Read Form ADV Part 2: A Ten-Minute First Pass

Updated September 26, 2026.

Use ten minutes with Form ADV Part 2 to identify the service, cost, risks and questions that deserve follow-up. The firm brochure, Part 2A, is different from the individual brochure supplement, Part 2B. A quick scan can organize a review; it cannot establish that an advisor is suitable or that every term is understood.

This guide is a reading workflow, not a legal interpretation of a particular filing. Keep the actual document and its date beside your notes.

First find the right document

Use the official Investment Adviser Public Disclosure resources, confirm the legal firm name and open the applicable brochure. The SEC says the adviser's most recently filed Form ADV is available through IAPD. SEC Form ADV and IARD guidance

Do not assume the marketing brand alone identifies the correct entity. A firm can offer multiple services, and you need the brochure relevant to the proposed arrangement.

Save the brochure and note material changes. If a document appears inconsistent with a current proposal, ask the firm to reconcile them rather than choosing whichever version seems preferable.

Minutes 1–3: services and the relationship

Find the discussion of the advisory business and identify what the firm actually does. Ask whether it provides planning, investment management or other services, and which offering applies to you.

Record whether recommendations are implemented by the firm or left to you. Note account requirements, restrictions and services outside scope. The most important question is whether the described engagement matches the work you want done.

The SEC's brochure guide explains that Part 2A contains standardized disclosure topics to make comparison easier. Use the actual headings and table of contents rather than relying on a page number copied from another firm's document. Investor.gov Form ADV explanation

Minutes 4–6: fees and other compensation

Locate fees and compensation. Identify the schedule, how the fee is collected, whether negotiation is discussed and what other charges may apply. Compare this with the proposal and account agreement.

Turn the language into a checkable question. If a hypothetical schedule charges 0.80% on $750,000 of billable assets, the constant-balance annual illustration is $6,000. Ask whether that is the correct base, whether tiers apply and which product or account costs are additional.

Do not label the figure all-in until the other costs are identified. Use the advisor-fee breakdown to build a consistent estimate.

Minutes 7–10: risk, conflicts and control

Read the investment approach and risk discussion alongside the conflicts and brokerage information. You are looking for implications for your account: what risks the strategy takes, why particular providers or products may be used and how incentives are addressed.

Also locate the sections relevant to custody and discretion in the applicable brochure. Ask where assets are held, which institution sends statements and what authority the adviser would have. Custody arrangements and investment discretion are distinct topics; do not infer one from the other.

A disclosed practice can be legitimate and still deserve explanation. Ask how it works in your situation rather than treating every conflict as misconduct or every disclosure as sufficient reassurance.

Then review the person, not only the firm

Part 2B is the brochure supplement covering relevant individuals who provide advice. The SEC's investor guide describes information about background, business experience, disciplinary matters, other activities and supervision. It also notes that brochure supplements are not filed with the SEC in the same way as the firm brochure. Ask the firm for the applicable supplement. SEC brochure-supplement explanation

Confirm who will actually work with you. A firm's capabilities do not establish the experience of every person assigned to a household. Ask who supervises the work and whom to contact if concerns remain unresolved.

Use official background resources as part of the evaluation. Registration is not a government endorsement of skill or results.

Make a follow-up sheet

Keep unresolved questions visible. The purpose of the first pass is to know what to ask next, not to give a document a superficial good-or-bad grade.

Read the relationship summary and agreement too

Form CRS is a shorter summary with services, fees, conflicts and other information. It complements the brochure; neither document should be treated as the only source for the engagement. Form CRS reading guide

Compare the disclosure documents with the actual agreement and later invoices. If the terms seem inconsistent, request a written explanation before proceeding. A current filing can still require clarification about the specific service you are buying.

Where Mezzi can help with preparation

Mezzi can help discuss your financial goals using supported account information, including investments, banking, liabilities and manual assets. That context can clarify which services you need from an adviser. Mezzi account groups

Use it to organize a question list and distinguish missing facts from assumptions. Do not assume a general AI answer has verified a current filing or resolved a legal interpretation. Keep the source text and obtain clarification from the firm or a qualified professional where needed.

Apply the same scrutiny to Mezzi's current scope and pricing. A transparent comparison describes both what the service does and which responsibilities remain yours.

A successful ten-minute review ends with a concise evidence-backed agenda. Take the additional time required to resolve material questions before making a consequential decision.

Frequently asked questions

What is the difference between Form ADV Part 2A and 2B?

Part 2A is the firm brochure. Part 2B is the supplement about relevant individuals providing advice. Ask for the documents applicable to your engagement and professional.

Can I complete due diligence in ten minutes?

No. A short first pass helps locate important topics and questions. Resolving material issues may require additional documents, discussion and professional review.

Is Part 2B always available in the public filing search?

Do not assume so. The SEC explains that brochure supplements are not filed with it like the firm brochure. Request the applicable supplement from the firm.

What should I do if the brochure and proposal differ?

Ask the firm to reconcile the documents and identify the current terms that apply to your engagement. Retain the explanation and relevant document dates.