How To Find Out If Your Broker Has Complaints

According to a working paper three professors released this month, they found this to say about professionals who invest in your retirement money:


Among brokers employed from 2005 until 2015, 7.28 percent had at least one disclosure in their industry records for a settled customer complaint or worse.


Many household-name firms have double the percentage of brokers with such marks. Oppenheimer tops the list at 19.6 percent.


Five of the 10 counties with the highest percentage of brokers with disclosures are in Florida.


One way to find out if your broker has complaints is to check BrokerCheck, a public online forum by the Financial Industry Regulatory Authority that allows clients and prospective clients to check their brokers’ records. This includes all of the firms where the broker has ever been registered and all, if any, customer disputes, judgments and liens and criminal activity they have committed.

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