All investment advisory firms must register by filing a Form ADV either with the Securities and Exchange Commission if they manage $25 million or more in client assets or with the state securities regulator in the state where they principally work.
The form is divided into two sections. Part 1 provides information about past disciplinary actions, if any, against the adviser. Part 2 summarizes the adviser's background, investment strategies, services, and fees.
If an advisory firm is registered with the SEC, you can obtain copies of Form ADV at the SEC's Investment Adviser Public Disclosure (IAPD) website (www.adviserinfo.sec.gov).
Otherwise, you can request it directly from the adviser or your state securities regulator. You can find contact information on the website of the North American Securities Administrators Association (www.nasaa.org).
- Browse Related Terms: Arbitration, Dispute resolution, Form ADV, Mediation, Registered investment adviser (RIA)