What is an ADV?
The ADV is the registration form for Investment Advisors. Form ADV contains information about an investment advisor and its business operations. Form ADV also contains disclosure about certain disciplinary events involving the advisor and its key personnel.
Investment Advisors are required to register either with the State(s) in which they conduct business, or with the SEC. Those registered with the SEC are also generally required to file with their State as well, though the SEC retains primary regulatory authority for their registered advisors. The difference in who is registered with the SEC or State is dependent not only on their size, but also their primary business emphasis. The SEC is primarily responsible for large money management only firms, while the States are primarily responsible for smaller money managers and firms that are primarily comprehensive advisors. There is some overlap, and there will likely be more changes that clarify jurisdiction over the next several years.
For an excellent article about choosing an advisor, see Investment Advisers: What You Need to Know Before Choosing One on the U.S. Securities and Exchange Commission web site.
To view our ADV online, go to the Investment Advisor Public Disclosure web site and type in Financial Symmetry.
