To check a U.S. financial professional, search the official Investor.gov Investment Adviser Public Disclosure (IAPD) system for investment advisers and their representatives, and FINRA BrokerCheck for brokers and brokerage firms. Check both the individual and the firm, confirm the current status and affiliation, and read the full record rather than relying on a search result or summary flag.
Choose the database that matches the professional’s role
| Who or what you are checking | Start here | What to examine |
|---|---|---|
| Investment adviser firm | Investor.gov / IAPD | Registration status, Form ADV, business practices, fees, conflicts, and disciplinary information. |
| Investment adviser representative | Investor.gov / IAPD | Representative status, professional background and conduct, and applicable state registration information. |
| Broker or brokerage firm | FINRA BrokerCheck | Registration, current firm, employment history, exams and licenses, disclosures, firm history, and disciplinary matters. |
| Person or firm offering both brokerage and advisory services, or an unclear role | Search both IAPD and BrokerCheck | Determine which capacity the person or firm will use for the specific account or service. |
| Missing, disputed, or inconsistent information | Contact your state securities regulator | State regulators may have information beyond the federal and FINRA databases. |
IAPD and BrokerCheck cover different regulatory populations; a missing result in one is not proof by itself that someone is unregistered. The tools may direct you to the other system when a record belongs there. The SEC says both services are free, and professionals and firms are not told when you search: SEC guidance on investment professionals.
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Verify the person, the firm, and the current status
- Collect identifying details. Ask for the professional’s full legal name, firm name, location, and CRD or registration number, if available. A number can help distinguish people with similar names, but verify that the record matches the actual person and firm.
- Search both records. Use IAPD for an adviser or adviser representative, and BrokerCheck for a broker or brokerage firm. If the person offers both kinds of service, search both systems.
- Confirm current status and affiliation. Check the registration or reporting status, the capacity in which the person is registered, relevant jurisdictions, and the firm connection. Match these details against what the professional told you.
- Establish the role for the proposed service. A professional may act as a broker for one service and an investment adviser for another. Ask which role applies to your account or proposed engagement and verify it in the relevant system.
- Open the full record. Review the details behind any alert or disclosure, including the context and disposition of a matter.
A record is not the same as an active registration. The SEC says historical IAPD filings may remain available for ten years after an adviser is no longer registered. Treat that figure as a record-retention period, not evidence that the adviser remains registered. Check the live status before engaging anyone.
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What BrokerCheck can show
BrokerCheck records can include a broker’s current firm, ten years of employment history, licenses, registrations, exams, and listed customer, civil, criminal, regulatory, bankruptcy, judgment or lien, and termination matters. Read the individual entries and their outcomes: a disclosed matter’s presence does not by itself establish that every allegation was proven. BrokerCheck also provides information about brokerage firms and disciplinary matters.
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What IAPD can show
IAPD provides adviser and representative records, including registration information and adviser filings. Historical filings may still appear after registration ends, so distinguish the existence of a record from the current status. Review relevant background and conduct information in the full record.
Neither a summary flag nor the absence of one tells the whole story. Ask the professional to explain the nature of an entry, how it was resolved, and whether it is relevant to the service being proposed.
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Use firm documents to understand what you would be hiring
Form CRS
Read the firm’s relationship summary, Form CRS, for its services, fees and costs, conflicts of interest, standard of conduct, reportable history, and suggested questions. Its common headings can help you compare firms, but they do not replace the proposed agreement.
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Form ADV Part 2
For an investment adviser, review Form ADV Part 2, the firm’s brochure. It describes business practices, fees, conflicts, and disciplinary information. Compare it with the services and charges described to you and with the agreement.
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Questions to ask before agreeing
- Which services will you provide, and will you act as a broker, an investment adviser, or both?
- What fees and other costs will I pay, and how are they calculated?
- What conflicts of interest apply to my account or the recommendations you may make?
- Are there limits on the products, services, or types of accounts you can offer?
- Can you explain any disclosure in your record, including its outcome and relevance?
The SEC recommends considering services, fees, conflicts, history, and the client agreement when evaluating a professional. Registration and background checks do not guarantee investment performance, quality, suitability, or absence of risk, and are not government endorsements.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.When to contact a state securities regulator
Contact the state securities regulator if you cannot find a record, the result does not match the professional’s claims, or you need to check information that may not appear in IAPD or BrokerCheck. State registration requirements and an adviser’s applicable regulator depend on the circumstances. Some advisers may make exempt reporting filings rather than register with the SEC; such a filing is not the same as ordinary registration and should not be treated as general authorization to advise retail individuals. Ask the relevant regulator to clarify a claimed exemption or a disputed record.
Official resources: SEC: Investment Professionals; SEC: Investment Advisers; SEC: How to Use IAPD; SEC: Check Out Your Investment Professional.
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