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.
FAQs:
- 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.
Related terms: Form ADV Part 1, Form ADV Part 2 (Brochure), Form ADV Part 3 (Form CRS), IARD/CRD
CTA: Need help preparing or amending your Form ADV? See our RIA Registration Services →