Form ADV Part 2A
Brochure Benchmark
How advisers like yours describe common topics in their brochures. Luna read the current Part 2A brochure of 16,424 SEC-registered advisers (October 2026). Pick the profile closest to your firm. Free, no account.
Then see your own brochure the same way. Luna’s ADV Brochure Review reads your brochure topic by topic, compares it with these peers, and shows what is worth a second look before your annual amendment.
5,533 comparable advisers
| Topic | Item | Peers that address it |
|---|---|---|
| Code of ethics described and offered | 11 | 100%of 4,021 |
| Other fees clients pay | 5 | 100%of 5,445 |
| Investment strategies | 8 | 100%of 4,850 |
| Risk of loss statement | 8 | 99%of 4,894 |
| Custody | 15 | 99%of 4,122 |
| Billing timing and method | 5 | 99%of 5,428 |
| Personal trading | 11 | 99%of 4,021 |
| Performance-based fees | 6 | 99%of 3,770 |
| Broker selection factors | 12 | 99%of 4,926 |
| Methods of analysis | 8 | 99%of 4,872 |
| Fee schedule | 5 | 99%of 5,429 |
| Broker-dealer registration or affiliation | 10 | 97%of 463 |
| Trading in the same securities as clients | 11 | 97%of 4,002 |
| Compensation for client referrals | 14 | 97%of 1,327 |
| Economic benefits from non-clients | 14 | 97%of 4,614 |
| Fee deduction | 15 | 97%of 4,118 |
| Compensation from sales of securities | 5 | 96%of 1,710 |
| Trade aggregation | 12 | 96%of 4,693 |
| Insurance affiliation | 10 | 96%of 745 |
| Other adviser and fund affiliations | 10 | 96%of 619 |
| Research and other benefits | 12 | 95%of 4,862 |
| Fees negotiable | 5 | 95%of 5,362 |
| Fee calculation basis | 5 | 95%of 5,269 |
| Promoter arrangements | 14 | 94%of 3,548 |
| Qualified custodian statements | 15 | 94%of 3,687 |
| Refund of prepaid fees | 5 | 93%of 4,520 |
| Side-by-side management | 6 | 93%of 218 |
| Recommending related services | 10 | 93%of 1,859 |
| Directed brokerage | 12 | 92%of 4,845 |
| Soft dollar benefits | 12 | 91%of 1,633 |
| Custodian platform benefits | 12 | 85%of 4,828 |
| Allocation of trades | 12 | 85%of 4,210 |
| Revenue sharing and cash sweep | 5 | 73%of 4,973 |
| Brokerage for client referrals | 12 | 68%of 4,877 |
| Compensation for selecting other advisers | 10 | 67%of 4,840 |
| Futures registrations | 10 | 64%of 5,119 |
| Options, margin and leverage risks | 8 | 55%of 4,465 |
| Concentration risk | 8 | 42%of 4,323 |
| Principal and agency cross transactions | 11 | 42%of 214 |
| Best execution review | 12 | 41%of 3,428 |
| Standing letters of authorization | 15 | 40%of 4,067 |
| Cybersecurity risk | 8 | 22%of 4,797 |
| Cross trades between client accounts | 11 | 16%of 4,029 |
| Trade errors | 12 | 15%of 4,944 |
| Use of AI or algorithmic tools | 8 | 9%of 4,789 |
| Digital asset risks | 8 | 7%of 4,891 |
In Luna
Your brochure, compared with firms like yours
The benchmark shows what your peers cover. The ADV Brochure Review shows how your own brochure compares, topic by topic, with the evidence from your own words.
Fees and billing, conflicts, brokerage, trading, custody, risks and more. For each: covered, says it does not apply, or not found, with the line from your brochure.
Advisers of your size, with or without private funds, from every current SEC brochure. Shared vendor templates count once.
Where most comparable firms cover a topic and yours does not, Luna raises it as a point to consider. Each one is checked against your actual brochure before you see it.
Each point comes with the facts to confirm and starting-point wording written for your firm. Send your compliance manual and Luna also shows where it and your brochure do not line up. In Word, ready for your amendment.
- Step 1Start with your CRD
Luna works from your current brochure on file with the SEC. Nothing to upload.
- Step 2Luna reads and compares
Every topic, against advisers like yours, with a reviewer check on each point raised.
- Step 3In Luna within one business day
Your review is prepared and checked, then delivered to your Luna workspace. Read it in Luna or in Word; what to change is always your call.
Included in every paid Luna plan, from Solo at $199 a month. Start a trial, then ask for your review at info@lunacompliance.io from your work email. Not a Luna customer? The ADV Pass is $795 for one review cycle, delivered within one business day and credited in full if you take an annual plan within 90 days (terms). Part of Luna, the compliance platform for SEC-registered advisers: marketing review, code of ethics and personal trading, policies, the compliance calendar and exam preparation in one place. The review describes what peers commonly cover; it is not legal advice and does not decide whether your brochure meets any rule.
How this is counted
- Peers are SEC-registered advisers with or without private funds, in the same band of regulatory assets, from their Form ADV Part 1A.
- Addresses it means the brochure describes the practice or says the firm does not do it. Only firms the topic applies to are counted.
- Shared templates count once. Firms using the same vendor wording count as one voice.
- Small groups are not shown. A figure based on fewer than 20 peers is left out.
- The full findings, with the regulatory context, are in The State of the ADV Brochure 2026.
- A topic many peers cover is common practice, not a requirement. This page is not legal advice and makes no finding about any firm.