Form BD vs Form ADV: broker vs adviser
On Form BD vs Form ADV, the split follows two different statutes. A firm that executes securities transactions for customers registers as a broker-dealer on Form BD under the Securities Exchange Act of 1934. A firm that advises on securities for compensation registers as an investment adviser on Form ADV under the Investment Advisers Act of 1940. They are filed into different systems and searched in different places. This guide compares Form BD vs Form ADV. It is not investment advice.
Definition
Form BD versus Form ADV
are the two US registration forms for securities firms. Form BD registers a broker-dealer with the SEC under Section 15(b) of the Exchange Act, filed through FINRA's Web CRD. Form ADV registers an investment adviser under the Advisers Act, filed through IARD. Source: SEC.
What does each form register?
Form BD is the Uniform Application for Broker-Dealer Registration. It registers the firm that acts as a broker or dealer, and it records the firm's identity, offices, lines of securities business, direct and indirect owners, control persons, the SROs and states it registers with, and its disciplinary history. Section 15(b)(1) generally requires registration to be granted within 45 days of filing unless the applicant consents to a longer period, and the firm must separately become a member of an SRO.
Form ADV registers the investment adviser. Part 1 carries the structured data: assets under management, client types, custody, affiliations, and disciplinary disclosure. Part 2A is the narrative brochure delivered to clients, covering services, fees, conflicts, and the adviser's background. Part 3 is Form CRS, the short retail relationship summary.
How do they compare?
| What to check | Form BD | Form ADV |
|---|---|---|
| Registers | A broker-dealer | An investment adviser |
| Statute | Securities Exchange Act of 1934, Section 15(b) | Investment Advisers Act of 1940 |
| Filed through | Web CRD, operated by FINRA | IARD |
| Public lookup | FINRA BrokerCheck | SEC IAPD |
| Client-facing narrative | None on the form itself | Part 2A brochure |
| Retail summary | Form CRS, filed via Web CRD | Form CRS, as Form ADV Part 3 |
| Withdrawal form | Form BDW | Form ADV-W |
Two systems
Form BD records are searched through FINRA BrokerCheck; Form ADV records are searched through the SEC's IAPD system
Source: SEC, FINRA
Why the distinction matters when you check a firm
If you look for a firm in the wrong system, you will conclude it is unregistered when it is simply registered in the other capacity. A pure broker-dealer will not appear in IAPD. A pure investment adviser will not appear in BrokerCheck as a firm. Dually registered firms appear in both, and their Form CRS may run to four pages instead of two precisely because it has to describe both relationships.
The other practical difference is what you learn. Form ADV Part 1 gives you the adviser's regulatory assets under management and client mix as structured data, which is why it is the starting point for sizing an adviser, as set out in how to read a Form ADV. Form BD gives you the broker-dealer's business lines, control persons, and disciplinary record instead. Neither form reports positions.
Where the holdings actually are
Registration forms establish who a firm is, not what it owns. Holdings sit in separate reports: a manager's long US equity positions in a 13F, a registered fund's full portfolio in an N-PORT, and a private-fund adviser's systemic-risk data in the confidential Form PF. The registration and the holdings sit at different layers, which is worth keeping straight when tracing a firm. The retail summary common to both sides is covered in what is Form CRS and Form CRS vs Form ADV.
Neither form is the more authoritative one: they register different businesses under different statutes. Flock reads public regulatory filings and keeps each one dated and linked to its source, so you can move from a summary to the underlying record in one step. What any of it means for your money is your call to make.
Frequently asked questions
What is the difference between Form BD and Form ADV?
Form BD registers a firm as a broker-dealer with the SEC under Section 15(b) of the Securities Exchange Act of 1934. Form ADV registers an investment adviser under the Investment Advisers Act of 1940. Different statutes, different forms, and different public lookup systems. Source: SEC.
Where is each form filed and searched?
Form BD is filed through FINRA's Central Registration Depository, or Web CRD, and the public record is searchable through FINRA BrokerCheck. Form ADV is filed through IARD and the public record is searchable through the SEC's Investment Adviser Public Disclosure system, IAPD. Source: SEC, FINRA.
Can one firm file both Form BD and Form ADV?
Yes. A dually registered firm is both a broker-dealer and an investment adviser, so it files Form BD and Form ADV and appears in both public systems. Its retail relationship summary on Form CRS may run to four pages rather than two, because it covers both capacities. Source: SEC.
Which form carries a brochure for clients?
Form ADV. Part 2A of Form ADV is the narrative brochure an adviser delivers to clients, covering services, fees, conflicts, and disciplinary history. Form BD has no client brochure; the retail-facing document for a broker-dealer is Form CRS. Source: SEC.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.