Form CRS
Form CRS is a short client relationship summary, filed as Part 3 of Form ADV, that registered investment advisers and broker-dealers serving retail investors must provide. It is deliberately brief and standardized so retail investors can compare firms side by side.
Form CRS was introduced alongside Regulation Best Interest and is intended to give retail investors a plain language snapshot of a firm before they engage it.
What it covers
The form follows a prescribed structure addressing the relationships and services the firm offers, fees and costs, standards of conduct, conflicts of interest, disciplinary history, and a set of prescribed conversation starter questions the investor is encouraged to ask.
Length limits
Form CRS is subject to strict length limits, which is unusual for a regulatory document and reflects its purpose as a comparison tool rather than a comprehensive disclosure. Standalone advisers and broker-dealers face a shorter limit than dual registrants.
Delivery
Firms generally must deliver Form CRS to retail investors at specified points in the relationship and post the current version prominently on their public website.
Why it matters for marketing
Form CRS is the closest thing the industry has to a standardized comparison document, which means prospects genuinely do read it side by side against competitors. That makes it a positioning artifact, not just a filing.
The website implication is specific: the requirement is prominence, not merely presence. A Form CRS link buried in a legal page satisfies nobody. It belongs in the footer of every page, clearly labeled, pointing at the current version.
There is also an AI retrieval angle. Assistants answering questions about a specific firm frequently surface disclosure documents. A clearly labeled, well structured relationship summary on the firm's own domain is more likely to be the source than a third party aggregator's stale copy.
Common questions
What is the difference between Form CRS and Form ADV Part 2?
Form ADV Part 2 is a detailed narrative brochure covering the firm's business, fees, conflicts, and personnel, and it can run many pages. Form CRS is a deliberately short, length-limited relationship summary in a prescribed format designed so retail investors can compare firms quickly. Part 2 is depth. CRS is comparability.
Where should Form CRS appear on an advisor's website?
Regulators expect prominent placement on the firm's public site. In practice that means a clearly labeled link in the global footer on every page, pointing to the current version, rather than a link tucked inside a legal or disclosures subpage. Confirm your firm's specific posting and delivery obligations with your CCO.
Related terms
This entry is general information for marketers and does not constitute legal, compliance, or investment advice. Confirm your specific obligations with your compliance officer or counsel before acting on it.