While the vast majority of the stockbrokers, brokerage firms, investment adviser representatives and investment adviser firms are honest and reputable, it pays to remember that just like many other professions, there are those individuals and firms who are not.
State and federal laws require investment professionals to be licensed and registered. Contacting the North Dakota Securities Department should be the first call for an investor before turning over any money to a broker or investment adviser. Access to extensive employment, disciplinary, and registration information about your stockbroker or investment adviser is only a phone call or quick website visit away.
To Check a Financial Professional’s Background and Registration:
Step 1: Have the first and last name of the professional ready.
- Additional details, such as the name of the firm or office the professional operates or works for, are helpful but not required:
Step 2: Call the North Dakota Securities Department or Visit BrokerCheck by FINRA
- Call us at (701) 328-2910 or ND Toll Free at 1(800)297-5124 and indicate you want to request a background check and provide the information from Step 1.
- Or, perform a search on your own by visiting BrokerCheck by FINRA. BrokerCheck is a free tool to research the background and experience of financial brokers, advisers and firms.
Important to Note:
- Both of these services are free of charge.
- You can request a background check for as many financial professionals and/or firms as you are considering.
- You can do this at anytime. This is not a one-time service.
- This service is provided to you confidentially. No one is made aware of your request nor will your request be released to anyone.
- Keep this in mind: Even if a relative or friend highly recommends an investment professional, it is imperative that you protect yourself by conducting your own background check.