what is sec form adv 
the securities and exchange commission sec requires all professional investment advisers to submit sec form adv this form specifies the investment style assets under management aum and key officers of an advisory firm this form must be updated annually and it must be made available as a matter of public record for companies that manage funds in excess of 25 million 1there are several parts of sec form adv the first section includes identifying information if past disciplinary action was taken against the adviser this must be noted in the first section of sec form adv the second section deals with the aum investment strategy fee arrangements and service offerings of the firm understanding sec form advofficially called the uniform application for investment adviser registration and report by exempt reporting adviser sec form adv serves as a registration document that must be submitted to the sec and to state securities authorities 2the north american securities administrators association nasaa reviews and approves changes made to the document and it is supported by the financial industry regulatory authority finra 3potential and current clients of an investment adviser should always review the sec form adv on file that s because it provides transparent evidence of the asset mix within the firm as well as the professional background of key personnel most advisers offer a current sec form adv to any potential client early in the marketing process in fact investors should be immediately cautious of an adviser that does not freely offer the form upon request 