Form ADV Annual Amendment Data Checklist for RIAs
The Form ADV annual amendment is due within 90 days of fiscal year-end and is the single most-reviewed RIA artifact in routine SEC examinations. The Examinations Division's published deficiency letters cluster in a narrow set of issues: stale AUM, inconsistent client-count categorization, undisclosed disciplinary updates, and brochure inconsistencies between Part 2A and the firm's actual marketing materials. This checklist is the data-side preparation for the amendment — the structured fields and supporting records you should freeze and verify before the IARD filing.
AUM and account-count refresh
- Regulatory AUM (RAUM) calculation with method documentation
Per Form ADV Glossary item 5, RAUM as of the amendment 'as-of' date with the calculation methodology used (e.g. continuous-supervision basis, included accounts list). The number must be reproducible by your auditor from the underlying records.
form_adv.raum_as_of, raum_calculation_methodology - Client count by category
Number of clients by category — individuals (high-net-worth and other), pooled investment vehicles, pension and profit-sharing plans, charities, corporations, governments. Mis-categorization (esp. counting a fund's underlying investors) is a frequent finding.
form_adv.client_counts.{individuals_hnw, individuals_other, pools, retirement_plans, charities, corporations, governments, other} - Discretionary vs. non-discretionary AUM split
Per Item 5.F, the AUM split between discretionary and non-discretionary mandates with the underlying account-level mapping. Account-level mapping must reconcile to the totals reported.
form_adv.aum_discretionary, .aum_non_discretionary, account_discretion_map
Disciplinary disclosure refresh (Item 11 / DRP)
- Firm and supervised-person disciplinary lookback
Lookback covering the prior 10 years for criminal, regulatory, and civil events at the firm and at every supervised person. New events trigger a Disclosure Reporting Page (DRP). Missing a new event is the highest-frequency finding category.
disciplinary.firm_events[], disciplinary.supervised_person_events[] - DRPs for each new disciplinary event
Per ADV instructions, each new event needs a Disclosure Reporting Page with the structured fact pattern, status, and resolution. Late DRP filings (post-90-day) are findings even if the underlying event was not material.
form_adv.drp[] - Supervised-person U4 amendment trail
U4 amendments for any new disciplinary disclosures filed within 30 days of discovery. The U4 trail must reconcile to the ADV DRP set.
u4_amendments[].sp_id, .filed_at, .reason
Conflicts of interest & affiliations (Items 6, 7, 10)
- Affiliated-firm relationship inventory
List of every related-person firm (broker-dealer, ICA, ATS, real estate broker) and the specific relationship. Item 7.A must reconcile to organizational chart and beneficial-ownership records.
form_adv.related_persons[] - Soft-dollar and brokerage-recommendation arrangements
Per Item 12, soft-dollar arrangements with research providers, the goods/services received, and the disclosure language in the brochure. Soft-dollar economics that don't match the brochure language are a finding.
soft_dollar_arrangements[], item_12_disclosure_text - Outside business activities (OBAs) for supervised persons
OBA inventory for each supervised person including the activity, time commitment, compensation, and conflict-mitigation procedure. Undisclosed OBAs are a frequent enforcement source.
supervised_persons[].obas[]
Brochure (Part 2A) and brochure supplement (Part 2B)
- Brochure last-updated material change summary
Item 2 material-changes summary covering the period since the prior amendment. 'No material changes' is appropriate only when truly accurate — non-trivial changes that get summarized as 'none' are a frequent finding.
brochure.material_changes_summary - Fee schedule consistency with engagement letters
Item 5 fee schedule must reconcile to actual fee schedules in client engagement letters. Inconsistencies (esp. negotiated fees outside the disclosed range) require explicit disclosure.
brochure.fee_schedule, engagement_letter_fees[] - Brochure supplement currency for every supervised person
Part 2B for every supervised person providing investment advice, with current employment / education history and any disciplinary disclosures. Adding a new supervised person mid-year requires Part 2B refresh.
brochure_2b[].sp_id, .last_updated - Marketing-rule consistency review
Per the SEC Marketing Rule (effective Nov 2022), client testimonials and endorsements in marketing must be reflected in the brochure with the required disclosures. Brochure-marketing inconsistency is a current enforcement focus.
marketing.testimonials_used[], brochure.marketing_rule_disclosure
Custody and books-and-records
- Custody status and surprise-exam record
Per Item 9, custody status with the specific basis (qualified custodian, trustee, related party). 'Custody' due to direct-debit fees is a common technical-custody finding.
form_adv.custody_basis, surprise_exam.completed_date, surprise_exam.findings[] - Books-and-records inventory per Rule 204-2
Documented inventory of records maintained per Rule 204-2 with retention periods, storage location, and access controls. The inventory is the artifact requested in the document-request letter.
books_and_records.inventory[] - Compliance manual annual review
Per Rule 206(4)-7, annual review of the compliance manual with documented testing of policies, the report to senior management, and the action items raised. Missing annual-review evidence is a findings cluster.
compliance_manual.annual_review_date, .testing_evidence, .report_to_management
Key takeaways
- RAUM, client counts, and the discretionary / non-discretionary split must be reproducible from underlying records — your auditor and the SEC examiner both check this trace first.
- Disciplinary disclosure (Item 11 + DRPs + U4 trail) is the highest-frequency finding category. The 30-day U4 amendment window matters more than the 90-day ADV window.
- Brochure-marketing consistency under the new SEC Marketing Rule is a current enforcement focus. Testimonials in marketing without the matching brochure disclosure are a near-automatic finding.
- Technical custody (direct fee debits, related-person trustee) is a custody-finding cluster. The surprise-exam record is the safe-harbor artifact and must be current.