Got a Problem With Your Broker?
I went to a reunion this weekend and one of my old classmates is a financial advisor. We got to talking and I admit, I was feeling the waters a bit for a consultation. I also was complaining that my parents’ broker has wandered around to about 3 firms in the past 15 years, which I think is sketchy. My classmate thinks that could be sketchy too and advised that I check into his record to see if he’s ever been disciplined by NASD, the National Association of Securities Dealers.
NASD’s disciplinary actions webpage has a monthly report of which firms and brokers were disciplined, fully barred, etc.
This site also has links for arbitration requests as well.
Of course, I’m not saying that my parents’ broker is actually sketchy, but I know my classmate has been with the same firm since we graduated college and in the same period, my parents’ broker has moved at least once.
I just resent that every time he’s moved and taken my parents with him, it’s incurred fees for them that probably weren’t necessary if they had just stayed put and got reassigned to someone else. They aren’t too crazy with their money so I just don’t see the point of eating up their gains with stupid fees just because their broker is unhappy with his firm. That’s his problem, not theirs.
Anyhow, my only other comment is that I actually know a person who went to arbitration against their broker. It turned out the broker was freshly minted, but had a bad history with the insurance industry and had been barred from selling insurance, which is how they turned to securities work. So even if you go check this site, you might want to check a few other trade associations and the Better Business Bureau as well.
Good luck to you!
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