Where does Ellery's data come from, and how current is it?
Ellery's data comes from the SEC's public files: the Investment Adviser Public Disclosure (IAPD) adviser files, Form ADV and Form 13F. State registers (advisers registered with a state) come in with the IAPD files and are one of the five sources below. Ellery's own scripts are scheduled to read each source on a regular basis. The dates Ellery actually holds are on the Sources and dates screen. Each screen names its source and date. The newest weeks of registration changes are provisional, because a firm has 30 days to file a change. Ellery licenses nothing from a vendor. It holds no personal contact details for advisors: no phone numbers and no personal email addresses. It also holds no street address for a branch office where only one person is registered.
The short answer
Which public records does Ellery read?
Five sources, named as the Sources and dates screen names them.
| Source | What it holds | How often it is scheduled to be read |
|---|---|---|
| SEC adviser record (IAPD) | Investment adviser representatives, their registrations past and present, and the office each works from. | Weekly. |
| SEC Form ADV | Each SEC-registered firm's own filing: assets under management, accounts, clients, offices, custody and ownership. | Monthly, from the SEC's monthly file. |
| State registers | Advisers registered with a state rather than the SEC, which are the smaller firms. | With the weekly IAPD read. Separately, each month Ellery reads the Form ADV of state firms that report assets under management from IAPD, for their custodians and profile. Each firm is read about every four to five months. |
| Form ADV Part 2A brochures | A firm's Part 2A brochure, where Ellery holds one: its fees, minimums, services and the platforms it names. | Monthly, from the IAPD brochure archive (new or changed brochures). Ellery shows only the SEC's own copies. |
| SEC 13F holdings | What larger investment managers report holding each quarter: biggest positions, what is new and what was sold out. | Weekly, so a quarter's filings are picked up soon after the SEC posts them. |
Table caption: Ellery's five sources and how often each is scheduled to be read (the schedule as of 11 November 2026). Go by the date on the Sources and dates screen. It shows the newest date Ellery holds for each source.
IAPD is the SEC's database of registered advisers and their representatives. Form ADV is the registration form a firm files. Part 2A is its plain-English brochure. Form 13F is the quarterly report of holdings that larger institutional investment managers file.
For the primary pages, see the SEC's own Form ADV data page and Form 13F data sets. For an example of what the Form ADV file supports, see How many RIAs are registered with the SEC or a US state, and how big are they?.
How often is each source read, and when does it reach the screen?
A read is only scheduled, and a figure is never newer than the source file's own date. Between a read and a screen, Ellery loads changed files into its database every hour and rebuilds it in full once a day. 13F holdings reach the screen as soon as their own weekly read finishes. The SEC's Form ADV data files are not a record of current registration. For a firm's or adviser's current registration status, check IAPD; Ellery's person and firm pages link to it.
Where can I see the date on a figure?
Sign in and open Sources and dates. It lists each source, what it holds, and a "Latest" date. This is the date to go by, because it is the newest date Ellery holds for that source. It is not the same kind of date for every source:
- SEC adviser record (IAPD): the date of the feed that was read.
- SEC Form ADV: the SEC file's own date.
- State registers: the date of the feed that was read.
- Form ADV Part 2A brochures: the date of the last brochure read.
- SEC 13F holdings: the date Ellery retrieved the SEC's 13F data set, not the date the filings were made (or, if that is missing, the last day of the data set's three-month window).
The same screen shows when the record was last built and whether its integrity checks pass. Each screen also names its source beside its figures, and a person's or firm's page links to its own IAPD record.
Why can the newest weeks change?
A firm has 30 days to file a change, so the newest weeks of registration changes keep filling in. Ellery calls these weeks provisional.
What does Ellery not hold?
- No personal contact details for advisors: no phone numbers and no personal email addresses.
- For a branch where only one person is registered, only the town and state are shown, and the street is not kept. A firm's main office is shown as the firm files it, unless the filing marks it as a residence.
- No data from FINRA's BrokerCheck. A person's page links out to that person's own BrokerCheck and IAPD pages; nothing is copied from them.
- Nothing licensed from a vendor.
Ellery is not affiliated with the SEC, FINRA or any state regulator, and nothing in it is an official record.
What is Ellery's own work, not the SEC's?
The figures are read from the record. The labels and definitions on top are Ellery's own: the channel labels (for example RIA or wirehouse), the definition of a move, company groups and "In the business". The Sources and dates screen defines a move and "In the business".
What if something looks wrong?
Write to data@elleryresearch.com. A "Report an error" link sits in the footer of every signed-in screen, on a person's page and on a firm's profile, and opens an email already addressed to Ellery. If the regulator's record is right and Ellery's is wrong, tell Ellery and it will fix it. Ellery does not change what the public record says. An error in the record itself is for the adviser to take up with the regulator that holds it, and Ellery follows the corrected record at its next read.
How accurate and complete is it?
Sources can lag and can contain mistakes. The SEC says of Form ADV that neither it nor the state securities authorities have approved the information filed, and that it cannot guarantee its accuracy. Ellery gives no promise that its data is complete, current or error-free, and the service is in an early access phase.