Picking a broker

Thinking about investing your money, but not sure where to start? The following resources give advice on picking a financial professional or opening a brokerage account on your own.

Securities and Exchange Commission (SEC)
How to Pick a Financial Professional
This SEC guide gives advice on how to pick a financial planner, investment adviser, or broker.

Financial Industry Regulatory Authority (FINRA)
Selecting an Investment Professional
This FINRA tutorial explains different types of financial professionals and the credentials associated with professional designations.

Get information on a broker or brokerage firm

North American Securities Administrators Association
How to Check Out Your Broker or Brokerage Firm
Learn about the Central Registration Depository System, a database of licensing and registration information on brokers and brokerage firms. You can’t access the database online, but you can contact the Office of the Kansas Securities Commissioner for a background report before doing business with a broker or brokerage firm.

Office of the Kansas Securities Commissioner
Once you have selected a list of potential brokers or brokerage firms, contact the Office of the Kansas Securities Commissioner to get background information. The Office of the Kansas Securities Commissioner has access to the Central Registration Depository System, the database that holds the licensing and registration information for securities dealers in the United States.

FINRA BrokerCheck
FINRA is the largest nongovernmental regulator of the securities industry in the United States.  FINRA’s BrokerCheck database provides access to reports on individual brokers as well as brokerage firms. Though the data is derived from the Central Registration Depository System, the database only covers members of FINRA. Membership is voluntary, so not every broker or brokerage firm will be covered.

Opening a brokerage account

Online Brokers at ConsumerSearch.com
ConsumerSearch.com aggregates ratings and reviews for a variety of products and services. The site’s feature on online brokers includes links to publications such as Barron’s and Consumer Reports. Online brokers are the focus of the ConsumerSearch feature, but some of the articles contain ratings for brick and mortar brokerage firms as well.

Financial Industry Regulatory Authority (FINRA)
What to Expect When You Open a Brokerage Account
This FINRA tutorial explains what you need to know about brokerage accounts.

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