RIA Glossary / Registration & Formation

Form ADV Part 1

Quick Answer
Form ADV Part 1 is the structured-data section of Form ADV, containing firm-level information regulators use for oversight purposes — including ownership structure, assets under management, disciplinary history, and business practices. It’s distinct from the narrative brochure in Part 2.
Reviewed by Sam Carter, Director of Registration Services
Last reviewed September 18, 2026

What Is Form ADV Part 1?

The Form ADV Part 1 is organized into standardized questions and checkboxes rather than free-form narrative, making it easier for regulators to aggregate and analyze data across all registered advisers. It’s further split into Part 1A (filed by all advisers) and Part 1B (additional questions for state-registered advisers). Information here includes the firm’s regulatory assets under management, the types of clients served, disciplinary disclosures, custody arrangements, and ownership details reported on Schedules A and B.

Because Part 1 data feeds directly into IAPD and various regulatory databases, accuracy here matters not just for the firm’s own compliance record but for the broader dataset regulators use to identify examination priorities and industry trends.

Why it Matters

Part 1 data is what regulators use to flag firms for closer examination based on risk factors like AUM growth, disciplinary history, or custody status — keeping it current is part of managing a firm’s overall regulatory profile.

Frequently Asked Questions

How is Form ADV Part 1 different from Part 2?

Part 1 is structured data for regulatory use; Part 2 is a plain-language narrative brochure given to clients.

Do state-registered and SEC-registered advisers file the same Part 1?

Both file Part 1A; state-registered advisers additionally complete Part 1B, which asks state-specific questions.
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Related Terms

Regulation S-P

What Is Regulation S-P? Regulation S-P requires two main things: a privacy notice given to clients

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