​​Form ADV is described by the U.S. Securities and Exchange Commission (SEC) as follows:

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Form ADV is the uniform form used by investment advisers to register with both the SEC and state securities authorities. The form consists of two parts, both of which are available to the public on the SEC’s Investment Adviser Public Disclosure (IAPD) website.

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Part 1 requires information about the investment adviser’s business, ownership, clients, employees, business practices, affiliations, and any disciplinary events of the adviser or its employees. Part 1 is organized in a check-the-box, fill-in-the-blank format. The SEC reviews the information from this part of the form to manage its regulatory and examination programs.

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Part 2 requires investment advisers to prepare narrative brochures that include plain English disclosures of the adviser’s business practices, fees, conflicts of interest, and disciplinary information. The brochure is the primary disclosure document for investment advisers and must be delivered to advisory clients.

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The Client Relationship Summary (Form CRS) is a standardized disclosure document mandated by the Securities and Exchange Commission (SEC) under Regulation Best Interest (Reg BI).

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Key Features:

• Purpose: To provide retail clients with clear and concise information about their relationship with a broker-dealer or registered investment advisor.

• Contents: Outlines key aspects of the firm, including:

  • Services offered: Investment advice, trading, etc.

  • Fees and costs: Commissions, advisory fees, and other charges.

  • Potential conflicts of interest: Situations where the firm's interests may diverge from the client's.

  • Disciplinary history: Any legal or regulatory actions taken against the firm.

• Objective: To empower clients to make informed decisions about their investment relationships and compare services between firms.

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Essentially, Form CRS serves as a standardized disclosure to enhance transparency and build trust between financial professionals and their clients.

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