Financial Planner Background Check

A how-to guide to reviewing a financial planner's credentials, with over 15 links to FINRA and SEC records, Michigan and Florida licensing, court and business records and questions you should ask before hiring a financial planner.

Unfortunately fraud is becoming an increasing problem, particularly with financial planners, due to the lack of supervision within the industry. Therefore, we encourage everyone thinking about investing with a financial professional to review their background and verify credentials before investing. The following tips and tools are a great place to start your investigation. It is important to remember that this is only a guide that will direct you to tools that may or may not report potential issues with financial professionals.

Financial Planning is an Unregulated Industry, so
Proceed With Caution When Selecting a Financial Planner

Unlike accountants, investment advisors and stock brokers, financial planners are not regulated by the state, SEC or FINRA. They are not licensed, require no level of training or education and are not monitored to ensure the quality of their services. Due to the lack of supervision over the financial planning industry, many fraudsters are acting under the title "financial planner". Therefore, you should always verify your financial planner's credentials and be extra diligent when checking his or her background.

Are they a Certified Financial Planner?

While it's not required by the state, hiring a financial planner with certification can provide extra comfort. The Certified Financial Planners Board of Standards Inc. ensures its members uphold a standard of excellence, including competency and ethics in financial planning. Certified Financial Planners are required to have a bachelor's degree, complete additional courses in financial planning and undergo an exam to ensure their competency. Certified Financial Planner Search™

Check a Financial Professional's License

Michigan and Florida do not require financial planners to be licensed. However, the SEC generally requires investment advisors who manage $25 million or more in client assets to register. Advisors who manage less than $25 million generally must register with the state securities agency in the state where they have their principal place of business. The following links are to agencies that usually report concerns and disciplinary action against advisors and brokers.

FINRA BrokerCheck
SEC Investment Advisor Search

Michigan License Search Tools

Insurance License Search
Investment Advisor Registration Search
Mortgage & Consumer Finance License Search

Florida License Search Tools

Investment Advisor & Broker License
Insurance License
Other Types of License

Check Court Records for Pending Issues or Issues Not Reported on License

It may also be beneficial to check local court records for possible issues that may not have yet been reported to the licensing agencies. Below is a short list of local courts that have free online access to court records.

Michigan - Local Courts

Oakland County
Macomb County
Livingston County

Florida - Local Courts

Sarasota County
Manatee County
Hillsborough County

Check the Business with the State

Michigan Business Entity Search

Florida Business Entity Search

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