DIRECT ANSWER
Definition
Form ADV is the uniform registration and reporting form used by investment advisers. Public filings disclose the adviser’s identity, business, clients, regulatory assets under management, ownership, affiliations, disciplinary information, services, fees, and conflicts. Search the public record through IAPD by firm name, individual name, or CRD number.
At a glance
- Record type
- Registration and reporting form
- Filing system
- IARD
- Public portal
- IAPD
- Primary firm ID
- CRD number
- Other identifiers
- SEC file number / CIK when reported
- Key measure
- Regulatory assets under management
01
What are the parts of Form ADV?
| Part | Format | Primary purpose |
|---|---|---|
| Part 1A | Structured questionnaire | Identity, business, clients, AUM, affiliations, private funds, and disclosures |
| Part 1B | Structured state supplement | Additional information for state-registered advisers |
| Part 2A | Narrative brochure | Services, fees, conflicts, disciplinary information, and business practices |
| Part 2B | Brochure supplement | Background and conflicts for certain supervised persons |
| Part 3 / Form CRS | Relationship summary | Concise information for retail investors when required |
02
How to search for a public Form ADV
Start with the official Investment Adviser Public Disclosure website. Search for the adviser firm or representative, open the matching record, confirm the CRD number and registration status, and then open the latest filing or brochure. Names can be shared or changed, so use identifiers and locations to verify the match.
| Step | What to verify |
|---|---|
| 1. Search | Firm name, individual name, or CRD number |
| 2. Match | Legal name, location, and record type |
| 3. Confirm status | SEC or state registrations shown on the record |
| 4. Open documents | Latest Form ADV filing, Part 2 brochure, and Form CRS when available |
| 5. Record the date | Filing date and brochure date for the facts you use |
03
What structured Form ADV data can support
Part 1 data can support adviser profiles, screening, history, and aggregate research when its categorical ranges, schedules, and filing dates are preserved.
- Legal and primary business names
- CRD and SEC file numbers
- Office locations and registration status
- Reported regulatory AUM and discretionary breakdowns
- Client-type ranges and account information
- Ownership, control persons, related persons, and private funds
- Regulatory, civil, criminal, and other disclosure responses
04
Reported fields need context
A Form ADV value is a disclosure made as of the filing’s measurement period, not a live operational figure. Some answers are exact values; others are ranges, categories, yes/no responses, or schedule rows. A normalized database must retain those source semantics.
Regulatory AUM follows the Form ADV instructions and may not match a firm’s marketing AUM. Client counts and employee counts also need the exact field definition and filing date.
05
IARD, IAPD, and historical files
Advisers submit Form ADV through IARD. Public records are surfaced through IAPD. The SEC also publishes historical Form ADV files and explains that multiple tables may need to be joined for database use. These are related delivery layers, not separate facts about the adviser.
06
How to use the Form ADV instructions
The SEC and NASAA instructions define the questions, schedules, calculation rules, and terms used in a filing. Researchers should use them as a data dictionary. A field label alone can hide an exact calculation rule, categorical range, condition, or cross-reference.
AUMSearch explains public data but does not replace the official instructions or provide registration and filing advice.
- Use the instructions for the version and part of the form you are interpreting.
- Preserve item and schedule references in normalized data.
- Do not turn reported ranges into invented point estimates.
- Treat “not applicable,” blank, and zero as different source states.
07
How AUMSearch should represent the data
AUMSearch should preserve the filing date, amendment type, source table or section, native identifier, raw response, and normalized representation. Historical values should remain attached to the filing that reported them instead of overwriting the record with a timeless “current” value.
FAQ
Frequently asked questions
What does Form ADV disclose?
Form ADV discloses information about an investment adviser’s business, ownership, clients, regulatory AUM, affiliations, disciplinary history, services, fees, conflicts, and public-facing brochures, depending on the applicable part and schedule.
Is Form ADV publicly available?
Yes. Public adviser records and documents can be searched through the official Investment Adviser Public Disclosure website. Some filing data is also published by the SEC in downloadable files.
What is Form ADV Part 2A?
Part 2A is the adviser’s narrative brochure. It explains services, fees, investment methods, conflicts, disciplinary information, and other business practices in a prescribed plain-English format.
How often is Form ADV updated?
Advisers generally file an annual updating amendment and must also amend specified information when required. Interpret every value with the filing date and applicable reporting period.
SRC
Primary sources
Definitions and regulatory claims on this page are grounded in the following official public resources.
- SEC Form ADV data ↗Current and historical public data access and file context.
- Form ADV general instructions ↗Official instructions, including regulatory AUM calculation rules.
- SEC Form ADV and IARD FAQ ↗Official staff answers on filings, terms, and registration questions.
- NASAA Form ADV library ↗Uniform forms, instructions, and glossary resources.