Form ADV Part 2A is the firm brochure. It is the main public disclosure an SEC- or state-registered investment adviser must give clients and prospects. Before you fund an account, read it for how the firm gets paid, what conflicts it discloses, who holds custody of assets, and whether anyone has a disciplinary history. It will not replace a careful conversation — but it is the map those conversations should match.
Martino Capital is a Colorado-registered investment adviser focused on high-net-worth clients. We manage portfolios in-house — we do not outsource day-to-day management to a TAMP — and charge a single transparent AUM fee, and use commissions only when that structure is clearer or cheaper for the client — and disclosed (never both an AUM fee and a product commission on the same product). Co-founders Tom Martino (CEO / consumer advocate) and Pat Jolliffe (COO / Compliance) treat the brochure as something you should actually read, not a PDF that gets buried in onboarding.
Where do I get a firm’s Form ADV Part 2A?
You have two reliable sources:
- IAPD (Investment Adviser Public Disclosure) — search the firm on adviserinfo.sec.gov. For Martino Capital, go straight to our firm summary: IAPD / CRD 329648.
- The firm’s own site — many advisers post the current Part 2A. Ours is here: Part 2A of Form ADV.
Also request Part 2B (brochure supplements) for the people who will advise you. Part 2A is the firm; Part 2B is the humans.
If a firm resists sending the brochure, or only offers a marketing deck instead, treat that as a signal.
What should I read first in Part 2A?
You do not need to memorize every item. Start with the sections that answer money, conflicts, and control:
- Who they are / who they serve (Cover, Item 4, Item 7) — Is this firm built for clients like me?
- How they get paid (Item 5 (and related)) — What do I pay — and who else gets paid?
- Conflicts & outside activities (Items 10, 11, 14) — What incentives pull against my interest?
- Brokerage & soft dollars (Item 12) — Who decides where trades go, and why?
- Custody (Item 15) — Who holds my assets?
- Discipline (Item 9) — Has the firm or key people been sanctioned?
- How they invest / risks (Item 8) — What strategy and what can go wrong?
Item numbers above follow the standard SEC Part 2A outline many firms use. State-registered brochures sometimes renumber. In Martino Capital’s current brochure, for example, Disciplinary Information is Item 8 (not 9), Brokerage Practices is Item 11 (not 12), and Custody is Item 14 (not 15). Always follow the section titles, not only the numbers.
Skim Material Changes (near the front) so you know what shifted since the last update. Then dig into fees and conflicts before you sign anything.
How do I read fees and compensation (Item 5)?
Item 5 is where compensation is supposed to be clear. Look for:
- Fee schedule — AUM percentages, flat fees, hourly, retainers, or a mix. Convert percentages to dollars for a portfolio your size.
- What the fee covers — investment management only, or planning and ongoing advice too?
- Other compensation — commissions, product trailers, solicitor fees, revenue sharing, or fees from affiliates.
- How billing works — deducted from the account or invoiced? Charged on cash? Household breakpoints?
Labels like “fee-only,” “fee-based,” and “AUM” are not substitutes for Item 5. For the vocabulary fight, see fee-only vs fee-based vs AUM and how to spot hidden commissions and conflicts.
Martino Capital’s standard story matches a simple disclosure posture: Martino Capital charges a single, transparent fee based on assets under management. No product kickbacks. No layered third-party manager fees on top of ours.
On annuities and similar products: We do not take commissions or hidden kickbacks on annuity products unless that structure benefits the client. We act as a fiduciary. If an annuity is the best fit, we compare costs. If a transparent commission costs the client less than our AUM fee, we use that — and disclose it plainly. We do not collect both an AUM fee and a product commission on the same product (no double-dip).
What about conflicts, soft dollars, and other business activities?
Other financial industry activities and affiliations (Item 10) tells you whether the firm or its people are also brokers, insurers, accountants, or tied to product manufacturers. Dual registration is common; opacity is the problem. Ask which hat they wear on your recommendation.
Code of ethics / personal trading (Item 11) describes how the firm polices employee trading and client-priority rules. You want a real policy, not a shrug.
Client referrals and other compensation (Item 14) covers paid referrals and other ways money flows for bringing business in the door.
Brokerage practices (Item 12) is where soft-dollar arrangements, directed brokerage, and trade aggregation often appear. Soft dollars can be legitimate research arrangements — or a fog that makes “best execution” hard to verify. Read what they say they receive and how they choose brokers.
None of these sections automatically means “walk away.” They mean “ask follow-ups.” Pair them with the checklist in questions to ask any advisor.
How do custody, discretion, and discipline show up?
Custody (Item 15): Most RIAs do not hold your securities the way a bank vault does. Assets typically sit at a qualified custodian (a brokerage or bank) in your name. The brochure should say whether the adviser has custody in the regulatory sense (for example, fee deduction or certain authority) and how that is handled. Confirm you get custodian statements directly — not only the adviser’s report.
