how to file sec form adv
as noted above there are several parts to this form we ve highlighted some of the key information found in each below the first portion of form adv is organized as fill in the blank often easier for the adviser to compile and includes details about the sec reviews the information provided by the firm from this part of the form to process registrations and manages its regulatory and examination programs the second section of the form is a longer narrative that is prepared by the investment adviser this must be written in plain english and contain detailed information on the specific types of advisory services offered the fee schedule of the adviser disciplinary information and any conflicts of interest this latter part may include details on whether any directors have outside business interests that could impact their judgments or provide inside information 2this part should also include management background their educational history and business experiences these bios should extend to key advisory personnel as well this section is the most important primary disclosure document offered to clients by investment advisers brochures are always available to the public once they are filed 1sec form adv part 2 must also include a supplement which details information about key employees who directly provide investment advice to clients 1all investment advisers are required to submit annual updates to their brochures this includes any and all material changes that occur within the firm and any information and or activity that takes place that is critical to their business 2sec form crssec form adv previously included part 3 which was meant to serve as a summary of the previous sections as such it was called the relationship summary in june 2019 the sec amended the form and spun the third section off into an altogether new form called sec form crs or the relationship summary 6the form is meant to deliver to retail investors a brief customer or client relationship summary that provides information about the firm 6 it must be filed with the sec by every firm that provides retail investment services to their clients and it must be submitted to these individuals as noted above sec form crs is a summary of information from sec form adv therefore advisers must include the following information the form must be concise and written in plain english so it can be easily understood 