Key takeaways
- FINRA BrokerCheck is a free public database at brokercheck.finra.org that allows anyone to look up the registration history, licenses, employment background, and disciplinary record of any broker or brokerage firm registered with FINRA. No account is required and no fee is charged.
- BrokerCheck covers broker-dealers and their representatives, not Registered Investment Advisors. For RIAs, the SEC’s Investment Adviser Public Disclosure database at adviserinfo.sec.gov is the parallel tool. For professionals holding both registrations, both databases are worth checking.
- A clean BrokerCheck report is a necessary starting point for due diligence, not a complete assessment. The database has limitations, including what it excludes and how disclosures can be framed, and understanding those limits is as important as knowing how to run a search.
- The most valuable section in any BrokerCheck report is the disclosure section. A single item in isolation rarely tells the full story; the pattern across multiple disclosures, the outcomes, and the timing relative to the professional’s career history together produce a more accurate picture.
Hiring someone to manage a substantial portfolio is a significant act of professional trust. The credentials displayed on a website or handed over in a first meeting tell part of the story. What a broker has disclosed to regulators, what complaints have been filed against them, and how those matters were resolved tell a different part of the story, and it is publicly available.
BrokerCheck was built to increase accountability in the financial services industry. By making regulatory histories public, FINRA aims to protect investors and encourage higher compliance standards. For any investor considering a broker or broker-dealer firm, running a BrokerCheck search before the relationship begins is the most direct way to independently verify.
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What FINRA is and what BrokerCheck covers
FINRA, the Financial Industry Regulatory Authority, is a private, not-for-profit self-regulatory organization that oversees broker-dealers in the United States under the supervision of the SEC. It is not a government agency, but it operates under SEC oversight and has the authority to issue and enforce rules governing broker-dealer conduct, examine firms for compliance, and discipline firms that violate those rules.
Most brokers and broker-dealer firms are required to register with FINRA before conducting securities business, which is why the BrokerCheck database covers the vast majority of securities professionals who work with retail clients. FINRA also administers the licensing examinations, including the Series 7 (General Securities Representative) and Series 65 (Uniform Investment Adviser Law Examination), that qualify individuals to conduct certain types of securities business.
Where BrokerCheck data comes from
BrokerCheck draws its information from the Central Registration Depository (CRD), the licensing and registration database maintained jointly by FINRA and the states. When a broker registers, updates their registration, changes firms, or faces disciplinary action, that information is entered into the CRD and becomes visible on BrokerCheck. The database covers current and formerly registered professionals and firms going back ten years.
One distinction worth keeping in mind: BrokerCheck covers broker-dealers, not Registered Investment Advisors. A broker-dealer representative executes trades and recommends securities products and is subject to the Regulation Best Interest (Reg BI) standard, which requires that recommendations be in the retail client’s best interest at the time they are made.
Broker-dealers versus Registered Investment Advisors
An RIA manages investment accounts under a continuous fiduciary standard, the legal obligation to act in the client’s best interest across all interactions. The two standards differ, and the two databases documenting each type of professional are separate. Many professionals hold both registrations simultaneously, and BrokerCheck will note when an individual is also registered as an investment advisor representative and link to the SEC’s IAPD database for the RIA records.
Go Further: What is a Form ADV? How to Read an Advisor’s Disclosure covers the SEC’s parallel disclosure document for Registered Investment Advisors, including which sections to read first and what conflicts of interest look like in practice.
What a BrokerCheck report contains
Every BrokerCheck search produces a summary report for the individual or firm. For an individual broker, the report is organized into several sections, each covering a distinct category of information.
Registration and licensing
It shows the broker’s current registration status, the states in which they are currently licensed, and the securities exams they have passed. A broker who holds an active Series 7 license is registered as a General Securities Representative. A broker with a Series 65 or 66 is also licensed to provide investment advice for compensation. Gaps in licensure or registrations that have lapsed without explanation are worth noting.
Employment history
It covers the firms where the broker has worked, including dates of employment. Frequent moves between firms, particularly those coinciding with disciplinary disclosures at prior employers, can signal a pattern worth investigating. The industry term for a broker who moves repeatedly after complaints is “recidivist broker,” and FINRA has taken regulatory action against firms that knowingly hire brokers with repeated disciplinary histories.
Qualifications
It lists the examinations the broker has passed and any professional designations they hold. BrokerCheck does not independently verify credentials such as CFP (Certified Financial Planner) or CFA (Chartered Financial Analyst) beyond what the broker has reported, so confirming active status of those designations through the relevant credentialing body is a worthwhile additional step.
Disclosures
This is the section that carries the most weight for due diligence purposes and is covered in detail below.