Investment discretion (Item 16): Does the firm trade without calling you each time (discretionary), or only with your OK (non-discretionary)? Discretion is normal for managed portfolios; you still want an Investment Policy Statement that bounds it.
Disciplinary information (Item 9): “None” is common for newer or carefully run firms. If there are items, read them. One old administrative footnote is not the same as a pattern of customer harm — but you decide after you read, not after someone waves it away.
Also scan methods of analysis and risk of loss (Item 8). Every real strategy can lose money. Marketing that only describes upside does not belong in a brochure — or in your inbox.
What are red flags vs. normal disclosures?
Often normal (still read them):
- Fee deduction from client accounts (common; confirm custodian statements)
- Dual registration or insurance licenses, with clear disclosure
- Soft-dollar or research arrangements explained in Item 12
- Use of outside custodians and model risk language in Item 8
- State registration details and types of clients (Item 7)
Worth pressing hard — or walking:
- Vague fee language that never becomes dollars for your household
- Heavy product payouts or affiliate products without a cost comparison
- Custody + weak independent reporting
- Disciplinary history that is minimized in conversation but clear on the form
- Brochure that contradicts the sales pitch (TAMP layers, “fee-only” claims, guaranteed-sounding language)
- Refusal to provide Part 2A/2B before you transfer assets
A disclosure is not a free pass. It is the starting point for fiduciary questions: How do you mitigate this in practice? For case-style illustrations of that standard day to day, see fiduciary duty in practice.
How does this tie to fee labels and the questions checklist?
Form ADV is the written backbone behind two conversations high-net-worth clients should have anyway:
- What do the fee words mean? — Fee-only vs fee-based vs AUM
- What do I ask before I transfer a portfolio? — Questions to ask any advisor
Use the brochure to verify answers. If someone says “we’re fee-only” but Item 5 or Item 14 shows product compensation, you have your answer. If they say “we manage everything in-house” but the business description points to a TAMP or third-party managers with extra layers, believe the filing — then ask why the pitch diverged.
For conflict patterns in plain English, keep how to spot hidden commissions and conflicts nearby while you read.
How do Martino Capital’s disclosures line up with how we operate?
We want the brochure and the hallway conversation to say the same things:
- Colorado RIA, high-net-worth focus — Denver / Colorado; CRD 329648
- Direct in-house portfolio management — not a TAMP handoff; custodian/Black Diamond = tooling (managed portfolios, how we’re different)
- Single transparent AUM fee — no product kickbacks; no layered third-party manager fees on top of ours
- Commissions only when clearer/cheaper for the client, with plain disclosure and no double-dip (including the annuity approach above)
- Leadership: Tom Martino (CEO / consumer advocate) and Pat Jolliffe (COO / Compliance)
- Research: proprietary S.W.E.L.L. AI research tool used inside our human-led fiduciary process — not a substitute for advisory judgment
- Public ADV: IAPD firm summary and Part 2A on our site
Read our brochure the same way you would read anyone else’s. Then call if the filing and the relationship you want are the same conversation.
Phone-first: 303.771.4357 or the contact page. Email: tom@martinocapital.com. No online schedulers.
FAQ
Is Form ADV Part 2A the same as a pitch deck?
No. The brochure is a regulated disclosure document. Marketing can summarize it; it should not replace it. If you only received slides, ask for Part 2A and Part 2B.
Do I need to read every item word for word?
Read Material Changes, fees (Item 5), conflicts/affiliations (10/11/14), brokerage (12), custody (15), disciplinary (9), and strategy/risk (8) carefully. Skim the rest so nothing surprising hides in the corners.
Where is Martino Capital’s ADV?
IAPD / CRD 329648 and martinocapital.com/part-2a-of-form-adv-2/.
Does a clean Item 9 mean I can skip due diligence?
No. Absence of disciplinary history is good hygiene, not a substitute for understanding fees, conflicts, and who manages the portfolio day to day.
Can this article replace reading the actual filing?
No. Filings change. This is a reading guide. Always use the current brochure on IAPD or the firm’s published PDF, and ask questions before you fund.
What if the ADV and the salesperson tell different stories?
Believe the discrepancy. Pause the transfer. Put both versions on one page and call us at 303.771.4357 or use the contact page — we will help you sort disclosure language from sales language in plain English.
Disclaimer: This article is general education, not personalized investment, tax, or legal advice, and not a substitute for reading a firm’s current Form ADV or consulting your own counsel. Advisory services are offered only where Martino Capital is appropriately registered or exempt. Past performance does not guarantee future results. For current disclosures, see our Form ADV on IAPD.
Page reviewed September 2026 for clarity. This is educational information, not personalized investment advice.