Glossary

Form ADV

Definition

Form ADV is the registration document every investment adviser must file with the SEC or state regulators, disclosing its services, fees, conflicts of interest, disciplinary history, and key personnel.

Part 1 is a structured filing about the business; Part 2A (the "brochure") is a plain-English narrative advisers must give clients, covering fees, conflicts, and how the firm invests. Part 2B covers the individuals giving advice. All of it is public at adviserinfo.sec.gov.

Why it matters in practice

Form ADV is the closest thing to a due-diligence shortcut the industry offers: Item 5 of Part 2A states what the adviser charges, and the disciplinary disclosures reveal what marketing never mentions. Reading a prospective adviser's brochure — or simply confirming their claims match it — takes fifteen minutes and is free. An adviser's verbal description of fees and their filed ADV should agree; when they do not, the filing wins.

Glossary definitions are educational and general. They are not investment, legal or tax advice, individual circumstances vary, and simplified definitions necessarily omit edge cases. Figures, limits and rules cited change over time — confirm current rules before acting. Aduna Capital LLC is a California DFPI-registered investment adviser (CRD #311270). Aduna Capital LLC is not affiliated with, endorsed by, or sponsored by CalSavers, the California State Treasurer's Office, CalPERS, CalSTRS, or any other retirement system, employer or school district named on this page.