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Item 11 - Disclosure Information

Form ADV Part 1A section guide

What this section is

Item 11 is a series of disclosure Yes/No questions on the firm’s Form ADV: criminal history, regulatory actions, civil judicial matters, and related topics. Each sub-item stands alone. A Yes on one line does not answer the others.

On Best Investors, every Item 11 Yes appears in the firm’s Disclosures card near the top of the profile. When the firm’s Form ADV PDF includes filled Disclosure Reporting Pages (DRPs), event narratives - regulator, docket, allegations, sanctions - appear on the same card. The full Yes/No checklist also sits in the ADV form panel under Item 11. If any advisor on the roster has disclosure categories marked Yes, those names appear on the same Disclosures card.

Treat each Yes as a checked disclosure box, not as proof of guilt by itself. The checkbox only says the firm reported that the question’s conditions apply. The narrative (when present) carries the facts you need: who, when, what forum, and what outcome.

Yes

A flag that this disclosure category applies - a checked disclosure box (and related DRP when present), not a verdict from the checkbox alone. Read the other Item 11 answers on the same profile; do not stop at one line.

No

This specific question does not apply as asked. It does not clear the other Item 11 lines.

Common clusters: 11A–11B criminal history; 11C–11E regulatory and SRO findings; 11F professional authorization losses; 11G and 11H(2) pending proceedings; 11H(1) civil judicial outcomes. Neighboring boxes can look similar; use the field explainers when the wording is unclear.

How to use it on a profile

  1. Open the firm profile on Best Investors and find Disclosures (or the ADV form Item 11 block).
  2. Read every Yes line before you judge the firm.
  3. Read any Disclosure events from Form ADV (docket, allegations, sanctions) when present.
  4. Check any advisors listed with disclosure categories marked Yes.
  5. Use field explainers such as 11A(1) felony conviction / plea, 11C(2) SEC/CFTC violation finding, or 11G pending regulatory proceeding when you need the exact question wording.
  6. If Yes, also skim related Item 11 neighbors on the same panel - for example, a Yes on findings next to a Yes on orders or penalties often describes one matter from different angles.

What it does not tell you

  • Advisor-level narrative details (individual BrokerCheck / Form U4 DRP text) - roster advisors currently show Yes/No categories only
  • Whether every historical matter appears if the firm removed older DRPs from the current ADV
  • Broker-dealer history beyond what this firm’s Item 11, PDF DRP pages, and linked advisor records cover
  • Fees, investment performance, or whether the firm is a fit for your household - those sit outside Item 11

Related reading

Sources

  • Form ADV Part 1A, Item 11
  • Firm Disclosures card and ADV form on Best Investors

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