FINRA BrokerCheck & SEC IAPD: The Athlete’s Guide to Advisor Verification

Landing a big NIL deal is exciting — but choosing the wrong financial advisor can turn that excitement into regret. Before you trust someone with your money, you need to verify their background, licenses, and track record.

Two of the most important free tools for this are FINRA BrokerCheck and the SEC Investment Adviser Public Disclosure (IAPD) database. These official resources let you see if an advisor is registered, what licenses they hold, their employment history, and whether they’ve had any disciplinary issues.

This guide will walk you through exactly how to use them, with direct links and step-by-step instructions so you can make an informed decision.

1. When to Use BrokerCheck vs. IAPD

  • FINRA BrokerCheck is best for checking financial professionals who sell investments like stocks, bonds, mutual funds, or variable insurance products.

  • SEC IAPD is best for checking investment advisors and firms that provide ongoing portfolio management or financial planning services for a fee.

Many advisors appear in both systems because they’re “dual-registered.” That’s why it’s smart to check both every time.

2. How to Use FINRA BrokerCheck

Direct Link: https://brokercheck.finra.org

Step-by-Step:

  1. Go to the BrokerCheck homepage.

  2. In the search bar, type the advisor’s full name (or their firm’s name).

  3. Click their name in the search results to open their profile.

  4. Review:

    • Current Licenses (Series 6, 7, 63, 65, etc.)

    • Employment History (past and current firms)

    • Disclosures (complaints, disciplinary actions, bankruptcies)

  5. Download a PDF report for your records.

Tip: Pay special attention to the “Disclosures” section — even one serious complaint can be a red flag.

3. How to Use the SEC IAPD Database

Direct Link: https://adviserinfo.sec.gov

Step-by-Step:

  1. Visit the IAPD search page.

  2. Enter the advisor’s name or firm name into the search box.

  3. Select the correct match from the results.

  4. Review:

    • Registration Status (Active, Pending, Withdrawn)

    • Business Practices (services offered, fee structures)

    • Disciplinary History (customer disputes, regulatory actions)

    • Firm’s ADV Brochure — this explains their services, fees, and conflicts of interest in plain language.

  5. Download or print the full report for your records.

Tip: Look at both the individual advisor’s page and their firm’s page for a complete picture.

4. Red Flags to Watch For

  • Multiple customer complaints or lawsuits

  • Large settlement amounts paid to clients

  • Frequent job changes with short stints at multiple firms

  • Regulatory fines or suspensions

  • “Terminated for cause” in employment history

5. Why This Matters for NIL Athletes

When you start earning NIL income, you become a target for people who want a piece of your money. By running every potential advisor through BrokerCheck and IAPD, you protect yourself from bad actors and ensure you’re working with a professional who’s licensed, transparent, and accountable.

The Bottom Line

Never skip this step. Verifying a financial advisor’s record through FINRA BrokerCheck and SEC IAPD takes just a few minutes but can save you years of stress. Combine these checks with interviews, references, and a clear understanding of fees before you sign on with anyone.

Need more guidance? The NIL Financial Advisor Directory connects athletes with trusted professionals who understand the unique challenges of NIL income — so you can focus on winning on and off the field.