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Form ADV Part 1A Item 1O · Answer type: yn · Item 1 - Identifying Information
Item 1O asks whether the advisory firm had $1 billion or more in assets on the last day of its most recent fiscal year.
These are the firm's own assets on its balance sheet, not client assets under management. A Yes identifies that the adviser reports meeting this firm-asset threshold.
This figure is reported as of fiscal year-end. It measures firm assets, not the client portfolios the adviser manages.
Do not confuse Item 1O with regulatory AUM in Item 5F. Item 1O concerns the adviser entity's assets. Item 5F concerns client assets under the firm's management.
Yes
The firm reports that its own assets were $1 billion or more as of its most recent fiscal year-end.
No
The firm reports No and does not report reaching that balance-sheet threshold.
1O - Did you have $1 billion or more in assets on the last day of your most recent fiscal year (Yes / No).
This appears in Item 1, Identifying Information. If Yes, a follow-on question may ask for the approximate asset amount.
Item 1O is useful because it separates the adviser's own reported assets from client RAUM. It does not establish liquidity, liabilities, operational stability, technology spending, staffing, or compliance capacity.
Asset size alone does not tell you about advisory quality, investment skill, client service, or performance.
The answer also does not reveal the composition of the firm's assets or its liabilities. Read Item 1O beside regulatory AUM in Item 5F only to keep firm assets and managed client assets separate.
Yes
Check whether the Item 1O follow-on field gives a more specific amount. Then review Item 3B for the fiscal year-end month and Item 5F for the separately reported client RAUM.
No
The firm reports No under Item 1O. Review Item 5F for managed client assets. Do not use the No answer to infer stability, service quality, or business focus.