Fisher Investments ADV
Form ADV is used by investment advisers to register with the Securities and Exchange Commission (SEC) and state securities authorities. The form must be updated annually and made available as public record. You can find a copy of an investment adviser's most recent Form ADV on the SEC’s Investment Adviser Public Disclosure (IAPD) website at www.adviserinfo.sec.gov.
Form ADV is divided into two parts:
- Form ADV Part I provides specific information about an investment adviser’s business, ownership, clients, employees, business practices, affiliations, and any disciplinary events of the firm or its employees. The SEC uses this information to process registrations and manage its regulatory and examination programs. Although designed primarily for regulatory purposes, Part I filings are available to the public on the IAPD website.
- Form ADV Part 2 acts as a disclosure document for clients and prospective clients. It includes information such as the types of advisory services offered, the adviser’s fee schedule, disciplinary information, conflicts of interest, and business background of management and key advisory personnel. Beginning in 2011, investment advisers are required to deliver to their clients Part II as a narrative brochure written in plain English. These brochures are also available to the public on the IAPD website.
Before you hire someone to be your investment adviser, always ask for, and read carefully, both parts of the adviser's Form ADV. Most advisors will offer a current Form ADV to any potential client early in the process; in fact, investors should be immediately cautious of an advisor that does not freely offer the form upon request.