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This answer was rated:

How can one check on the reliability of a financial brokerage

firm?...
How can one check on the reliability of a financial brokerage firm?
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Answered in 3 minutes by:
1/2/2013
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 13,265
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi, this is the SRO, FINRA, that keeps all data on brokerage firms.

Here's their "Broker Check" web-site.

http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/



Hope this helps,

Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 13,265
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Finance Specialists are ready to help you
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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4,546
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Verified
Dear Friend,

I have got something more to add from what the above expert had suggested. Apart from what he has already suggested, there are also some more points that should be looked into which directly addresses the reliability of your broker.

Reliability --- It is one of the most important aspects of any broker. You need to check the reliability of the broker. The reliability of the broker can be checked and gauged by various checks and balances. Before signing on the dotted line with any broker, you must check his track records in servicing the existing clients as well as the timely payments of the extra funds lying with the broker. Timely services and timely payment record can tell the seriousness and approach regarding the business.

Also, It is imperative for you to check the products offering the broker before signing to the broker. The broker should at least have online and off line stock trading, online IPO and online mutual funds services. If the broker has other financial services such as insurance, portfolio services and bonds etc. these are beneficial.

You also need to see if the broker has efficient online trading platform and ALSO offline platform that serves as a backup.

I hope this helps...

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Warm Regards,
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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 13,265
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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