How to read a Form ADV

Form ADV is the disclosure document every registered investment adviser files with the SEC. Here's what each part tells you.

Form ADV is the primary disclosure document for registered investment advisers. It has two parts, and both are public.

Part 1

Part 1 is a structured, check-the-box filing covering the firm's ownership, assets under management, number of clients and employees, business practices, and any disciplinary disclosures. It is the source of most of the structured data on this site.

Part 2 (the brochure)

Part 2A is a plain-English narrative — the firm's fee schedule, services, investment strategies, and conflicts of interest. Part 2B covers the individual advisers. If you read one thing before hiring an adviser, read the Part 2A brochure.

Put this into practice

Every firm profile on AdvisorGrade shows real, sourced fiduciary status, fees, and disclosure history from SEC filings — so you can check everything above in a couple of clicks.

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