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)

Related Articles
  1. Financial Advisor

    SEC on Advisor Performance Claims: 'Show Your Work'

    The SEC will now require advisors to keep records of any documentation that is distributed to clients that contains performance numbers of any kind.
  2. Financial Advisor

    What Triggers an SEC Audit for Financial Advisors?

    Advisors looking to avoid an SEC audit should pay heed to this list of what may catch the regulator's attention.
  3. Financial Advisor

    SEC Adding Social Media Disclosure to Form ADV

    The SEC released a rule noting that advisors will need to list all of their social media sites like Twitter, Facebook and others on their Form ADVs.
  4. Personal Finance

    Career Advice: Financial Analyst Vs. Financial Adviser

    Read 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.
  5. Financial Advisor

    Top SEC Exam Hacks for Financial Advisors

    These five tips will help financial advisors pass muster when the SEC comes knocking.
  6. Financial Advisor

    How Advisors Can Create Compliance Programs

    Here's how investment advisers can set up a compliance program that adheres to SEC requirements.
  7. Taxes

    How A Company Files With The SEC

    Filing with the SEC is not as complicated as you might thing -- just be meticulous about following the steps.
  8. Investing

    SEC Filings: Forms You Need To Know

    The forms companies are required to file provide a clear view of their histories and progress.
  9. Financial Advisor

    Is Your Broker Legit? 6 Steps to Take

    The Great Recession may have ended, but broker wrongdoing hasn't. Here's how to make sure you don't get stuck with the next Bernie Madoff.
Frequently Asked Questions
  1. Depreciation Can Shield Taxes, Bolster Cash Flow

    Depreciation can be used as a tax-deductible expense to reduce tax costs, bolstering cash flow
  2. What schools did Warren Buffett attend on his way to getting his science and economics degrees?

    Learn how Warren Buffett became so successful through his attendance at multiple prestigious schools and his real-world experiences.
  3. How many attempts at each CFA exam is a candidate permitted?

    The CFA Institute allows an individual an unlimited amount of attempts at each examination.Although you can attempt the examination ...
  4. What's the average salary of a market research analyst?

    Learn about average stock market analyst salaries in the U.S. and different factors that affect salaries and overall levels ...
Trading Center