New Online Service Provides Background Info. On Investment Advisers
The Office of Financial and Insurance Regulation (OFIR) Thursday advised Michigan consumers of an enhancement to the U.S. Securities and Exchange Commission’s Investment Adviser Public Disclosure website that will allow investors to electronically access information about individuals who work for money management, financial planning and other investment advisory firms.
The enhancement to http://www.adviserinfo.sec.gov will provide information on investment adviser representatives (IAR) – the individuals who work for these firms and provide investment advice to clients. OFIR began registering IARs late last year as part of the modernized Uniform Securities Act (USA).
“Investors should always do a little research before investing a dime of their hard-earned money,” OFIR Commissioner Ken Ross said. “In addition to this website, consumers can call OFIR to run a check on any investment firm, professional or product.”
Michigan consumers can contact OFIR toll-free at (877) 999-6442.
The enhancement will allow investors to access information on more than 220,000 individual investment professionals, including background information such as customer complaints, criminal or regulatory disclosures, professional qualifications, and employment history. Previously, IAPD provided instant access only to registration documents filed by registered investment advisory firms.
The information provided on IAPD for both investment advisory firms and individuals comes from documents filed electronically with state securities administrators or the SEC. The registration documents provide information about each adviser’s business, advisory services and fees and also disclose any disciplinary problems an adviser or its employees may have had during the last 10 years.
Investors can also research the professional backgrounds of current and former brokerage firms and brokers at the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck website at http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/index.htm.