There are thousands of financial advisors and brokers in America. A majority of them provide value to their clients. Unfortunately, a small percentage don’t and have complaints against them for selling bad products, misleading investors, or stealing from clients.
Most financial advisors, brokers, and broker-dealers are registered with the Financial Industry Regulatory Authority (FINRA). It is a private corporation that acts as a self-regulatory organization (SRO).
What is FINRA broker check?
As part of the regulations, FINRA has a system in place for investors to check out brokers, financial advisors, and broker-dealers for any past claims. This is called FINRA brokercheck.
FINRA’s BrokerCheck helps investors make informed choices about brokers, and brokerage firms-and provides easy access to investment adviser information.
BrokerCheck tells investors instantly whether a person or firm is registered, as required by law, to sell securities (stocks, bonds, mutual funds, and more), offer investment advice, or both.
BrokerCheck gives investors a snapshot of a broker’s employment history, regulatory actions, and investment-related licensing information, arbitrations, and complaints.
How do I check out a stockbroker or financial advisor?
Information about brokerage firms and individual brokers is publicly available online through FINRA’s Broker Check program and by calling toll-free at (800) 289-9999. Information about individual investment adviser firms is available through the SEC’s Investment Adviser Public Disclosure (IAPD) Program.
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