Terms of Service

Effective November 11, 2026. Last updated November 11, 2026.

These terms are the agreement between you and Ellery Research LLC ("Ellery", "we") for using Ellery's website, app, and AI connections (together, "the service"). If you use Ellery for a company, you agree to them for that company, and you confirm you may. You agree to them by ticking the box that says so when you open your account, or when we ask you to agree to a new version. Section 10 says that disputes are settled by individual arbitration, not in court, and that you and Ellery each give up the right to a jury trial and to a class action.

1. What Ellery is

Ellery is a research database of the US advisor industry, built from public records: filings with the Securities and Exchange Commission (Form ADV, 13F, and the IAPD adviser record), and state registers. It shows registered advisors and firms, their registrations and the moves between firms, with the source and date of each figure. Ellery holds no personal contact details for the advisors in the record and does not sell them.

Ellery is not affiliated with the SEC, FINRA or any state regulator, and nothing in it is an official record. When it matters, check the regulator's own record; every person and firm in Ellery links to it.

2. Your account

• Accounts are for named people. Each person signs in as themselves; do not share a sign-in. Your plan sets how many people your company may have.
• Keep your password and any AI-connection keys to yourself. You are responsible for what is done with them until you tell us they were lost, or revoke them in Settings.
• Give us accurate account details, and keep your email address current (write to us to change it): we send the links to confirm it and set your password, and your alerts, there.

3. Free trial, plans and billing

• A new account may start with a free trial of 14 days. Free trials are strictly limited to one per company or, for personal email addresses, one per person. When it ends, the account needs a paid plan to keep working; nothing is charged unless you choose one. The Team and Firm plans include a number of advisors you may download every 30 days, shown on the pricing page; a trial includes fewer.
• Paid plans are billed in advance, monthly or yearly, through our payment processor (Stripe). They renew automatically until cancelled. You can cancel at any time in Settings (Manage billing); the plan runs to the end of the period you have paid for. The 14-day free trial is the time to decide whether Ellery is right for you, so payments are not refunded, monthly or yearly, in whole or in part, unless the law requires it.
• Prices are shown on the pricing page. If we change a price, the new price applies from your next renewal after we have told you, by email, at least 30 days ahead. Any recurring discount promised to you for as long as you maintain an active subscription (such as a founding member offer) applies as an equivalent percentage discount against any adjusted base subscription price.
• Prices are in US dollars and do not include sales or use taxes, which you are responsible for where they apply.

4. How you may use the data

You may use Ellery solely for internal business research, recruiting, and sales intelligence: to find and understand advisors and firms, build lists, follow movement, and support recruiting, sales, research and planning inside your company. You may export data strictly within the limits of your subscription tier (or your free trial), set out below.

You may not:

1. resell, sublicense, syndicate, rent, publish, give away or otherwise distribute Ellery data, or any derivative works made from it, to third parties;
2. extract or harvest data via automated scrapers, crawlers, or bots, except via authorized AI connections within the documented rate limits below;
3. use any data, text, or output from the service to develop, train, evaluate, benchmark, or fine-tune machine learning algorithms, artificial intelligence models, or competing software directories. Connecting your own AI assistant to ask Ellery questions for your own research, as section 7 allows, is not training, and is allowed;
4. use the service or its data as a factor in determining an individual's eligibility for credit, insurance, housing, employment, or for any other purpose governed by the Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.). Ellery is not a consumer reporting agency, and its database does not constitute consumer reports;
5. use the data to conduct communications in violation of the Telephone Consumer Protection Act (47 U.S.C. § 227), the CAN-SPAM Act, the FTC Telemarketing Sales Rule, applicable state telemarketing laws, or the rules of FINRA and the SEC that apply to you, or use it to harass anyone;
6. get round your plan's allowances below, misstate what the data shows, or present it as an official regulatory record;
7. probe, overload or try to get around the service's security, limits or accounts, or reach data that is not yours (another company's saved lists, for example);
8. use it for anything unlawful.

The allowances, in numbers

Each is counted per company account over a rolling 30 days, unless it says a day (for the screens, from midnight UTC) or the whole trial. The same advisor again within 30 days is not counted again. Firm-level files (a firm's own figures, not its people) are not counted.

Through an AI connection, the answers that list advisors in bulk count as downloads, and the rest as screens. One screen counts at most 400 advisors, however many it carries. A people search lists up to 2,500 at a time. The rate limits, where a day is the last 24 hours: an AI connection 60 requests a minute and 5,000 a day for each key, and for the whole company account 120 a minute and 5,000 a day, or 20 a minute and 1,000 a day for each active person on it if that is more; and on the screens, any one person 300 requests a minute, past which requests wait their turn and, past 20 waiting, are refused for a moment. When a limit is reached the service says so; if your work needs more, write to us and we will tell you what we can offer. We may change these numbers by telling you at least 30 days ahead, except to stop misuse.

