You do not need a paid service to look up a financial advisor. Two free government databases cover nearly everyone giving investment advice in the United States, and between them they will tell you whether a person is registered, who they work for, what they are licensed to do, and whether a regulator or a client has ever filed something against them. The whole process takes about five minutes. Do it before the first meeting, not after.
Where to look
- Go to adviserinfo.sec.gov, the SEC's Investment Adviser Public Disclosure site, known as IAPD. This covers investment adviser representatives and the firms they work for.
- Go to brokercheck.finra.org. This covers anyone registered with FINRA to sell securities.
- Search the advisor's full name. Add a state if the name is common.
- Match the result to the CRD number your advisor gave you. If they will not give you one, treat that as your answer.
The two databases share data, so you will often find the same person in both. Checking both is still worth the extra minute, because a person can have a clean record in one and a disclosure in the other.
What is a CRD number?
A CRD number is a permanent identifier assigned by FINRA's Central Registration Depository to every registered individual and firm. It never changes, it follows the person between employers, and it is the only reliable way to be sure you are reading about the right advisor rather than someone with the same name. Ask for it directly. Any legitimate advisor will give it to you without hesitating.
Which database do I need?
If the advisor is a fee-only fiduciary at a registered investment adviser, start with IAPD. That is where their Form ADV lives, which is the document describing how the firm charges, what conflicts it has, and what services it provides. If the advisor sells commission products or works at a brokerage, BrokerCheck will usually have more. If you are unsure which kind you are dealing with, that uncertainty is itself a reason to check both.
What should I read first?
Read the disclosures section before anything else. It lists customer disputes, regulatory actions, criminal matters, civil judgments, terminations, and bankruptcies. A single old item with a clear explanation is not necessarily disqualifying. A pattern is. After disclosures, read the employment history and look for short tenures and frequent moves, then open the firm's Form ADV Part 2A and read the fee section and the conflicts section.
Is there a single place that checks both at once?
Fiduciary Check runs this lookup against SEC records for you and shows the result in plain language, and every advisor in our directory has already been checked against IAPD and re-checked on a schedule. You can use our advisor check tool on any advisor, including ones who are not our members. That said, nothing replaces reading the primary source yourself. Both government databases are free and neither requires an account.
What a lookup will not tell you
Registration is a floor, not a recommendation. A clean record means nobody has successfully complained and no regulator has acted, which is a lower bar than being good at the job or being right for you. A lookup will not tell you whether the advisor is a fiduciary at all times, how they are actually compensated, or whether their approach fits your situation. Those come from the Form ADV and from asking directly.
