The Annual ADV Update Service & What's Included
Annual ADV Update vs. Premium ADV Update: What’s the Difference?
Keeping your Form ADV up to date is an important part of maintaining your firm’s compliance. But not every change to your ADV is handled the same way.
Our Annual ADV Update Service is designed to help you complete the annual amendment required for your Form ADV. If you need to make changes that go beyond the information required for that annual filing, you may need a Premium ADV Update instead.
What’s included in the Annual ADV Update Service?
The Annual ADV Update Service helps you make the updates required as part of your annual amendment filing. This filing must be submitted within 90 days of your firm’s fiscal year-end, which is December 31 for most advisers.
The service covers required updates to information that changes from year to year, including:
Form ADV Part 2A
- Firm contact information
- Discretionary and non-discretionary assets under management as of your fiscal year-end
Form ADV Part 1
The Annual ADV Update also includes required updates to your Form ADV Part 1, including:
- Firm contact information
- Websites and business social media pages that your firm has added or removed
- Number of clients as of your fiscal year-end
- Discretionary and non-discretionary assets under management, including the number of accounts for each
- Required client and asset breakdowns based on your firm’s current information
- Certain answers that are affected by changes you recently made to your Form ADV Part 2A but have not yet filed
Because Part 1 and Part 2A are connected, you’ll need to review your Part 1 information and identify any corresponding updates that may be needed.
When do I need a Premium ADV Update?
The Premium ADV Update is designed for changes that go beyond the standard information required for your annual amendment.
You may need a Premium ADV Update if you’re making substantive changes to your firm’s services, fees, business activities, or other disclosures.
Common examples include:
- Changes to your services or fees in Items 4 and 5 of Form ADV Part 2A and your client agreements
- Adding or removing a custodian in Items 12 and 14 of Form ADV Part 2A
- Adding or removing discretionary trading authority
- Adding or removing outside business activities
- Changes to brokerage practices or other disclosures in Form ADV Parts 2A or 2B that are not required as part of the annual update
In these situations, a Premium ADV Update gives you a way to request additional compliance support for changes that require more than the standard annual filing updates.
Why aren’t these changes included in the Annual ADV Update?
The Annual ADV Update Service is structured around the information that advisers are required to review and update as part of their annual amendment.
Because every adviser must complete this filing within the same 90-day window following their fiscal year-end, the service is intentionally limited to the updates needed to complete that annual filing. This allows our team to support the Network and complete annual updates within the required timeframe.
If you’re making a change that isn’t required as part of your annual amendment, you’ll generally need to submit a Premium ADV Update request.
Not sure which service you need?
A simple rule of thumb:
Annual ADV Update: Updates required for your annual Form ADV amendment, such as contact information, client counts, and assets under management.
Premium ADV Update: Substantive changes to your firm’s services, fees, business activities, custodians, trading authority, brokerage practices, or other ADV disclosures.
If you’re unsure which type of update applies to your situation, review the details of the change and use the resources below to determine the appropriate next step.
Additional Resources
Premium Compliance Services
You can initiate a Premium Service Request through your XYPN Portal. Go to Member Benefits and search for “Compliance” to find Premium Compliance Services.
Compliance Office Hours
If you have questions about your existing firm or compliance-related updates, you can also join Compliance Office Hours through the Member Calendar, hosted each Tuesday and Wednesday.