Glossary term
Investment Adviser Public Disclosure (IAPD)
Investment Adviser Public Disclosure is the SEC public search system for reviewing investment adviser firms and adviser representatives.
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What Is Investment Adviser Public Disclosure (IAPD)?
Investment Adviser Public Disclosure, or IAPD, is the public search system investors can use to review information about investment adviser firms and many investment adviser representatives. It is operated by the SEC and draws on adviser registration and disclosure records.
IAPD helps investors look beyond a firm's website or sales material. It can show Form ADV information, registration status, business details, advisory services, fees, conflicts, and disciplinary disclosures when those items are reported.
Key Takeaways
- IAPD is a public search tool for investment adviser firms and adviser representatives.
- It provides access to Form ADV filings and related disclosure information.
- Investors can use IAPD before hiring or reviewing an adviser.
- IAPD is useful due diligence, but it is not a rating or endorsement system.
How IAPD Works
Investment advisers file registration and disclosure information through regulatory systems. IAPD makes much of that information publicly searchable. Users can search by firm name, individual name, CRD number, or SEC number.
For adviser firms, IAPD commonly provides access to Form ADV, including the firm brochure and relationship summary when required. For individuals, it can show registration history, current firm associations, qualifications, and certain disclosures.
What to Review on IAPD
IAPD is most useful when a reader knows what to look for. The goal is not to find a perfect-looking record; it is to understand the business model, compensation, conflicts, disciplinary history, and regulatory status before trusting someone with money.
IAPD Item | What It Can Show | Useful Question |
|---|---|---|
Form ADV Part 2A | Services, fees, conflicts, and business practices | How is the firm paid and what does it do? |
Form CRS | Short relationship summary for retail investors | What type of relationship is being offered? |
Disclosures | Disciplinary or legal events when reportable | What happened, when, and how was it resolved? |
Registration status | Current and past adviser registrations | Is the person or firm currently registered? |
Using IAPD With Other Checks
IAPD overlaps with, but is not identical to, BrokerCheck. BrokerCheck is especially familiar for brokerage firms and brokers, while IAPD is built around investment adviser information. Many investors should check both when a professional or firm provides both brokerage and advisory services.
A clean IAPD profile does not guarantee good advice, fair fees, or a strong fit. It should lead to better questions about fiduciary obligations, account custody, investment process, tax coordination, service scope, and conflicts.
The Bottom Line
IAPD is a practical background-check tool for investment adviser firms and adviser representatives. It gives investors access to registration and disclosure information that should be reviewed before hiring, transferring assets, or renewing trust in an advisory relationship.