Form ADV Part 2
Form ADV Part 2 is the plain English narrative brochure that registered investment advisers must deliver to clients, describing services, fees, conflicts of interest, and disciplinary history. Part 2A covers the firm and Part 2B covers the individual supervised persons who provide advice.
Where Part 1 of Form ADV is a structured, check-the-box filing built for regulators, Part 2 is a written narrative built for clients. The SEC requires it to be written in plain English.
Part 2A, the firm brochure
Part 2A follows a prescribed sequence of items covering advisory business, fees and compensation, types of clients, methods of analysis, disciplinary information, other financial industry affiliations, code of ethics, brokerage practices, review of accounts, client referrals, custody, investment discretion, and voting client securities.
Part 2B, the brochure supplement
Part 2B provides information about the specific individuals who actually formulate advice for a client, including educational background, business experience, disciplinary history, and outside business activities.
Delivery and updating
Advisers generally must deliver the brochure before or at the time of entering an advisory agreement and must update it at least annually, with interim amendments required when certain information becomes materially inaccurate.
Why it matters for marketing
Part 2 is the single most under-used content asset an advisory firm owns. It is a regulator-mandated, already-reviewed document that states exactly what the firm does, who it serves, how it charges, and what makes it different. Most firms file it and never look at it again while paying someone to write website copy from scratch.
It is also a website requirement in practice. Buyers, and increasingly AI assistants answering questions about a firm, look for accessible ADV and Form CRS links. A firm whose disclosure documents are buried or link to a stale PDF looks careless in a category where carefulness is the product.
The practical build pattern: a persistent disclosure block in the footer linking to current ADV Part 2A, Part 2B, and Form CRS, with a documented process for swapping the file at each annual update.
Common questions
What is the difference between Form ADV Part 1 and Part 2?
Part 1 is a structured, fill-in-the-blank filing designed for regulators, capturing data about the firm's business, ownership, clients, and disciplinary events. Part 2 is a narrative brochure written in plain English for clients, describing services, fees, conflicts, and the background of the people giving advice. Part 1 is data. Part 2 is disclosure prose.
Does an advisor's website need to link to Form ADV?
Delivery obligations are defined by regulation rather than by website convention, but in practice nearly all registered advisers link to current Form ADV Part 2 and Form CRS from their site footer. It is expected by prospects, it supports the firm's delivery process, and it is one of the first things a diligent buyer or an AI assistant looks for. Confirm your specific delivery obligations with your CCO.
Related terms
This entry is general information for marketers and does not constitute legal, compliance, or investment advice. Confirm your specific obligations with your compliance officer or counsel before acting on it.