Form ADV is the disclosure document every registered investment adviser must file and keep current. Part 1 covers the firm's business and ownership; Part 2 is a plain-language brochure describing services, fees, conflicts of interest, and disciplinary history. It is publicly available and free to read.
Part 2 is where the useful information sits. Because the format is standardized, fee schedules and conflict disclosures can be compared directly across firms — something marketing material rarely permits.
Form CRS is a separate, shorter summary aimed at retail clients, covering the relationship, the services, the costs, and the questions worth asking. Most firms publish both.
This definition is provided for educational purposes. It is general information, not investment, tax, or legal advice, and it does not account for any individual circumstances.