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When you trust someone with your investments, you are taking a big step.
You are believing that this person or company has the right experience
and background to handle your investment portfolio. But what do you really
know about your investment adviser?
First, let's define an investment adviser. The U.S. Securities and
Exchange Commission (SEC) defines them as "an individual or a firm
that is in the business of giving advice about securities to clients."
The SEC gives the example of an individual or firm that receives "compensation
for giving advice on investing in stocks, bonds, mutual funds, or exchange
Below are some things you need to know about your investment adviser:
How is your investment adviser paid?
It is important that you understand how the adviser is compensated. For
example, is he or she paid a percentage of the assets that are managed
or will you be charged a fixed fee?
Is your investment adviser registered with the SEC?
Not every investment adviser has to register with the SEC. However, if
he or she manages at least $25 million in client assets, the registration
requirement will apply.
Have there been previous problems with regulators or clients?
When you entrust your money with someone, you need to be aware of any
past problems with clients or regulators. You can check out this information
by obtaining copies of the Form ADV, which is filed with the SEC or state
securities agency. You can also use
FINRA's BrokerCheck to look into the background of the investment adviser.
Does your investment adviser have the right experience to manage your portfolio?
This question is one that you should have answered before investing your
money. You want to ensure that your investment adviser has the experience
in helping clients who have similar situations to your own.
By doing your research, you can reduce your chances of becoming a victim of
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Investment Misconduct Blog
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Ethan De Naray, currently a registered broker with Feltl & Company, was terminated from his position with Merrill Lynch in May of 2017 after allegedly using discretion in ...
A new bill called the Compensation for Cheated Investors Act would require FINRA to pay investment losses back to investors from a pool of funds. Unpaid arbitration awards ...