Glossary term
Form ADV Part 1 - Investment Adviser Business Disclosure
Form ADV Part 1 is the structured registration section investment advisers file with the SEC or state securities regulators.
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What Is Form ADV Part 1?
Form ADV Part 1 is the structured registration section of Form ADV, the form investment advisers use to register with the SEC or state securities regulators. It collects standardized information about the advisory firm, its ownership, business activities, clients, assets, disciplinary history, and other regulatory details.
Part 1 is built more like a regulatory filing than a client brochure. Investors usually encounter it through the SEC's Investment Adviser Public Disclosure database, where it helps show who an adviser is and how the firm is organized.
Key Takeaways
- Form ADV Part 1 is the structured registration filing for investment advisers.
- It includes information about ownership, assets, clients, advisory activities, and disciplinary disclosures.
- It is different from Form ADV Part 2, which is the narrative brochure written for clients.
- Investors can use Part 1 to verify basic facts before hiring or monitoring an adviser.
How Form ADV Part 1 Works
Investment advisers file Form ADV electronically through the Investment Adviser Registration Depository, or IARD. Part 1 includes check-the-box and fill-in items that regulators use to process registration, monitor firms, and make core information available to the public.
The filing may show whether the firm is SEC-registered or state-registered, where it is based, how many employees it has, what types of clients it serves, how much regulatory assets under management it reports, and whether the firm or related people have reportable disciplinary events.
What Investors Can Learn
Part 1 item | Why it helps |
|---|---|
Registration status | Shows whether the adviser is registered with the SEC or states. |
Assets under management | Gives scale and business-model context. |
Client types | Shows whether the firm works with individuals, institutions, funds, or other clients. |
Disciplinary disclosures | Flags issues that deserve closer review before hiring the adviser. |
Part 1 vs. the Brochure
Part 1 is useful for verification, but it is not the best source for understanding the full client experience. Form ADV Part 2A explains services, fees, conflicts, disciplinary history, and business practices in narrative form. Part 2B gives information about certain supervised people who provide advice.
The strongest review uses all of the pieces together: Part 1 for registration facts, Part 2A for firm-level disclosures, Part 2B for adviser-person details, and Form CRS for a short relationship summary when applicable.
The Bottom Line
Form ADV Part 1 is the regulatory fact sheet behind an investment adviser's registration. It helps investors verify a firm, spot disclosures, and know what to review more closely before relying on an adviser.