC Form ADV is the registration and disclosure document investment advisers must file with regulators.
• It consists of Part 1 (structured data) and Part 2 (plain‑English disclosures). Part 2 includes a supplement about advisory personnel.
• Form CRS (Relationship Summary) was spun off from Form ADV in 2019 and provides a brief summary for retail investors.
• Advisers must update Form ADV annually and provide it to current and prospective clients on request.
• Investors can find a firm’s Form ADV through the SEC’s public disclosure tools or by asking the firm directly.

What is Form ADV?

Form ADV (the Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Adviser) is the primary registration and disclosure filing used by investment advisers. It informs regulators and the public about an adviser’s business, ownership, services, fees, disciplinary history, and key personnel. Firms that meet applicable filing thresholds must make their filings publicly available.

Who oversees the form?

The SEC receives and processes ADV filings. The form is coordinated with state securities authorities, and industry organizations such as the North American Securities Administrators Association (NASAA) and the Financial Industry Regulatory Authority (FINRA) play supporting roles in review and implementation.

Structure and content of Form ADV

Form ADV is organized into multiple parts designed for regulatory review and client disclosure.

Part 1
* A fill‑in‑the‑blank format that collects structured data about the adviser’s business: ownership, affiliations, client types, assets under management, employees, and any disciplinary events.
* Used by regulators to process registrations and supervise firms.

Part 2
* A narrative brochure written in plain English describing services offered, fees and billing practices, conflicts of interest, disciplinary information, and the firm’s policies and procedures.
* Includes Part 2A (the firm brochure) and Part 2B (the brochure supplement) that provides background on key advisory personnel who provide investment advice.
* Intended as the primary disclosure document for clients and prospective clients.

Form CRS (Relationship Summary)

In June 2019, the SEC separated the former Part 3 of Form ADV into a standalone Form CRS (Client Relationship Summary). Form CRS is a concise, plain‑language summary for retail investors that highlights:
* Who the firm is
* Services provided
* Fees and costs
* Conflicts of interest and standards of conduct
* Disciplinary history (if any)
Firms that provide retail investment services must file Form CRS and deliver it to retail clients.

Filing and ongoing obligations

• Advisers must file Form ADV with the SEC and/or state securities authorities as required by regulatory thresholds.
• Firms must update their Form ADV at least annually and promptly amend any material changes.
• Advisers are expected to provide a current Form ADV to prospective clients early in the engagement process and to current clients on request.

How investors can access Form ADV

• Many filings are publicly accessible through the SEC’s Investment Adviser public disclosure resources.
• Investors can also request the form directly from the advisory firm; advisers are required to provide their Form ADV to new and existing clients.

Common questions

Q: Do brokers or dealers file Form ADV?
A: Any person or firm that provides investment advisory services and must register as an investment adviser will file Form ADV, whether an individual adviser, advisory firm, or broker‑dealer acting in an advisory capacity.

Q: What’s the difference between Part 2A and Part 2B?
A: Part 2A is the firm brochure describing business practices, services, fees, and conflicts. Part 2B is the brochure supplement with biographical and professional information about key advisory personnel.

Q: How often must Form ADV be updated?
A: At least annually, and more frequently if material changes occur.

Bottom line

Form ADV is essential for transparency between investment advisers, regulators, and investors. Reviewing a firm’s Form ADV and Form CRS helps clients understand services, fees, conflicts of interest, disciplinary history, and who will manage their assets. Advisers are legally required to keep these disclosures current and readily available.