RIA Glossary / Registration & Formation

Form ADV

Quick Answer
Form ADV is the registration and disclosure document every investment adviser must file with the SEC or state securities regulators. It discloses the firm’s business practices, fees, conflicts of interest, and disciplinary history, and is publicly available through the IAPD database.
Reviewed by Sam Carter, Director of Registration Services
Last reviewed September 12, 2026

What is Form ADV?

Form ADV is filed and maintained through the IARD system and consists of several parts: Part 1 contains structured data used by regulators (ownership, AUM, disciplinary history), Part 2 is the narrative “brochure” describing the firm’s services and conflicts in plain language for clients, and Part 3 (Form CRS) is a short relationship summary for retail investors. Firms must update Form ADV at least annually and promptly amend it when material information changes, such as a change in ownership, AUM, or business practices.

Because Form ADV becomes publicly viewable through IAPD, it functions as both a regulatory filing and a public-facing disclosure document that clients and prospects can review directly.

Why it Matters

Form ADV is the single most foundational filing in the registration process — nearly every other registration and compliance obligation connects back to keeping it accurate and current.

Frequently Asked Questions

How often do I need to update Form ADV?

At least annually within 90 days of fiscal year-end, plus promptly whenever a material change occurs during the year.

Is Form ADV public?

Yes — it’s viewable by anyone through the IAPD database.
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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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