The Department of Labor feels it is important that retirement plan sponsors review their providers at least every three to five years. One way to check on the status of the financial adviser working with your retirement plan is by using BrokerCheck — a free service provided by the Financial Industry Regulatory Authority. FINRA is the regulator for all securities firms doing business in the U.S. Their primary objective is to protect investors.
BrokerCheck lists any financial adviser violations of investment related regulations or statues and will also tell you whether your financial adviser is licensed to do business in your state. Don’t worry, your financial advisor will not be informed about whether you used the service to check his/her background.
