Every label on this site comes from public filings. Here is what each one means.
Labels on people
- Adviser only
- Registered as an investment adviser representative and not currently registered as a broker. Their advice to you falls under a fiduciary duty.
- Also a broker
- Registered as an investment adviser representative and holds an active broker registration. They can sell products for commissions in some accounts. Ask which role applies to you.
- Has disclosures
- At least one event is on record: a customer complaint, regulatory action, criminal matter, civil case, firing, investigation, bankruptcy, judgment, or bond payout. Some are minor or were dismissed; some are serious. The SEC's page for the person has the details.
Labels on firms
- No sales ties
- On its Form ADV, the firm reports no broker-dealer business, no related broker-dealer, no staff registered as brokers, no insurance business or related insurance company, no staff licensed as insurance agents, and no commission pay.
- Broker ties
- The firm is a broker-dealer or broker representative, is related to one, or has employees registered as brokers.
- Insurance ties
- The firm is an insurance agency, is related to one, or has employees licensed to sell insurance.
- Commissions
- The firm says commissions are one of the ways it is paid.
- Exempt reporting adviser
- Mostly managers of private funds (hedge funds, venture capital). They file a shorter form and generally do not work with the public. Hidden from firm searches unless you ask for them.
What the data cannot tell you
- Brokers who are not advisers are not listed. This data covers investment advisers only. For brokers, use FINRA BrokerCheck↗.
- Firm labels describe the firm, not each person. A large firm with one broker on staff gets "Broker ties." The firm page shows how many of its people are also brokers.
- Filings are self-reported and updated at least once a year. A change in the middle of the year may not show yet.
- Fees are not listed. Form ADV Part 1 says how a firm charges, not how much. The firm's brochure (Form ADV Part 2) and Form CRS show fee amounts.