The Department of Labor feels it is important that retirement plan sponsors
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.
BrokerCheck will tell you:
- Whether there have been any customer complaints filed against your adviser;
- The status or resolution of these complaints;
- Whether your adviser has been disciplined for any reason;
- If your adviser violated any rules or regulations;
- Whether your adviser has been terminated for any violations; and
- If your adviser is currently under investigation by the Securities Exchange Commission or FINRA.
Any complaint or violation that you find listed should be considered serious. Studies have found that advisers who offend tend to re-offend. The service is easy to use. Begin by:
- Going to the
BrokerCheck website ; - Enter your adviser's full name (it is helpful to know the advisers middle name or initial since there are over 650,000 advisers nationwide) and click on "Search" once the correct name appears;
- After your adviser's name appears on a new page, click on "Details";
- Should a "Disclosure Event" appear, click on "Detailed Report" to receive more information.
Whether you are looking for an adviser to help with your
Robert C. Lawton is president of Lawton Retirement Plan Consultants, LLC (