What Is Investment Adviser Public Disclosure (IAPD)?
The IAPD pulls its data directly from the IARD system, meaning whatever a firm files on Form ADV — including any amendments — becomes publicly viewable, typically within a short window after filing. Prospective clients, journalists, and competitors alike can use IAPD to look up a firm’s registration status, AUM, fee structure, disciplinary disclosures, and the professional background of individual representatives.
Because this information is public, firms have a practical incentive — beyond the regulatory obligation itself — to keep their Form ADV accurate and current, since it functions as a public-facing profile in addition to a regulatory filing.