Two SEC filings sit at the center of most institutional prospecting workflows. The Form 13F shows what an RIA owns. The Form ADV shows who they are, how they operate, and what they’re built to invest in. Most distribution teams default to one or the other. The ones building the best prospect lists use both together.
THE QUICK VERSION: What each filing actually is
The Form 13F is a quarterly holdings disclosure. Every institutional investment manager with $100 million or more in qualifying U.S. securities must file it within 45 days of each quarter-end. It lists every long position in Section 13(f) securities — stocks, ETFs, closed-end funds, certain options — by name, share count, and dollar value.
The Form ADV is a registration and disclosure document filed by registered investment advisers. It covers the firm’s business model, client types, AUM, fee structures, ownership, disciplinary history, and investment strategies. Unlike the 13F, the ADV is updated annually — and on an interim basis whenever material changes occur.
FILING MECHANICS AT A GLANCE: Side by side: how they work
WHAT EACH ONE TELLS YOU: Different questions, different answers
The ADV tells you the firm is theoretically capable of buying your fund. The 13F tells you they already have.
THE PROSPECTING DIFFERENCE: Intent vs. behavior
The Form ADV describes intent — what a firm says it invests in, who its clients are, and what strategies it employs. An ADV that lists “alternative investments” or “private funds” as a stated strategy is a signal worth noting. But stated strategies are broad, self-reported, and updated annually at most.
The 13F records behavior. It shows what the firm actually bought, held, and trimmed — in public securities — over the last quarter. An RIA that has steadily grown its allocation to BDCs, senior loan ETFs, or closed-end income funds over eight consecutive quarters is demonstrating a pattern, not describing one.
For prospecting purposes, behavioral data almost always outperforms stated intent. A firm that says it invests in alternatives on its ADV but holds no alternative-related securities on its 13F is a fundamentally different conversation than one with eight quarters of consistent exposure.
WHERE EACH FILING FALLS SHORT: What neither filing shows
HOW TO USE THEM TOGETHER: The stronger signal is both
The most actionable prospect profile combines ADV context with 13F behavior. An RIA with $2 billion in AUM (ADV), a stated focus on income-generating strategies (ADV), and six quarters of growing closed-end fund exposure (13F) is a high-confidence prospect. The ADV establishes capacity and authorization. The 13F confirms execution.
Used alone, either filing leaves gaps. The ADV alone risks chasing firms that describe strategies they rarely execute. The 13F alone misses firms with strong capacity and strategic fit that haven’t yet entered a particular structure.
WHEN TO USE WHICH: Matching the filing to the question
THE BOTTOM LINE: Public data, better used
The 13F and Form ADV are both free, public, and updated regularly. Together they answer the two most important questions in RIA prospecting: is this firm capable of investing in our strategy, and are they already doing it? The filings exist. The challenge is connecting them to the right contact at the right firm at the right time.
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