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New York -
If you
are about to begin a relationship with a Financial Adviser, including one of
the Financial Advisers in our network, you should find out about their
background to see if it matches your needs. Besides speaking with them,
you may want to know about the following resources available to you:
The SEC - Financial Advisers and money managers are
subject to oversight by the Securities Exchange Commission ("SEC") and the fifty
states. The SEC maintains a World Wide Web Site and provides free access to disciplinary
actions that they have taken. It also provides some state actions; however, the
information only goes back a few years. Information before the birth of the Internet is
not yet available on line. Click here to go to the SEC Web
Site.
NASD - Stock brokers (not money managers or
financial advisers) are required to registered with The National Association of Securities
Dealers ("NASD"). NASD offers a listing of resolved disciplinary actions against
registered brokers through a database known as the Central Registration Depository
("CRD"). The CRD also discloses the name and addresses of the broker, their
social security number, their employment history, the states they are registered in and
even their test registration test scores. The best information they provide is whether or
not a broker was fired or resigned after misconduct. One key warning, if your broker is
illegally not registered, no information will be available. In addition, the NASD will not
disclose ongoing investigations of a broker or their firm by a regulatory agency, or the
resignation or termination of a broker who left under "allegations." You can
reach the NASD by calling 1-800-289-9999. Click here to go to the NASD Web Site.
NASSA - All states belong to the North American
State Securities Administrators ("NASSA") a trade watchdog organization. They
normally will disclose an entire disciplinary file including arbitration awards, court
judgments, pending cases, names of current cases, pending claims, a description of the
defense and the sum claimed as damages. In addition, it may contain items such as
complaints that have not been pursued yet or complaints in arbitration or complaints that
have been settled out of regulatory view.
Other - If you are prepared to spend some money,
a lawyer or investigator will search and review the CRD for you. In addition, you can have
them obtain and review the Securities Arbitration Commentator, a trade newsletter that
summarizes arbitration forums including the NASD, the New York Stock Exchange, the
American Stock Exchange and other regulatory offices. The investigator may also search
Lexis/Nexis, a legal database containing hundreds of public newspapers, magazines and
court filings.
If your trying to investigate a broker
who is selling you commodities or futures, the Commodities Futures Trading Commission
("CFTC") provides a toll free telephone number (1-800-676-4NFA) whereby you can
access their Disciplinary Information Access Line. This number provides information on
whether or not your broker is a registered commodity broker, the types of license held,
and it also provides disciplinary actions by the CFTC or by the various commodities
exchanges. Like the NASD, no information is provided for complaints settled outside the
CFTC. You can also file a complaint against a futures dealer through the CFTC. Click here
to reach the CFTC Web Site.
A Financial Advisers record should be reviewed in
entirety and not by one or two complaints. One or two complaints for an established and
experienced Financial Advisers is not cause for concern; however, a long list or brief
experience plus complaints is generally sign for trouble.
The Independent
Adviser Corporation is a 100% Independent and 100% Objective Financial
Advisory Firm that writes buy-side investment research. Our network of
independent Fee-Only Financial Advisers serves individuals, families and
businesses. They provide financial planning services, tax advice and offer
professionally managed asset accounts. They do not underwrite corporate
securities nor do they sell any proprietary products. To find out more or
get a FREE consultation Ask
The-Adviser.com.
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A long list or brief experience plus
complaints is generally a sign for trouble.
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