5. The data is public record, as it stands

Ellery reads public sources as they are and says when each was read. Registrations change daily, filings arrive late (a firm has 30 days to file a change), and sources make mistakes. So Ellery is provided "as is": we work to keep it accurate and current, and every screen says what it counts, but we do not promise it is complete, current or free of errors. The service is currently provided in an 'early access' phase; features, data coverage, and system uptime may fluctuate as we actively develop the platform. If you find a mistake, tell us at data@elleryresearch.com or with Report an error on a person's page.

6. What is yours and what is ours

• Your saved lists, notes and settings are yours. We use them only to run the service for you, and they are visible only inside your company account, and only where you share them; our staff see them only to run and support the service.
• The public records Ellery is built from belong to no one. Ellery's selection, arrangement, definitions, software, design and name are ours.
• If you send us suggestions, we may use them without owing you anything.

7. The AI connections

On plans that include them, you may connect Ellery to your own AI assistant or software. The same rules apply to everything reached that way. AI connections are read-only and limited to a fair rate per key. An AI assistant's requests are logged by the name of each tool called, not what it asked. The advisors an answer lists count toward your plan's allowances: a bulk list like a download, any other answer like a screen. You are responsible for the assistants and software you connect, and for what they do with the answers.

8. Ending

You can close your account at any time, by cancelling your plan in Settings or by writing to us. We may suspend or close an account that breaks these terms, puts the service or others at risk, or goes unpaid, and we will tell you why unless the law or safety prevents it. When an account closes, your access ends (if you cancel a paid plan, at the end of the period you have paid for); we delete your saved lists and account data within 90 days, except what we must keep by law and the record of your agreement to these terms (when, from which network address and browser, and which version), which we keep for five years after the rest of your account data is deleted, to show what was agreed.

9. Warranties, liability and indemnification

DISCLAIMER: EXCEPT AS EXPRESSLY SET FORTH IN THESE TERMS, THE SERVICE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. ELLERY DOES NOT WARRANT THAT DATA DERIVED FROM PUBLIC RECORDS IS ERROR-FREE, EXHAUSTIVE, OR CURRENT, OR THAT THE SERVICE WILL BE UNINTERRUPTED.

LIMITATION OF LIABILITY: TO THE MAXIMUM EXTENT PERMITTED BY LAW, ELLERY SHALL NOT BE LIABLE FOR ANY INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES, OR FOR LOST PROFITS, REVENUE, DATA OR GOODWILL, EVEN IF TOLD THEY WERE POSSIBLE. ELLERY'S AGGREGATE LIABILITY ARISING FROM OR RELATING TO THIS AGREEMENT SHALL BE LIMITED TO THE TOTAL FEES PAID BY YOU TO ELLERY IN THE SIX (6) MONTHS PRECEDING THE EVENT GIVING RISE TO LIABILITY. Some places do not allow some of these limits; there, they apply only as far as allowed.

INDEMNIFICATION: You agree to defend, indemnify, and hold harmless Ellery Research LLC and its members, managers, employees and agents from and against any third-party claims, liabilities, losses, damages, and reasonable attorneys' fees arising out of or relating to: (i) your breach of these Terms; (ii) your use of data retrieved from the service; or (iii) communications, solicitations, or outreach initiated by you or on your behalf, including alleged violations of the TCPA, the CAN-SPAM Act, or state marketing statutes.

10. Disputes, changes and contact

Dispute Resolution and Mandatory Arbitration. These Terms are governed by the laws of the State of Florida, without regard to its conflict of laws rules, and by the Federal Arbitration Act. Any dispute, controversy, or claim arising out of or relating to these Terms or the service shall be settled by binding individual arbitration administered by the American Arbitration Association (AAA) under its Commercial Arbitration Rules in Pinellas County, Florida. Before starting one, write to us at hello@elleryresearch.com and give us 30 days to put it right. Either of us may instead bring an individual claim in small claims court, and either of us may ask a court to stop misuse of the service or its data (section 4) or of the other's intellectual property while an arbitration goes ahead.

CLASS ACTION WAIVER: ALL CLAIMS MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE, CONSOLIDATED, OR REPRESENTATIVE PROCEEDING. THE ARBITRATOR MAY NOT CONSOLIDATE MORE THAN ONE PARTY'S CLAIMS. YOU AND ELLERY MUTUALLY WAIVE ANY CONSTITUTIONAL OR STATUTORY RIGHT TO A TRIAL BY JURY.

Changes. We may update these terms. If a change matters, we will tell you by email or in the app before it applies, and ask you to agree to the new version in the app before you go on using it. A change to this section does not apply to a dispute we already knew of.

Severability and Non-Severability of Class Action Waiver: If any part of these terms cannot be enforced, the rest still applies; provided, however, that if the Class Action Waiver in this Section 10 is found to be illegal, invalid, or unenforceable as to all or any part of a dispute, then the entirety of this Section 10 (except for this sentence) shall be null and void with respect to that dispute or part, and such claims shall be resolved exclusively in the state or federal courts located in Pinellas County, Florida, and not in arbitration. Under no circumstances shall any arbitration proceed on a class, collective, coordinated, or representative basis.

Questions: hello@elleryresearch.com.