For firm profiles, the report covers similar categories:
- Registration history and states where the firm is authorized to do business
- The number of registered representatives currently affiliated with the firm
- Any disciplinary disclosures associated with the firm or its principals
A firm with a large number of disclosures relative to its size, or a firm with recent enforcement actions, warrants the same scrutiny as an individual with a troubled disclosure history.
Go Further: Robo-advisors vs. Human Advisors: Pros and Cons covers how regulatory frameworks differ between algorithm-driven platforms and human broker-dealer representatives, including how BrokerCheck applies to robo-advisor-affiliated firms.
How to evaluate BrokerCheck disclosures
The disclosure section is where most investors focus their attention, and reading it carefully requires understanding what each disclosure type represents before drawing conclusions. BrokerCheck disclosures fall into several categories, detailed below.
Regulatory actions
Regulatory actions are formal proceedings initiated by FINRA, the SEC, or a state securities regulator. These are the most serious disclosure type and include fines, suspensions, bars from the industry, and cease-and-desist orders.
Customer disputes
Customer disputes encompass formal complaints, arbitration proceedings, and civil court actions initiated by clients alleging improper conduct or financial harm. A reportable disclosure is triggered whenever a written complaint alleges specific misconduct, such as unauthorized trading, suitability violations, misrepresentation, or breach of fiduciary duty.
These records detail the specific products involved, the monetary damages claimed, the broker’s response, and the final resolution. This is true whether the claim was settled, dismissed, or decided via a binding arbitration award. Because customer disputes are logged upon filing rather than upon a finding of guilt, investors should examine the full record to distinguish between settled claims, unproven allegations, and recurring patterns of client dissatisfaction.
Criminal disclosures
Criminal disclosures cover any formal charges, indictments, convictions, or guilty/no-contest pleas involving a broker or firm representative. FINRA requires disclosures for all felony charges regardless of the subject matter or misdemeanor charges involving:
- Investment-related conduct
- Fraud
- Forgery
- Theft
- Bribery
- Extortion
- False statements
The report details the specific charges filed, the court jurisdiction, the disposition of the case (such as dismissals, plea bargains, or convictions), and any sentences or probation terms served. Because criminal matters directly touch upon personal integrity and legal compliance, these disclosures serve as a critical filter when assessing whether an advisor can be trusted with client assets.
Financial disclosures
Financial disclosures detail personal or corporate financial distress events, including personal bankruptcies, unsatisfied tax liens, civil court judgments, and formal compromises with creditors. Registrants are required to report these events on Form U4 because personal solvency and debt management are viewed by regulators as key indicators of financial responsibility and vulnerability.
Severe unmanaged debt or personal insolvency can create potential conflicts of interest or heightened risks of misconduct. Examples include churning accounts or recommending high-commission products to generate short-term revenue. Reviewing this section helps investors evaluate whether a broker’s personal financial standing reflects sound stewardship and financial stability.
How to evaluate older disclosures
A single old disclosure does not automatically disqualify a broker. A complaint filed fifteen years ago that was denied or settled for a nominal amount, with no subsequent disclosures, is a different matter than three complaints in the last five years, multiple of which resulted in awards against the broker. The pattern, the recency, and the outcomes matter more than the raw count.
Disclosures that were settled do not indicate guilt. Broker-dealer firms and their representatives frequently settle customer complaints without admitting wrongdoing, particularly when the cost of settlement is lower than the cost of arbitration. A settled complaint is worth examining, but it is not equivalent to a finding that the broker did something wrong.
Disclosures that were denied also do not automatically clear a broker. A denied complaint reflects the outcome of one arbitration proceeding, not an independent investigation of the underlying facts.
How to find arbitration awards
Investors who want to understand what happened in a specific disclosed matter can access the underlying arbitration award documents through FINRA’s arbitration award database at finra.org/arbitration-and-mediation.
Expunged disclosures
Expunged disclosures are a more complex issue. FINRA’s expungement process allows brokers to petition to have certain disclosures removed from the CRD record, typically on the grounds that the complaint was false, erroneous, or clearly without factual foundation.
When expungement is granted, the disclosure no longer appears in BrokerCheck. This is a limitation of the database rather than a feature, because expunged disclosures are not visible to investors conducting a routine search.
Go Further: What is Elder Financial Abuse? Warning Signs covers the patterns of financial exploitation that most often surface in trusted relationships, including those involving licensed financial professionals, as well as the steps available for reporting and documentation.
Step-by-step: How to run a BrokerCheck search
Step 1: Go to BrokerCheck
No account, login, or fee is required. The search bar on the homepage of brokercheck.finra.org accepts individual names, firm names, or CRD numbers.
Step 2: Search by individual or firm name
For individuals, entering the full legal name produces the most reliable results. Common names may return multiple results; the broker’s CRD number, which they can provide on request, eliminates ambiguity. For firms, the registered legal entity name, rather than the trade name, may yield more accurate results.
