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Financial
Planner
Background Check
Stock Broker Background Check |
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According
to a Boston-based research firm, few
years ago only about 25,000 people called themselves financial
planners. Today the number of people calling themselves
financial planners is more than 650,000. These days it is easy
for anyone to call themselves a financial planner. Sales people
employed by banks are called "personal financial
consultants", brokers are "financial planners"; insurance
salesmen are "financial advisers. According to the Consumer
Federation of America's director of investor protection, Barbara
Roper, the majority of people who market
themselves as financial advisers are salespeople,.
How can you make sure you
are hiring a qualified professional? You can start by thoroughly
checking a Financial Planner or Stock Broker's background. |
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Abika.com helps you with background checks on Financial Advisors
and Stock Brokers. Information provided generally search: If the broker or advisor is properly licensed in
your State. If they had any run-ins with regulators or
received serious complaints from investors. Their educational background and where they've
worked before their current job. Is the Firm that the Broker or Advisor works for
member of SIPC? Any Complaints, Rumors, Awards,
Liens, Judgements and Bankruptcies Check, 20
Year Address History,
Statewide Criminal History Check |
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*Optional Success history of the
Financial Advisor and/or Broker.
Success history includes the percentage of clients who have lost
money during any full calendar year. |
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Why should you Checkup a Financial Advisor and/or Stock
Broker? |
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Financial
planners help you plan for your financial goals and retirement.
They help you plan and advise you in areas such as investments,
stocks, bonds, insurance, taxes, wills, trusts, and mortgages.
One should select a Financial planner based on the assumption
that financial planning is a life long activity. Check to see if
they are certified by CFP Board. The Certified Financial Planner
(CFP) and certification marks are financial planning credentials
awarded by the Certified Financial Planner Board of Standards
Inc. to individuals who meet education, examination, experience
and ethics requirements. Certificants are required to adhere to
the CFP Board Code of Ethics and Professional Responsibility and
to the Financial Planning Practice Standards. The CFP Board has
the right to enforce them through its Disciplinary Rules and
Procedures. Stock
brokers help you buy and sell stock and other securities. If
you do business with an unlicensed securities broker or a firm
that disappears or goes out of
business, you may encounter losses and even if a court or an
arbitrator rules in your favor there could be no way for you to
recover your money.
Federal or state securities laws require brokers, advisers, and
their firms to be licensed or registered, and to make important
information public. But it is up to you to search that information
and use it to protect your investment dollars. This information
is searchable, and an exhaustive search may save you from sending your
hard earned money to a
bad broker, con artist or disreputable firm. Before investing,
make sure that your brokers, investment
advisers, and investment adviser representatives are licensed to
sell securities. It is always a good policy to check if they or their firms
have had any type of run-ins with regulators or other investors. |
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How do I choose a
Financial Planner or Stock Broker?
You should choose a financial planner
or stock broker in
the same way that you would choose a doctor, dentist, accountant or
anyone who provides services. In many ways the process is similar to how you
would choose any product. It is always a good policy to comparison shop and
check the experience and credentials of different financial
planners or stock brokers. It also helps to get recommendations from other clients of
the financial planner or stock broker, your boss, co-workers, friends and
family. Ask the financial planner or stock broker as to why you should retain
them? Choose a financial planner who specializes in your
financial situation and who can understand your needs and
requirements. One way to judge the competence of a financial
planner is by the amount of time he / she has devoted to keeping
up with changes in the market, investment environment and financial regulations.
Reviewing the past performance does help but it is not always a
predictor of the future. Remember your financial well being could depend on the
competency of your financial planner. |
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Contact us for quotes on Optional Services. |
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