It’s ADV Season — Don’t Just “Update” It

This time of year, most firms go through the motions of updating their ADV.

But this isn’t a paperwork exercise. It’s a risk-management exercise.

Start with Outside Business Activities

Are they fully disclosed? Are there any that have evolved over the past year?

Then look closely at potential conflicts of interest, including:

• Soft dollar arrangements

• Seminar reimbursements from carriers or fund companies

• Marketing dollars

• Technology access

• Radio, TV, or podcast marketing agreements

• Incentive trips

If there’s compensation, influence, or perceived bias — it deserves attention.

While you’re Reviewing Your ADV, Review Your Website as Well

Are all required disclosures clearly visible?

Is there a BrokerCheck link?

If you use testimonials or endorsements, do they include proper disclosures?

And through it all, remember the standard:

Fair and balanced.

Not promotional. Not selective. Not incomplete.

Strong firms treat compliance as part of running a business — not as an annual task to check off the list.