On November 12, 2013, the Financial Industry Regulatory Authority (FINRA) announced a new method of BrokerCheck that will allow potential investors to review information on the background of investment professionals before investing their money.
According to Derek Linden, FINRA executive vice president of registration and disclosure, “Investors using BrokerCheck will encounter a more user-friendly interface that allows them to quickly find information that can help them decide if an investment professional is right for them.”
Investors can utilize both BrokerCheck and the Investment Adviser Public Disclosure (IAPD) to search the background of any investment professional or firm from the FINRA homepage. This will enable investors to more thoroughly evaluate whom they should trust to make their investments. These new tools will also help prevent brokers from taking advantage of potential future investors because any negative information will be more readily available to these future investors.
Within BrokerCheck, search results show a graphical timeline, illustrating a comprehensive view of the broker’s employment status and history, industry registrations, and any disciplinary actions that the broker may have received during his or her career. Investors can access BrokerCheck at www.finra.org/brokercheck or by calling (800) 289-9999.
If anyone has not had the luxury of utilizing effective tools such as BrokerCheck, and might have been misled by their broker, the Investment Justice Clinic at University of San Francisco might be able to provide help. Please feel free to contact us at firstname.lastname@example.org for a free evaluation.