Filing Form ADV can be a complicated process. The Division recommends reviewing a copy of the Form ADV before filing it online. You can access a copy of the Form ADV, including instructions and glossary by clicking HERE.

Generally, it is helpful to remember that when the Form ADV refers to “you” or “applicant” it is referring to the advisory firm, not the individual behind the firm (that person is a designated official, officer, and/or investment adviser representative).

FORM ADV PART 1

Form ADV Part 1 is filed online through the IARD system and can be easily updated at any time. For this reason, when filing Part 1 it is best for answers to reflect the firm as it currently exists unless specifically instructed to consider a specific timeframe in your response. Essentially, consider Form ADV Part 1 as a snapshot of the firm as it is presently.

FORM ADV PART 2

Form ADV Part 2, or brochure, is a public document to be provided to clients and prospective clients so that they can evaluate the firm and the services offered. Generally, Part 2 is meant to cover the current business plan and anticipate possible business the firm may conduct in the near future.

In April 2007, the IARD system was updated to allow for the electronic filing of Form ADV Part 2. By the 2008 renewal period, the Division expects all state-covered investment advisers to transition from paper to electronic filings. Please refer to NASAA's website for detailed information about electronic filing. In short, filing Form ADV Part 2 online involves creating a text-searchable PDF copy of your firm's Form ADV and uploading it on the IARD system. Below you can access different versions of the Form ADV Part 2 that vary by the length of the Schedule F.

Form ADV Part 2 with a 5 page Schedule F
Form ADV Part 2 with a 15 page Schedule F
Form ADV Part 2 with a 25 page Schedule F

Schedule G
Schedule H

If additional pages are needed for the Schedule F, you can “insert” a page from the “Schedule F Additional Page” file, but this requires a full version of Adobe Acrobat or other PDF application that can edit documents. Similarly, there are files for Schedule G and H that can be “inserted” if necessary.

While these PDF forms can be opened and filled out using Adobe Acrobat Reader, the Division recommends you use a full version of Adobe Acrobat as some necessary functions may not be available in the free, Reader version (the full Standard version retails for $299 and the full Professional version retails for $499). Of particular importance is that Reader cannot save the document to your computer, making uploading onto the IARD more difficult (and amendments will require you to start over every time). Also, Reader cannot insert or delete pages if necessary.

Working around a full version can be difficult. Scanning the Form ADV Part 2 into a PDF may not allow the document to be text-searchable. Working with another PDF application may not have the functionality to edit or the compatibility to upload a searchable PDF copy. If you have difficulty filing the Form ADV Part 2, please contact the Division.