To check a U.S. financial professional, search the person and firm in the regulator database for the role they are offering: use Investor.gov’s adviser search and IAPD for investment advisers and representatives, and FINRA BrokerCheck for brokers and brokerage firms. If the person offers both brokerage and advisory services, check both systems. Then confirm current status and affiliation, read the full record and firm documents, and follow up with the state securities regulator if anything is missing or inconsistent.
Choose the right registration search
Investment advisers and brokers are regulated in different capacities, so a search in only one database may not show the complete record. Investor.gov’s adviser search connects to the Investment Adviser Public Disclosure (IAPD) system; FINRA BrokerCheck covers brokers and brokerage firms. The tools are free, and the SEC says the professional or firm is not notified when you search. Records can direct you to the other system when appropriate.
| Who or what you are checking | Start here | What to review |
|---|---|---|
| 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; state registration information where applicable. |
| Broker or brokerage firm | FINRA BrokerCheck | Registration, current firm, employment, exams and licenses, disclosures, firm history and disciplinary matters. |
| Person or firm offering both brokerage and advice, or unclear role | Check both IAPD and BrokerCheck | Establish which capacity applies to the service or account you are considering. |
| Missing, disputed or mismatched information | Contact your state securities regulator | State regulators may have information beyond the federal and FINRA databases. |
These databases cover distinct regulatory populations. No result in one system alone does not prove that someone is unregistered. Follow any database redirect, search the other system when relevant, and ask the regulator about claimed exemptions or a different capacity. Adviser registration may be with the SEC or state securities authorities, depending in part on the adviser and circumstances. Some exempt reporting advisers are not required to register with the SEC; state requirements vary, and an exempt reporting filing is not the same as ordinary registration or a general authorization to advise retail individuals. See the SEC’s Investment Advisers guidance.
Verify the person, firm and current status
- Gather 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 confirm that the record matches the person and firm you are dealing with.
- Search by role. Look up advisers and representatives through Investor.gov/IAPD; look up brokers and brokerage firms through BrokerCheck. If services cross both roles, search both.
- Check present status and affiliation. Review current registration or reporting status, capacity, jurisdictions and firm connection. Compare those details with what the professional told you and the service being proposed. A historical record is not proof of current registration.
- Open the complete record. Read the history and any listed disclosures, not just a search result or summary indicator. For brokers, BrokerCheck can include current firm, ten years of employment history, licenses, registrations, exams and listed customer, civil, criminal, regulatory, bankruptcy, judgment or lien, and termination matters. An entry’s existence does not by itself establish that every allegation was proven; examine its description and disposition.
- Compare the record with the offer. Confirm that the firm, services and professional capacity in the record fit the proposal and any paperwork you receive. If the person says the database is wrong or that a different status applies, ask for an explanation and verify it with the relevant regulator.
IAPD may retain historical filings after registration ends. The SEC’s IAPD glossary says information on advisers no longer registered with the SEC or states remains available for ten years after registration ends. Use the current-status information, not merely the presence of an old filing, to determine whether registration is active.
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Read the disclosures and firm documents
BrokerCheck and IAPD disclosures
Depending on the record and role, the systems can provide background about employment, business practices, regulatory events, complaints, legal matters, fees, conflicts and disciplinary disclosures. Treat a summary flag as a reason to read the underlying entry, not as a complete interpretation. Look for what happened, whether an allegation was resolved or contested, the outcome, and whether the matter relates to the service you are considering.
Form CRS
Review the firm’s relationship summary, Form CRS, for the services it offers, fees and costs, conflicts, standard of conduct, reportable history and questions to ask. The SEC’s brokerage account guidance recommends considering these details along with the client agreement.
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Form ADV
If you are considering an investment adviser, read Form ADV Part 2, often called the brochure. It describes the adviser’s business practices, fees, conflicts and disciplinary information. Compare those disclosures with the proposed agreement; the agreement is where the specific services and fees for your arrangement should be clear. Ask the professional to explain any difference or unclear term before proceeding.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What registration can—and cannot—tell you
Registration and background records are useful due-diligence checks, not a government endorsement or a guarantee of investment performance, service quality, suitability or freedom from risk. They also do not determine whether a particular service or investment is right for you. Use the record, Form CRS or ADV, and agreement to understand the professional’s role, service scope, costs, conflicts and history, then ask about the relevance and resolution of any disclosures.
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If the live record is unavailable or does not match the professional’s claims, contact your state securities regulator. The SEC notes that state regulators may have information beyond IAPD and BrokerCheck, particularly for brokers and state-registered advisers. Check live regulator records immediately before engaging a professional because records and interfaces can change.
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