How to verify an advisor's CRD number (step-by-step)
TL;DR. A CRD (Central Registration Depository) number is a unique identifier assigned by FINRA to every registered financial professional and firm in the United States. You can look up any CRD number for free on the SEC's Investment Adviser Public Disclosure database or FINRA BrokerCheck. The report tells you how the advisor is registered, who their firm is, how long they've been licensed, and whether they have any disclosures on their record.
What a CRD number is
The CRD (Central Registration Depository) is a computerized licensing and registration database operated by FINRA for the SEC and state securities regulators. Every person who has ever been registered as a broker-dealer representative, investment adviser representative, or both, gets a permanent CRD number that follows them through their career — across firms, states, and decades.
Firms also have CRD numbers, assigned separately. A firm's CRD is sometimes called the "IARD number" when the firm is registered as an Investment Adviser.
CRD numbers are always public. If an advisor tells you theirs is private or restricted, they are either misinformed or misleading.
Where to look up a CRD number
Two free, authoritative databases:
- Investment Adviser Public Disclosure (IAPD) — run by the SEC. The primary source for Investment Adviser Representatives and their firms.
- FINRA BrokerCheck — run by FINRA. The primary source for broker-dealer representatives.
The two databases share data, so a search on either will usually find anyone registered. IAPD has a slightly better interface for reading Form ADV documents.
The 3-minute lookup, step by step
Step 1: Go to IAPD
Open adviserinfo.sec.gov in a new browser tab.
Step 2: Search by name, firm, or CRD
The search box accepts any of these. If you have the CRD number, enter it — that's the cleanest match. Otherwise, enter the full name of the individual OR the firm name and filter by location.
Tip: Common names return multiple hits. Filter by state (for individuals) or city (for firms) to narrow down.
Step 3: Open the individual or firm page
The report page has three panels:
- Summary at the top — name, CRD number, registration status, primary firm.
- Main tabs — Registration & Employment, Exams, Disclosures.
- Form ADV links on the firm page (Part 1, Part 2A, Part 2B, Form CRS).
Step 4: Check the registration type
On the individual's page, look for "Currently registered as…":
- Investment Adviser Representative — fiduciary duty applies on advice.
- Broker — Reg BI applies.
- Both — dual-registered. Fiduciary duty applies on the advisory side only.
A person with no current registrations cannot legally give securities advice for compensation. If you're considering hiring them, stop.
Step 5: Check disclosures
The Disclosures section lists regulatory events, customer complaints, arbitration awards, bankruptcies, civil judgments, and criminal matters. Each disclosure is dated and categorized.
A clean record shows "No disclosures." A record with disclosures isn't automatically disqualifying — but read each one. A single disclosure from 2008 about a bankruptcy has a different weight than four customer complaints about unsuitable recommendations in the last five years.
Step 6: If they're an adviser, open Form ADV Part 2A
From the firm's page on IAPD, click "Part 2 Brochures" → "Part 2A." This is the document where the firm discloses:
- How it's paid (Item 5).
- Other industry activities (Item 10).
- Code of Ethics (Item 11).
- Material conflicts (scattered, but mostly in Items 10–14).
See What a Form ADV actually tells you for a deeper walkthrough.
What to do with what you find
- Clean record + RIA registration + fee-only Item 5 = strong candidate. Proceed with the interview.
- Clean record + broker registration only = Reg BI applies, not fiduciary. See Fiduciary vs. suitability.
- Disclosures present = read each one carefully. Ask the advisor about them directly in the next conversation. The story behind a disclosure is as important as its existence.
- No record found = they are not registered. Do not hire them for securities advice.
Common questions
Can I trust the CRD system?
The CRD is the authoritative regulatory database for registrations in the United States. It is maintained by FINRA under SEC oversight. Accuracy is high; the data is the firm's and the advisor's own filings, updated continuously.
What if the advisor works for a big bank or insurance company?
Same process. Employees at big firms still have individual CRD numbers. The firm's name will appear on their record.
What's the difference between CRD and IARD?
Both are FINRA systems. CRD covers individual registrations and some firm registrations. IARD (Investment Adviser Registration Depository) is the system Investment Adviser firms use to file Form ADV. The numbers are the same root system — just different interfaces.
Can I look up former advisors?
Yes. The CRD retains historical records. You'll see prior firms, registration periods, and any disclosures that occurred during those periods.
My advisor gave me their "registration ID" instead of a CRD. What is that?
Most likely the same number, called something different. Search by name on IAPD — the result will show the CRD regardless of what label the advisor used.
Key takeaways
- CRD numbers are public. IAPD and BrokerCheck are free.
- Search by CRD number if you have it; name + state otherwise.
- The report shows registration type, firm history, and disclosures.
- Open Form ADV Part 2A Item 5 for compensation disclosure.
- "No record found" = not registered. Do not hire.
Sources
- SEC Investment Adviser Public Disclosure — adviserinfo.sec.gov.
- FINRA BrokerCheck — brokercheck.finra.org.
- FINRA CRD/IARD Overview — finra.org/registration-exams-ce/classic-crd.
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