Check Before You Invest
While the vast majority of the stockbrokers, brokerage firms, investment adviser representatives and investment adviser firms are honest and reputable, it pays to remember that just like many other professions, there are those individuals and firms who are not.
State and federal laws require investment professionals to be licensed and registered. Contacting the North Dakota Securities Department should be the first call for an investor before you turn over any money to a broker or investment adviser. You can access extensive employment, disciplinary, and registration information about your stockbroker or investment adviser.
To Check a Financial Professional’s Background and Registration:
- Have the first and last name ready.
Additional details are helpful but not required:
- Name of firm/office the professional operates or works for.
Step 2: Contact the North Dakota Securities Department:
- Indicate you want to request a background check and provide the information from step 1 at 701-328-2910 or toll free in North Dakota at 1-800-297-5124
IMPORTANT TO NOTE:
- THIS SERVICE IS FREE OF CHARGE.
- You can request a background check for each financial professional and/or firm you are considering.
- You can do this at anytime. This is not a one-time service.
- This service is provided to you confidentially. No one is made aware of your request NOR will your request be released to anyone.
- IMPORTANT: Even if an individual or firm was highly recommended to you by a relative or friend, you still need to conduct a background check.
On the Web
Information on brokers is available from the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck website.