Form ADV
Form ADV is an important document that investment advisers must file with the Securities and Exchange Commission (SEC). Think of it as a detailed registration form that tells regulators and clients about an investment firm's business practices, potential conflicts of interest, and background. It's similar to a company's ID card or detailed profile that must be kept up-to-date. This form comes in multiple parts: Part 1 contains basic information about the firm, while Part 2 (often called the "brochure") provides clear information that clients can read to understand the firm's services and fees.
Examples in Resumes
Managed annual Form ADV updates and amendments for a $500M investment advisory firm
Led team responsible for preparing and reviewing Form ADV filings
Conducted regular reviews of Form ADV disclosures to ensure accuracy and compliance
Typical job title: "Compliance Officers"
Also try searching for:
Where to Find Compliance Officers
Professional Associations
Online Resources
Job Boards
Example Interview Questions
Senior Level Questions
Q: How would you handle a situation where you discover a material error in a previously filed Form ADV?
Expected Answer: A senior compliance professional should explain the process of promptly filing an amendment, notifying relevant parties including management and potentially affected clients, and implementing new procedures to prevent similar errors in the future.
Q: What are the key considerations when preparing the annual Form ADV update?
Expected Answer: Should discuss gathering information from various departments, reviewing material changes over the past year, ensuring accurate disclosures of assets under management, client types, and conflicts of interest, and maintaining proper documentation of the review process.
Mid Level Questions
Q: What are the main differences between Part 1 and Part 2 of Form ADV?
Expected Answer: Should explain that Part 1 is primarily check-the-box format for regulators with basic business information, while Part 2 is a narrative brochure written in plain English for clients describing services, fees, and conflicts.
Q: What triggers the need to amend Form ADV?
Expected Answer: Should identify material changes in business practices, ownership, assets under management, disciplinary events, and annual update requirements as key triggers for filing amendments.
Junior Level Questions
Q: What is Form ADV and why is it important?
Expected Answer: Should be able to explain that it's the registration form for investment advisers required by the SEC, used to disclose important information about the firm to regulators and clients.
Q: How often must Form ADV be updated?
Expected Answer: Should know that annual updates are required within 90 days of fiscal year-end, and prompt amendments are needed for material changes in business information.
Experience Level Indicators
Junior (0-2 years)
- Basic understanding of Form ADV requirements
- Ability to gather information for filings
- Knowledge of filing deadlines
- Understanding of compliance documentation
Mid (2-5 years)
- Preparing Form ADV amendments
- Reviewing disclosures for accuracy
- Coordinating with various departments
- Understanding regulatory requirements
Senior (5+ years)
- Managing entire Form ADV process
- Training staff on filing requirements
- Implementing compliance procedures
- Handling complex regulatory issues
Red Flags to Watch For
- No knowledge of SEC registration requirements
- Unfamiliarity with investment adviser regulations
- Lack of attention to detail in compliance documents
- No experience with regulatory filings
- Poor understanding of disclosure requirements
Related Terms
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