Step 3: Confirm the correct record
For individuals at large firms, verify that the record matches the specific person by confirming firm affiliation, office location, and years of experience against what the broker has represented. For firms with multiple related entities, confirm that the specific entity holding the account is the one appearing in results.
Step 4: Review registration status
Confirm the broker or firm is currently registered and authorized to do business in the relevant state. An expired or inactive registration is a significant red flag that warrants immediate follow-up.
Step 5: Read the employment history
Note the firms, the dates, and any gaps. An unexplained gap in employment history sometimes coincides with a regulatory proceeding or voluntary departure under pressure.
Step 6: Download and read the full report
The summary view on the BrokerCheck profile is a starting point. Downloading the full PDF report provides the complete text of all disclosures, including the broker’s own written comments on each matter.
Step 7: Review disclosures in context
For each disclosure, note the type, the date, the outcome, and whether the broker’s written response is consistent with the facts as described. Read at least two or three disclosures fully before forming an overall assessment.
Step 8: Cross-reference the IAPD database
If the broker is also registered as an investment advisor representative, the BrokerCheck profile will link to the SEC’s Investment Adviser Public Disclosure (IAPD) database. Running the IAPD search in parallel ensures that disclosures from the RIA side of the registration are also visible.
What BrokerCheck does not show
Understanding the limits of BrokerCheck is as important as knowing how to run a search. Several categories of information are either absent from the database or present only in limited form.
BrokerCheck covers broker-dealers only. A financial professional who operates exclusively as a Registered Investment Advisor, with no broker-dealer registration, will not appear in BrokerCheck at all. Many fee-only advisors who operate as RIAs are in this category. For those professionals, the SEC’s IAPD database is the correct tool.
Informal customer complaints
Informal customer complaints that did not result in a formal arbitration filing or a regulatory action do not appear in BrokerCheck. An investor who complained to a firm and received an informal resolution without filing an official claim left no public record.
State insurance licenses
State insurance licenses are not tracked through BrokerCheck. A financial professional who also sells life insurance or annuities under an insurance license holds that license through a state insurance department, not through FINRA. Checking the relevant state’s insurance department database is a separate step for professionals who offer insurance products.
Certain civil litigations
Non-securities-related civil litigation generally does not appear in BrokerCheck. A broker who was sued over a real estate dispute or a personal matter unrelated to their securities business would typically not have that litigation reflected in their BrokerCheck profile.
How a financial advisor can help
Running a BrokerCheck search is only one part of evaluating a financial advisor before entering a professional relationship.
Due diligence beyond BrokerCheck
A BrokerCheck search alone is insufficient due diligence for:
- Investors managing portfolios of $2,000,000 or more with complex tax situations
- Multi-generational estate planning
- Business ownership that introduces liquidity and compensation variables
- Other more complex investment situations
A more structured evaluation process is worth building alongside it. A fee-only fiduciary can conduct a more comprehensive evaluation of an existing or prospective broker-dealer relationship on the client’s behalf. They are compensated only by the client and hold no commission-generating registrations. That evaluation might include:
- Reviewing BrokerCheck and IAPD records side by side
- Examining the current account fee structure and investment products held
- Identifying any conflicts of interest disclosed in the Form ADV
- Assessing whether the overall service model is appropriate for the client’s actual financial situation
Formal FINRA complaints
For investors transitioning away from a broker-dealer relationship toward a fee-only advisory structure, a financial advisor can also help determine whether a concerning BrokerCheck disclosure warrants a formal complaint. FINRA accepts investor complaints at finra.org/investors/have-problem, and state securities regulators can be reached through nasaa.org.
FAQs
What is BrokerCheck and who operates it?
BrokerCheck is a free public database operated by FINRA that allows anyone to research the registration history, licensing, employment background, and disciplinary record of broker-dealer professionals and firms. It is accessible at brokercheck.finra.org with no account or fee required. The database draws from the Central Registration Depository, the joint licensing and registration system maintained by FINRA and state securities regulators.
Does BrokerCheck cover financial advisors who are not brokers?
BrokerCheck covers professionals and firms registered with FINRA as broker-dealers. Registered Investment Advisors who do not also hold broker-dealer registrations will not appear in BrokerCheck. For those professionals, the SEC’s Investment Adviser Public Disclosure database at adviserinfo.sec.gov is the correct tool. Many professionals hold both registrations, and BrokerCheck will link to IAPD when both registrations are on file.
What does a disclosure in BrokerCheck actually indicate?
A disclosure indicates that a formal complaint, regulatory action, or other reportable event was filed and is on record. A single disclosure from many years ago with a resolved outcome carries different weight than recent disclosures with unresolved findings. Disclosures that were settled do not indicate guilt; they reflect the economic decision to resolve a dispute rather than litigate it. The full report, including the broker’s written response to each disclosure, provides more context than the summary view.
