Brochure Supplement

The brochure supplement (Form ADV Part 2B) provides information about:

1. A.The custodian's financesThe custodian is a separate institution, and its balance sheet is not something the adviser reports on. Part 2B is about people, covering the education, business background, discipline, and outside activities of the individual advising this client.
2. B.The firm's office locations onlyOffice locations are firm-level facts that appear elsewhere in Form ADV. The supplement exists to tell a client about the particular supervised person handling their account, which office geography does nothing to convey.
3. C.The individual personnel who advise the clientCorrect - 2B covers the advising individuals.
4. D.The client's portfolioHoldings and performance reach the client through account statements and reports, not through a disclosure form. Part 2B runs the other direction, telling the client who the adviser's representative is and what qualifies them.

Why: Part 2B describes the specific supervised persons who provide advice to the client.

Form ADV Part 2A is best described as the...

1. A.Balance sheet filed only with the SECPart 2A is the narrative brochure, not a standalone balance sheet.
2. B.Customer new account formThe brochure is a disclosure document, not a new account form.
3. C.Brochure supplement about individual IARsThat is Part 2B, the supplement, not Part 2A.
4. D.Firm brochure describing services, fees, and conflictsCorrect — Part 2A is the plain-English firm brochure.

Why: Part 2A is the firm brochure, written in plain English, describing services, fees, conflicts, and disciplinary history. Part 2B is the supplement covering individual IARs.

An adviser provides Form ADV Part 2A and 2B to a new client. This is:

1. A.ProhibitedNothing forbids giving a client disclosure documents; the rules require them. Part 2A describes the firm and Part 2B the individual advising the client, and delivering both is exactly what a new relationship calls for.
2. B.ProperCorrect - required brochure delivery.
3. C.Excessive disclosureThere is no such thing as too much accurate disclosure here, and the two parts are not redundant. The firm brochure and the supplement cover different ground, so providing both gives the client the full picture rather than an excessive one.
4. D.A violationThis labels compliance as misconduct. The violation would be withholding these documents, since delivery at or before entering the advisory relationship is what the brochure rules require.

Why: Delivering the firm brochure (2A) and brochure supplement (2B) to a client is proper.

Form CRS, the relationship summary, differs from the firm brochure in that Form CRS is:

1. A.A detailed narrative describing the firm's advisory business, fees, and conflictsThat describes the firm brochure, Part 2A - the long document, not the summary.
2. B.A short relationship summary in plain English, delivered to retail investors, with a strict length limitCorrect. Brevity, plain English, and a retail-investor audience are its defining features.
3. C.An internal compliance document filed with regulators but not given to clientsForm CRS exists to be delivered to clients. A document nobody reads would defeat its entire purpose.
4. D.A supplement describing the education and business background of individual advisory personnelThat is the brochure supplement, Part 2B, which covers people rather than the relationship overall.

Why: Form CRS is a very short, plain-English relationship summary delivered to retail investors, with a strict page limit and prescribed headings and conversation-starter questions. The firm brochure, Form ADV Part 2A, is the long narrative describing the advisory business, fees, conflicts, and disciplinary history. Part 2B is the brochure supplement covering individual advisory personnel.