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The board of governors is comprised of senior executives from the financial services industry and members of the public. You would be right if you concluded the industry regulates itself, therefore it has a major conflict of interest. There is a solution. It enables investors to learn more about advisors and review their history of compliance with industry rules and regulations.
You will be shown a list of legal names based on the name you input into the BrokerCheck system. In this case it helps to know the person's legal name. Select broker if that option is available to you. This page contains information about the exams he has passed, the firms that have held his licenses, and whether he has any disclosures on his record. Your primary interest should be disclosures. Does he have any? Are they open or closed? How were they resolved? This tells you the representative has let his securities licenses lapse which means he or she should be providing investment advice for compensation as a Registered Investment Advisor or Investment Advisor Representative.
Make sure the representative is licensed to do business in your state. Examinations lists the licensing examinations that have been successfully completed by this representative. May be important if the representative has a history of job-hopping or has significant gaps in his or her employment. Make sure there are no gaps and the advisor did not change firms to maximize bonus money.
This is the most important section of the BrokerCheck service. It is also the most confusing. Are there any events that require disclosure?
Disclosures may be serious, non-events, or frivolous. The most serious disclosures describe events with the following outcomes:. A non-event disclosure occurs when the complaint is withdrawn. Frivolous complaints result in a ruling against the person or organization that initiated the complaint.
Watch out for advisors who have multiple disclosures on their records. You want to be cautious even if some of the complaints are frivolous. You may be alarmed that repeat offenders can retain their licenses and continue to sell investment products to the public.
It is a form of registration that permits the advisor to provide financial advice and ongoing services for fees. Paladin Registry is an independent, educational resource designed to help investors who rely on financial advisors and financial planners to help them accumulate and preserve assets for retirement.
Since Paladin Registry has been providing retirement planning resources as well as information to assist finding a financial advisor or finding a financial planner.
Paladin Registry has been featured in Kiplinger, Business Week, Forbes, The Washington Post, Yahoo Finance and has been seen in numerous other leading financial news and information websites. Summary Page This page contains information about the exams he has passed, the firms that have held his licenses, and whether he has any disclosures on his record.
Disclosures This is the most important section of the BrokerCheck service. The most serious disclosures describe events with the following outcomes: The representative participated in restitution to the investor The representative was suspended from the industry The representative was terminated by a company A non-event disclosure occurs when the complaint is withdrawn.
Multiple Complaints Watch out for advisors who have multiple disclosures on their records. Need help finding the right financial advisor? Download your free copy!