Investment Professionals Tools

Professional Verification Checklist

Verify the registration, licenses, and disciplinary history of any financial adviser, broker, or planner using official government and regulatory databases before you hire or invest.

Before hiring any financial professional, verify their registration status across official government databases. The SEC IAPD, FINRA BrokerCheck, and NFA BASIC cover most advisers and brokers in the United States. These searches are free, public, and take only a few minutes each.

By Swoopr Editorial Team Published September 6, 2026 AI tools may assist with research organization and initial drafting. Swoopr Investment is responsible for all published content.

Verification Steps

Work through each step for the professional you are evaluating. Check the box when you have completed each database search. Your progress is saved in your browser and is not sent to Swoopr.

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Note: This checklist provides links to official sources. Swoopr Investment does not verify financial professionals directly and is not affiliated with any regulatory database. Always use the official government or regulatory website to conduct your search.

Why Verifying Credentials Matters

Financial fraud frequently involves unregistered individuals posing as legitimate advisers. According to the SEC, working with an unregistered investment adviser removes investor protections that come with registration, including requirements to disclose conflicts of interest, maintain client assets with qualified custodians, and meet recordkeeping standards.

Even registered professionals may have disciplinary histories worth knowing about before you hire them. FINRA BrokerCheck and the SEC IAPD both include disciplinary history going back at least 10 years for brokers and indefinitely for certain regulatory actions. A quick search can reveal customer complaints, arbitrations, regulatory sanctions, and employment terminations for cause.

Designation fraud is also common. Anyone can claim to be a CFP, CFA, or CPA without having earned the credential. The credentialing organizations maintain public lookup tools that confirm whether the designation is currently active and whether any disciplinary action has been taken by the credentialing body.

Understanding Registration Thresholds

Not every financial professional registers with the SEC. The registration level depends on the type of advice given and the amount of assets managed:

SEC registration. Investment advisers with $100 million or more in regulatory assets under management generally register with the SEC. Above $110 million they are required to register federally rather than at the state level.
State registration. Advisers below the SEC threshold register with the securities regulator in their home state and in each state where they have more than five clients. NASAA links to each state regulator's search tool.
FINRA registration. Any individual who buys or sells securities on behalf of customers must be registered with FINRA as a registered representative. This covers brokers, whether at full-service, discount, or online brokerage firms.
NFA registration. Commodity trading advisers, commodity pool operators, introducing brokers, and their associated persons register with the NFA (National Futures Association) if they deal in futures, options on futures, forex, or swaps.

Professional Verification FAQs

How do I verify if a financial adviser is registered?

Search the SEC Investment Adviser Public Disclosure database (IAPD) at adviserinfo.sec.gov for investment advisers registered with the SEC. For advisers managing under $100 million, check your state securities regulator through NASAA. For brokers and broker-dealers, search FINRA BrokerCheck at brokercheck.finra.org. Both searches are free and public.

What is FINRA BrokerCheck and what does it show?

FINRA BrokerCheck is a free public database that provides background information on brokers (registered representatives) and brokerage firms. It shows current registration status, licenses held (such as Series 6, 7, 63, 65, or 66), employment history, customer complaints and their outcomes, arbitration decisions, and regulatory actions or sanctions. FINRA is required by law to make this information publicly available.

What is the difference between an investment adviser and a broker?

An investment adviser provides ongoing advice about securities for a fee and is generally held to a fiduciary standard, meaning they must act in the client's best interest. A broker-dealer executes trades and earns commissions; under Regulation Best Interest they must recommend products that are in the client's best interest at the point of sale, but are not held to the same ongoing fiduciary duty as a registered investment adviser. Some professionals hold both registrations. The SEC IAPD covers investment advisers; FINRA BrokerCheck covers broker-dealers.

Why should I verify professional designations separately?

Financial designations such as CFP (Certified Financial Planner), CFA (Chartered Financial Analyst), and CPA (Certified Public Accountant) are granted by separate credentialing organizations, not government regulators. Government registration databases do not confirm whether a claimed designation is current or in good standing. A professional can lose a designation for disciplinary reasons while remaining registered with the SEC or FINRA. Verifying directly with the credentialing body (CFP Board, CFA Institute, your state's Board of Accountancy) is the only way to confirm the credential is real and active.

Do I need to check all six steps for every financial professional?

Not every step applies to every professional. Steps 1 and 2 (SEC IAPD and FINRA BrokerCheck) apply to most investment advisers and brokers. Step 3 (NFA BASIC) only matters if the professional advises on futures, commodities, or derivatives. Step 4 (state registration) applies mainly to advisers with under $100 million under management who register at the state level rather than with the SEC. Step 5 (insurance license) only applies if the professional sells insurance products like annuities or life insurance. Step 6 (designations) applies whenever the professional claims a credential such as CFP, CFA, or CPA.

References

SEC: Check Out Your Investment Professional: SEC investor guidance on using FINRA BrokerCheck and the IAPD to research brokers and advisers.
FINRA: Check Out Your Investment Professional: FINRA guidance on researching broker background information before investing.
CFP Board: Verify a CFP Professional: Official CFP Board lookup to confirm a Certified Financial Planner credential is current and in good standing.

This checklist links to official regulatory databases. Swoopr Investment does not independently verify financial professionals and makes no representation about any individual's fitness to provide financial advice.