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What is Form ADV?

Form ADV is the registration filing U.S. investment advisers file with the SEC or a state. Learn Part 1A, the brochure, Form CRS, and how to read them here.

The short answer

Form ADV is the form U.S. investment advisers file with the SEC or a state. It is both their registration and their public disclosure.

Part 1A is a questionnaire with boxes and numbers. Part 2 is the brochure, written in sentences, about services, fees, and conflicts. Form CRS is a short summary for regular investors. CRS stands for client relationship summary.

Best Investors is not the SEC. We put the public IAPD files on firm pages so you can read the Part 1A answers with item codes. For the brochure PDF or the CRS PDF, open the official file.

What to do

  1. Open the firm on Best Investors. Use Search by name or zip, then scroll to the Form ADV panel. Note codes such as 5F(2)(c) (regulatory assets) and 5G(1) (financial planning). Each code links to a Form ADV explainer.
  2. Read Item 11 on the same page. Treat every Yes as a checked disclosure box. Open the story pages when they appear. For a walkthrough, see How do I read Item 11?.
  3. On IAPD, search the same firm by name or CRD. The CRD is the ID number. Download the brochure (Part 2A) and Form CRS if they are there. Read fees, services, conflicts, and disciplinary summaries in the firm's own words.
  4. Compare the Part 1A boxes to the brochure. Item 5E may show fee categories. The brochure and your draft agreement should state the amounts, when you are billed, and what is not included.
  5. Keep the official Form ADV PDF open if a code on the profile is unclear. The form text is the source wording for each item.

What to look for on Best Investors

On a firm page, the ADV panel shows Part 1A answers with item codes, such as 5F(2)(c), 5G(1), and the Item 11 block. Those codes match the SEC form. Click a code to open the explainer under /info/adv/.

Disclosures near the top of the profile show Item 11 Yes answers. When the firm's PDF includes the extra story pages, you may see the regulator, the case number, the allegations, and the penalty on the same card. Adviser names may show category flags. Those flags are not a full substitute for the brochure and the IAPD file.

Search finds offices near you. The order of the list is not a quality score.

This site does not replace the brochure or Form CRS. Use it to scan the Part 1A boxes. Use IAPD for the government original and the PDFs. See Best Investors vs SEC IAPD.

Common mistakes

  • Reading only the Part 1A boxes and skipping the brochure and Form CRS on IAPD.
  • Treating a large 5F(2)(c) asset figure as proof of better advice. Assets are size. The firm reported them. They are not quality.
  • Stopping at one Item 11 Yes. Nearby lines often describe the same event from different angles. Read the full set and any story text.
  • Mixing up a broker, or a person with both licenses, with a firm that only gives advice. Broker history often lives on BrokerCheck as well as, or instead of, this firm's ADV.
  • Assuming a page here is the legal file. It is a display of public files. If the two disagree, use IAPD.

Related questions

What is Form ADV Part 1A?

Part 1A is the box-and-number half of Form ADV. Firms answer yes or no, and they enter numbers, about owners, clients, employees, assets, services, and disclosure history. On Best Investors those answers show up with item codes so you can open a plain-language guide. Part 1A does not replace the brochure. It shows which boxes the firm checked, not the full fee schedule.

What is the Form ADV brochure (Part 2)?

Part 2A is the firm brochure. It is written for clients and covers services, fees, methods, conflicts, and disciplinary information. Many firms also file a supplement (Part 2B) for people they supervise. This site shows the Part 1A codes on the firm page. Download the brochure PDF from IAPD when you need the fee language in the firm's own words.

What is Form CRS?

Form CRS is a short document for regular investors. It covers the type of relationship, fees, conflicts, the standard of conduct, and where to find more. It does not replace the brochure. Open CRS on IAPD next to the brochure before you sign.

How do Part 1A codes relate to the brochure?

Use Part 1A as a map. A Yes on pay item 5E, or on a service under 5G, flags a topic that should show up in the brochure and in your agreement. Then read the brochure for amounts and conflicts. If Part 1A and Part 2 disagree, ask the firm in writing and check the current filing on IAPD.

Where do I find Item 11 on Best Investors?

Open the firm page. Check the Disclosures card for Yes flags and any story text. Also open the Item 11 checklist in the ADV panel so you see every No as well as every Yes. Start with the Item 11 guide and How do I read Item 11? if the wording is dense.

Limits

Best Investors is not the SEC, and this page is not legal or investment advice. The firm filled out Form ADV. We do not audit assets, rewrite Item 11, or certify that the brochure is accurate.

Firm pages update after we load the public files. IAPD can show a newer filing first. A clean Part 1A panel is not a government endorsement. Open the brochure and Form CRS on IAPD before you hire.

Sources

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