To check a financial advisor on FINRA BrokerCheck, search their name or CRD number at brokercheck.finra.org, open the full report, and review four things: current registrations, employment history, disclosures such as complaints or regulatory actions, and any linked SEC adviser record. Reports are free, and the advisor is not told you looked.
You have met an advisor who seems knowledgeable and easy to talk to, and you are close to moving your savings. Before you sign the account forms, you want to know whether this person is who they say they are and whether anyone has complained about them. BrokerCheck answers most of that in about ten minutes.
What is FINRA BrokerCheck?
BrokerCheck is FINRA's free public database of brokers, brokerage firms and investment adviser firms. According to FINRA's About BrokerCheck page, the information comes from the Central Registration Depository (CRD), the industry's registration and licensing database, which is built from forms that firms, individuals and regulators file.
BrokerCheck also shows basic information about investment adviser representatives pulled from the SEC's Investment Adviser Public Disclosure (IAPD) database, with links to the fuller SEC record. That matters because many advisors are registered as both brokers and investment adviser representatives.
How do you look someone up, step by step?
The search takes a minute; reading the report carefully takes longer.
Step 1: Search by name or CRD number
Go to brokercheck.finra.org and enter the person's name, or better, their CRD number. A CRD number is a unique ID, so it avoids mixing up two people with the same name. Ask the advisor for it; a legitimate professional will give it to you without hesitation.
Step 2: Confirm you have the right person
Match the firm name and branch city to what the advisor told you. FINRA says the report summary lists the address of any registered branch where the person currently works.
Step 3: Open the detailed report
The summary screen is a preview. Click through to the full report, where disclosures are explained line by line.
Step 4: Check the firm too
Search the brokerage or advisory firm separately. A firm report shows who owns or controls it, its history of mergers and name changes, and its own disclosures.
What does each section of a BrokerCheck report mean?
Each section answers a different question about the person you are hiring.
| Section | What it shows | What to look for |
|---|---|---|
| Report summary | Current firm, branch, years of experience | Does it match what you were told? |
| Qualifications | Current registrations and exams passed | Is the person registered for what they sell? |
| Registration and employment history | Firms over time, plus 10 years of employment | Frequent moves, or gaps that weren't explained |
| Disclosures | Customer disputes, regulatory and criminal matters, financial events | Number, type, dates and outcomes |
| Comments | The individual's own explanation, if any | Does the explanation hold up? |
FINRA notes that every registered professional must pass the Securities Industry Essentials (SIE) exam plus at least one qualification exam. If someone sells you securities but holds no current registration, stop there.
How should you read the disclosures?
Read every disclosure, but judge them by pattern, type and outcome rather than by count alone.
Customer disputes
These are complaints and arbitrations. FINRA cautions that some disclosures are pending or allege things that have not been proven. One old, settled complaint over a long career means something very different from several recent complaints about the same product.
Regulatory events
These are actions by FINRA, the SEC or state regulators. FINRA says a hyperlinked case number leads to FINRA Disciplinary Actions Online, which covers actions issued in 2005 or later. Read the actual decision; it usually explains what happened in plain terms.
Arbitration awards
A linked arbitration case number takes you to FINRA Arbitration Awards Online for the full award text. FINRA also keeps a list of firms and individuals with unpaid arbitration awards.
Financial and criminal matters
Bankruptcies, liens and certain criminal charges appear here. A personal bankruptcy years ago is not automatically disqualifying, but ask about it.
What does BrokerCheck not show?
BrokerCheck only shows what was required to be reported, so a clean record is a good sign, not a full background check. According to the BrokerCheck FAQ, it does not include:
- Customer complaints that do not allege sales practice violations, fraud or theft
- Non-investment civil litigation, such as protective orders
- Arrests without a charge or conviction, and misdemeanors that are not investment-related and do not involve theft or breach of trust
- Satisfied judgments or liens that no longer have to be reported
FINRA also notes that, in limited cases (usually under a court order), information can be expunged. And after someone has been out of the industry for more than 10 years, their record generally stays public only if it involves serious events such as a final regulatory action or certain criminal convictions.
What else should you check besides BrokerCheck?
Pair BrokerCheck with two or three other quick checks, especially for advisers who charge fees for advice.
- SEC IAPD: For registered investment advisers, read the firm's Form ADV brochure for fees and conflicts. Our guide on how to choose a financial advisor explains Form CRS and Form ADV.
- Your state securities regulator: It may hold complaints or actions not shown elsewhere.
- The advisor's legal duty: Ask in writing whether they act as a fiduciary at all times. See what a fiduciary financial advisor is.
- Search the person's name with words like "fraud" or "lawsuit." It is crude, but it occasionally surfaces something.
If the person is selling a private investment, also run the checks in our guide to spotting investment fraud.
Frequently asked questions
Is FINRA BrokerCheck free?
Yes. FINRA says BrokerCheck reports are free, whether you search online or call the BrokerCheck hotline at (800) 289-9999.
Will an advisor know I looked them up on BrokerCheck?
No. According to FINRA, neither individuals nor firms are told about any search you run or report you request.
How current is BrokerCheck information?
FINRA says registered professionals and firms generally must update their information within 30 days, and most updates appear on BrokerCheck the next business day. Records for people no longer registered are usually not updated.
Is one complaint on BrokerCheck a deal-breaker?
Not necessarily. Read the details, the date and the outcome, then ask the advisor to explain it. Several recent complaints with a similar theme are a much stronger warning sign than one old, resolved dispute.
What if the advisor is not on BrokerCheck at all?
They may be an investment adviser representative listed only on the SEC's IAPD, or registered only with a state. If you cannot find them on BrokerCheck, IAPD or your state regulator's site, treat that as a serious red flag before handing over money.
Related: How to choose a financial advisor · Fee-only vs fee-based financial advisors · How to spot investment fraud