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Form CRS (Form ADV Part 3) Overview

Beginning in the spring of 2020, registered investment adviser ("RIA") firms registered with the Securities and Exchange Commission ("SEC") that serve retail investors are required to file and share the new Form ADV Part 3 or Customer Relationship Summary (commonly referred to as the Form CRS) with their current and prospective retail investors. There are a number of steps an RIA firm can take to help prepare to meet the June 30, 2020 initial filing deadline.

How RIA in a Box Helps RIA Firms Create and File the Form CRS

Much like RIA in a Box has helped to automate the creation and filing of an investment adviser's firm Form ADV Parts 1 and 2, RIA in a Box has designed a proprietary online tool to help automate the initial creation of a firm's new Form CRS:

  • All RIA in a Box MyRIACompliance® subscribers have access to the proprietary online Form CRS tool
  • By programmatically reviewing an RIA firm's existing Form ADV, RIA in a Box is able to greatly streamline the Form CRS creation process
  • The Form CRS is crafted using "Plain English" and is built to be machine readable to meet SEC requirements
  • The RIA in a Box team then works with the RIA firm to make any additional edits or updates to the Form CRS

The Form CRS tool is available for no additional charge to all MyRIACompliance® subscribers.

Contact Us for Form CRS Assistance

For RIA firms, the Form CRS has 5 required items:

Form CRS Item 1: Introduction
Form CRS Item 2: Relationships and Services
Form CRS Item 3: Fees, Conflicts, and Standard of Conduct
Form CRS Item 4: Disciplinary History
Form CRS Item 5: Additional Information

Introduction

Relationships & Services

Fees, Conflicts, & Standard of Conduct

Disciplinary History

Additional Information

What to Keep in Mind About the Form CRS

  • Presently, SEC-registered RIA firms that serve retail investors are required to publicly file and provide the Form CRS to prospective and existing clients.
  • In paper format, the Form CRS for investment advisers must not exceed two pages. You must also use reasonable paper size, font size, and margins. 
  • RIA firms should draft their Form CRS using "plain English" and should generally avoid legal jargon and technical business terms unless clearly explained. 
  • For SEC-registered RIA firms required to file the Form CRS, the initial filing must be made beginning on May 1, 2020 and by no later than June 30, 2020.

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