How to Read Form ADV Without Getting Lost

Form ADV is one of the public documents used to understand a registered investment adviser. It contains important information, but it is not a substitute for asking direct questions or reviewing the full relationship agreement.

Where to focus

• Services offered and the types of clients served
• Fees and compensation arrangements
• Conflicts of interest
• Disciplinary and other disclosure information
• Ownership and business activities

Part 2 is written as a brochure and can provide useful context about how an adviser operates. Read it alongside the adviser’s current website, agreements, and the regulator’s public database.

The goal is not to memorize the form. It is to ask better, more specific questions.