Want to Know More About Your Advisor?
Another document is also available to investors, for review, called Form ADV Part I. Part I is a basic registration document that has to be filed with either the states an advisor works in or with the Securities and Exchange Commission, depending on the amount of “assets under management”, the advisor has. Previously, advisors with more than $25 million in assets under management had to register with the SEC and each state in which they had more than five clients. Now, that hurdle is $100 million in assets under management.
The new form ADV Part 2A must be filed by March 31st. Once it is filed and approved, both parts of the ADV will be available for review by investors on the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov). If you go to this site you can then select “Investment Adviser Search” to find the adviser firm or representative you are interested in.
Disclosures regarding arbitration, bankruptcy filings and civil or criminal actions against the advisor are included. Details regarding the business services offered, how the adviser is compensated and any potential conflicts of interest are included.
You can’t be too careful when it comes to seeking help with your finances. Do your homework and you'll be able to sleep better at night.
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