Can information be removed from BrokerCheck?
Yes, through a process called expungement. Brokers can petition FINRA to have specific disclosures removed from the CRD record on the grounds that the underlying complaint was false, erroneous, or clearly without factual foundation. When expungement is granted, the disclosure no longer appears in BrokerCheck searches. Investors cannot see expunged disclosures through routine searches.
What should someone do if they find a concerning disclosure?
Start by reading the full text of the disclosure, the outcome, and the broker’s written response. If the disclosure involves a formal regulatory action or a pattern of customer complaints, it warrants a direct conversation with the broker and, if needed, consultation with a securities attorney or a fee-only fiduciary who can assess the situation independently. Formal complaints against brokers can be filed with FINRA at finra.org/investors/have-problem or with the relevant state securities regulator through nasaa.org.
Editor’s Note: The more common American spelling of advisors is used throughout, except for when spelled differently in a proper noun or website name.
Glossary
BrokerCheck: FINRA’s free public database at brokercheck.finra.org that allows anyone to research the registration history, licenses, employment background, and disciplinary record of broker-dealer professionals and firms. Draws data from the Central Registration Depository. Does not cover Registered Investment Advisors who hold no broker-dealer registration.
FINRA (Financial Industry Regulatory Authority): A private, not-for-profit self-regulatory organization that oversees broker-dealers in the United States under SEC supervision. Administers licensing examinations, writes and enforces rules governing broker-dealer conduct, and maintains the BrokerCheck database.
Central Registration Depository (CRD): The joint licensing and registration database maintained by FINRA and state securities regulators that serves as the source of data for BrokerCheck. Contains registration, employment, qualification, and disclosure information for current and formerly registered broker-dealer professionals.
Broker-dealer: A firm or individual that executes securities transactions on behalf of clients and may also recommend securities products. Subject to FINRA oversight and, when serving retail clients, the Regulation Best Interest standard. Distinct from Registered Investment Advisors, who are subject to a continuous fiduciary standard and registered through the SEC.
Regulation Best Interest (Reg BI): The SEC standard of conduct for broker-dealers serving retail clients, adopted in 2019 with a compliance date of June 30, 2020. Requires that recommendations be in the retail client’s best interest at the time they are made. A higher standard than the prior suitability requirement, but distinct from the continuous fiduciary obligation applied to Registered Investment Advisors across all interactions.
Fiduciary standard: The legal obligation requiring a Registered Investment Advisor to act in the client’s best interest at all times, placing the client’s interests ahead of the advisor’s own financial interests. Applies continuously across all client interactions, not only at the moment of a specific recommendation.
Disclosure: A reportable event in a broker’s CRD record, including customer complaints, regulatory actions, criminal proceedings, and certain financial events. Visible through BrokerCheck. The nature, recency, and outcome of disclosures matter more than their raw count in assessing their significance.
Expungement: A FINRA process through which a broker can petition to have a specific disclosure removed from the CRD record, typically on the grounds that the complaint was false, erroneous, or without factual foundation. Expunged disclosures are not visible to investors through routine BrokerCheck searches.
CRD number: The unique identifier assigned by FINRA to each registered broker and firm. Can be used to search BrokerCheck and produce an exact match, eliminating ambiguity when name searches return multiple results. Brokers can provide their CRD number on request.
IAPD (Investment Adviser Public Disclosure): The SEC’s public database at adviserinfo.sec.gov covering Registered Investment Advisors. The parallel resource to BrokerCheck for professionals and firms that provide investment advice under the fiduciary standard rather than operating as broker-dealers.
Series 7: The General Securities Representative examination administered by FINRA that qualifies an individual to sell most types of securities products. Required for most broker-dealer representatives who conduct business with retail clients. Visible in the qualifications section of a BrokerCheck report.
Series 65: The Uniform Investment Adviser Law Examination that qualifies an individual to act as an investment advisor representative in most states. Often held by professionals who work in fee-only advisory practices or who hold dual registration as both a broker-dealer representative and an investment advisor representative.
Important Information
SteadyRetire is a retirement education platform offering practical financial resources and access to a financial advisor matching service. This article is intended for informational and illustrative purposes only and does not constitute financial, legal, tax, or investment advice. The information provided does not create a professional-client relationship and should not be used as a substitute for consultation with a qualified financial advisor, tax professional, or attorney. While we strive to provide accurate and up-to-date information, rules and regulations regarding retirement are subject to change. Always consult with a certified professional regarding your specific financial situation.
Related:
- What is a Form ADV? How to read an Advisor’s Disclosure
- When should you hire a financial advisor?
- What is a Registered Investment Advisor (RIA)?
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