How to check out your financial advisor or stockbroker

March 15, 6:38 PMNews You Can Use ExaminerMary Schwager

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The world of investing has been turned upside down between the plummeting stock market, Ponzi schemes and big name broker scandals like Bernie Madoff.  Do you know if your financial advisor has a secret? A bad record with the feds? Has ever faced discipline? It's all public record and free ! You may want to check it out before you invest another dollar in what is already a risky climate.

The US Securities and Exchange Commission (SEC),  Yup, the same agency that's under fire for the Madoff disaster regulates US brokers and their firms. The supposed federal watchdog agency stresses on its website you should make sure your advisor is registered and on the up and up. Click here to access its database.

The Financial Industry Regulatory Authority (FINRA), is the largest non-governmental regulator of all securities firms doing business in the United States. FINRA oversees nearly 5,000 brokerage firms, about 173,000 branch offices and approximately 659,000 registered securities representatives. Financial advisor pals even tell me, every little "ding" on someone's record gets reported here. To check out your broker, go to FINRA BROKER CHECK.

Its website is full of investment tips, scam warnings and information about companies and mutual funds.