2025 SEC Form ADV Filing Guide: Costs, Requirements & Step-by-Step Process

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What Is SEC Form ADV?

SEC Form ADV is a crucial registration document required by the Securities and Exchange Commission (SEC) for all professional investment advisers. This form discloses an advisory firm’s investment approach, assets under management (AUM), fee structures, and key personnel. Firms managing assets exceeding $25 million must file this form annually and make it publicly accessible.

The form is divided into multiple sections: the first captures identifying information and any disciplinary history; the second details investment strategies, fees, and services offered.

Key Insights

• SEC mandates all registered investment advisers to submit Form ADV.
• Form ADV acts as a registration and disclosure document for both federal and state securities regulators.
• It requires comprehensive details about the firm’s business, management, fees, and any disciplinary records.
• Clients benefit from reviewing Form ADV for transparency on firm operations and personnel credentials.
• SEC Form CRS, introduced in 2019, was formerly Part 3 of Form ADV and serves as a client relationship summary.

Who Must File SEC Form ADV?

Known formally as the Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Adviser, Form ADV must be filed by all investment advisers registered with the SEC or state regulators. The North American Securities Administrators Association (NASAA) oversees updates to the form, with support from FINRA.

Prospective and current clients should always request and review an adviser’s Form ADV to assess the firm’s investment approach and professional background.

Important Note

Advisers typically provide the most recent Form ADV early in client discussions. Investors should be wary of any adviser who hesitates or refuses to share this information.

How to File SEC Form ADV

Filing involves completing two main parts:

Part 1

This section is a structured questionnaire covering:

• Firm’s business operations and ownership
• Affiliations and organizational structure
• Client types and business practices
• Information on key employees and disciplinary history

The SEC uses this data to manage registrations and regulatory oversight.

Part 2

Written in plain English, this narrative section includes:

• Detailed advisory services description
• Fee schedules and billing practices
• Disciplinary disclosures and conflict of interest statements
• Background information on management and advisory personnel

This part serves as the primary disclosure brochure available to clients and the public.

Annual Updates

Investment advisers must update their Form ADV annually to reflect any material changes in business practices, personnel, or regulatory status.

Understanding SEC Form CRS

Introduced in June 2019, SEC Form CRS (Customer Relationship Summary) was separated from Part 3 of Form ADV. It provides retail investors with a concise summary of the firm’s services, fees, conflicts of interest, and disciplinary history.

Firms offering retail investment services must file and deliver this summary to clients, ensuring clear and accessible information.

Accessing SEC Form ADV

Clients and investors can obtain Form ADV filings via the SEC’s Investment Adviser Public Disclosure (IAPD) website or directly request it from the advisory firm. Transparency through these disclosures aids in making informed investment decisions.

Downloadable Form

A downloadable version of SEC Form ADV is available through the SEC website for advisers preparing their filings.

Frequently Asked Questions

How Can I Find a Firm’s SEC Form ADV?

All registered investment advisers must make their Form ADV publicly accessible, which can be found on the SEC’s IAPD portal or by requesting the form directly from the firm.

Do Brokers or Dealers File SEC Form ADV?

Yes, any individual or firm providing investment advisory services must file Form ADV with the SEC and applicable state regulators.

What Are SEC Form ADV Parts 1 and 2?

Part 1 is a structured form capturing firm identification, ownership, client types, affiliations, and disciplinary history. Part 2 is a narrative brochure detailing business practices, fees, conflicts, and personnel backgrounds.

What Are SEC Form ADV Parts 2A and 2B?

Part 2A is the main brochure summarizing the firm’s operations and disclosures, while Part 2B supplements provide information on key advisory personnel. Both are written clearly for client understanding.

What Happened to SEC Form ADV Part 3?

Part 3 was restructured into the independent SEC Form CRS in 2019 to provide a simplified relationship summary for retail investors.

Conclusion

SEC Form ADV is an essential compliance document for investment advisers, offering transparency that empowers investors to make well-informed decisions. Accurate, clear, and timely filings protect both advisers and clients by ensuring regulatory compliance and fostering trust.

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