Independent RIA

ADV clarification - i am now part of a smaller RIA, no longer affiliated with a B/D. I am trying to fully understand ADV requirements. Are there 3 main parts? Part 1, Part 2A and Part 2B?

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Part 1 is all the data about the firm, Part 2A is the “plain English” brochure that describes the firm, services, fees, and conflicts of interest. Part 2B is the brochure about the advisor(s). I’ve also heard about Part 3 but I’m not SEC-registered and it’s only for those firms.

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I heard there was a part 3 coming too

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Right now there are 2 parts to the ADV. part 1 and part 2. Part 1 is all about the RIA. Part 2 is in 2 parts 2A — the Firm Brochure and Part 2B — Brochure Supplement, which is info on the individual advisors. There will be a Part 3 coming out which is the Form CRS. This will be a requirement for SEC RIA’s. For State RIA’s it depends if the individual state adopted it in its regulations and require it. I’ve been told that some states will not yet require it.

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