Form CRS
Form CRS is the client or customer relationship summary: a short, plain-English document that registered investment advisers and broker-dealers must deliver to retail investors. It is filed as Part 3 of Form ADV and is deliberately constrained in length and format so retail investors can compare firms.
Caddi AI agents prove delivery at every triggering event, per client. Free to try.
- Who handles it
- SEC-registered investment advisers and broker-dealers that serve retail investors, including dually registered firms, which file a combined relationship summary.
- Filed through
- IARD
- Applies to
- SEC-registered RIA, Broker-dealer, Dually registered
What the form asks for
- Introduction identifying the firm and its registration status
- Relationships and services offered to retail investors
- Fees, costs, conflicts of interest, and standard of conduct
- Disciplinary history
- Conversation starters retail investors are prompted to ask
- Additional information and how to request the latest summary
The work behind the filing
Prove delivery at every triggering event
Form CRS delivery is event-driven, not annual, which is exactly why it is missed. New relationships, new account types, and certain recommendations each create an obligation. Caddi can watch those events in the CRM and drive the delivery and the evidence at the moment they occur.
Reconstruct the delivery record before an exam does
Most firms cannot answer 'show me delivery for this client on this date' without a manual dig across email and the CRM. Caddi can maintain that record continuously so the answer is a query rather than a project.
Want help automating the filing and filling of these forms?
- Caddi fills the form with data pulled from Practifi, Wealthbox, Salesforce, and Microsoft Outlook.
- It checks every field against the client record and the last filing, then hands your team a finished form to sign off and submit.
Get an email the day Form CRS changes
We check the SEC, FINRA, NASAA, and IRS forms, plus the custodian forms that are public, through the day. When a new version is published, you hear about it that day, with a link to the new file.
FAQs
5
What is Form CRS?
Form CRS is the client or customer relationship summary, a short plain-English disclosure that SEC-registered advisers and broker-dealers deliver to retail investors. It is filed as Part 3 of Form ADV.
Who has to deliver Form CRS?
SEC-registered investment advisers and broker-dealers that serve retail investors. Dually registered firms file a combined relationship summary.
Why is Form CRS delivery hard to evidence?
Because the proof is per client and it is scattered. Showing that a specific retail investor received the current version usually means reconciling the CRM against the email system against the document store, which is why firms reconstruct delivery evidence under exam pressure instead of maintaining it continuously.
How do I evidence that Form CRS was delivered?
Delivery evidence is a books-and-records problem, not a filing problem. It usually means proving, per client, that the current version went out and when. That record is typically spread across your CRM, your email system, and your document store, which is why firms reconstruct it under exam pressure instead of maintaining it. Caddi can assemble and maintain that evidence continuously across those systems.
Does Caddi file this form for me?
No. Caddi does not submit filings to IARD, FINRA Gateway, EDGAR, or any regulator, and it is not a substitute for your compliance program or your CCO. Caddi automates the work around the filing: gathering the underlying data out of your portfolio, CRM, and document systems, reconciling it against the prior filing, flagging what changed, and evidencing delivery. A human still reviews and files.
Related forms
This page describes what the form is and the work it creates. For requirements, deadlines, and whether any of it applies to your firm, see SEC — Form CRS instructions.