To register as an IA with the SEC, you are required to file Form ADV, parts I and II.
- Part I discloses basic information to regulators, such as contact and background information on the adviser and employees, number of accounts, compensation arrangements, etc.
- Part II serves as a disclosure document to clients and potential clients. It can be used to satisfy the "Brochure Rule" in a later section.
- The IA must amend Form ADV any time the information within it has changed.
- The form must be resubmitted within 90 days of the end of each fiscal year.
- If an adviser is no longer eligible for federal registration, it must withdraw its registration by filing a Form ADV-W Notice of Withdrawal from Registration within 180 days after the end of the fiscal year.
- An IA also must file a Form ADV-W if it ceases to conduct business as an investment adviser.
For more information on filling out Form ADV, refer to the PDF Form ADV: General Instructions.
The Investment Adviser Registration Depository (IARD)
All federal covered advisers are now required to register with the SEC and file notice with the states via the Investment Adviser Registration Depository (IARD). The IARD is an electronic filing system for IAs, sponsored by the SEC and the North American Securities Administrators Association (NASAA). This system collects and maintains data for both federal- and state-registered IAs.
If you would like to learn more about the IARD, the following weblinks contain further information. Note that this is more detail than what is required for you to know for the exam: The Investment Adviser Registration Depository, IARD Announcements.
Investment Adviser Representatives (IARs)
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Financial AdvisorDiscover what a career as a financial adviser entails, and learn what pros and cons an individual faces when embarking on a career in this field.
Financial AdvisorDiscover what the best financial advisers share in terms of the traits they possess, and learn what clients value most in their advisers.
Financial AdvisorUnderstand what creates dissatisfaction between financial advisers and their firms, and learn the top reasons advisers ultimately make the decision to leave.
Financial AdvisorLearn how the worst financial advisers tend to share common traits, including greed, arrogance, ignorance and being difficult to reach when times are tough.
Financial AdvisorThe SEC will now require advisors to keep records of any documentation that is distributed to clients that contains performance numbers of any kind.
Financial AdvisorTo become a registered investment advisor requires specific licensing, qualifications and regulations, but the greater freedom may be worth it.
Financial AdvisorAdvisors looking to avoid an SEC audit should pay heed to this list of what may catch the regulator's attention.
Personal FinanceRead an in-depth review of the differences between a career as a financial Adviser versus a career as a Financial Analyst, including how to decide which is best.
InvestingLearn what you need to know about the state securities administrator to pass the Series 63 exam.