Form ADV

Advisers use Form ADV to register as an investment adviser with the SEC. Generally, an investment adviser that manages $25 million or more in client assets must register with the SEC. Advisers that manage less than $25 million must register with the state securities regulator where the adviser's principal place of business is located. Form ADV also is used for state registration.

Form ADV has two parts. Part 1 contains information about the adviser's education, business, and an adviser's disciplinary history within the last ten years. Part 1 is filed electronically with the SEC. Part II has information on an adviser's services, fees, and investment strategies. The SEC does not require advisers to file Part II electronically.

Before you hire someone to be your investment adviser, always ask for, and carefully read, both parts of the adviser's Form ADV. You can find a copy of an investment adviser's Form ADV (Part 1 only at this time) on the SEC's Investment Adviser Public Disclosure (IAPD) website. Your investment adviser must furnish you with a copy of Part II of Form ADV. Many state registered advisers now file Form ADV electronically and their Form ADV (Part 1) can be found on IAPD.

For more information about registering as an investment adviser with the SEC and related information, please visit the SEC's Investment Adviser Registration Depository web page as well as the NASD website. To learn about state registered investment advisers, please visit the North American Securities Administrators Association's website, which provides contact information for all state securities regulators.

For information about selecting an investment adviser, please read our publication, Investment Advisers: What You Need to Know Before Choosing One.