Recently, the financial media recently has been focusing more attention on the online tools clients can use to conduct background checks on financial professionals.
The catalyst was a November 8 confessional in the New York Times by financial advisor Carl Richards of Park City, Utah, describing his own bankruptcy.
Bloomberg columnist Susan Antilla followed with a report describing the online tools consumers can use to do quick background checks on advisors:
This is a good time to review your own FINRA Broker Check and Investment Adviser Public Disclosure (IAPD) reports for accuracy. If you have past liens or bankruptcies reported by Broker Check or IAPD, you can include explanatory comments to clarify. It’s not a bad idea to volunteer copies of these reports to clients and prospects, and walk them through the information personally, to make sure they know the whole story about you.