Earlier this week Financial Planning reported on a request for comment FINRA sent around, seeking input regarding some changes it is weighing with respect to BrokerCheck. FINRA is considering including the reason for a broker’s termination as well as scores on industry qualification exams, and also asked for input on whether or not it should provide BrokerCheck information to for-profit companies. The proposed changes prompted a swift and strong response from readers, as can be seen in the discussion board excerpts below. To join the discussion, click here. The original FINRA notice can be found here.


This is going too far. When most financial advisors are good, honest people trying to do the right thing, the industry treats them like second-class citizens. If a financial advisor has gone through all the hoops in good order, why make it more burdensome? The new rules and regulations are very heavy and should be eased. If the regulators did their job, more rules and restrictions would be unnecessary. I can see why so few young aspire to this profession or stick with it over time. The good people are being drummed out as regulators say "jump higher, now higher." Too bad.


Reminds me of the joke: "What do they call the medical student who graduated last in his class?" Answer: "Doctor."

The score on a test is mostly irrelevant to the ability or honesty of a broker.


Having worked in this industry for over 15 years, I consider the NASD and now FINRA to be puppets of wirehouses, and the record speaks for itself.

The conflicts of interest have prevented FINRA from being effective, and Wall Street firms have circumvented the system regularly, and then lobbied to blame reps, rather than face the facts that they, themselves, committed acts that if an individual were to commit would bar the individual from the industry. Of the two large investment banks remaining, securities laws would ban them from our industry if it weren't for undisclosed settlements and a blind-eye treatment from FINRA and the SEC.

It ought to be challenged - we who work hard every day are getting tired of our efforts being trampled by large, politically connected powerhouses that violate laws regularly with no consequence.


They are going to make it available to for-profit companies?? You must be kidding. I don't think my information should be available to a for profit company. You are asking for abuse and unfairness. They should spend an equal amount of effort supporting the advisors who work hard and provide good honest advice. I passed my series 7 with a score of 72 and I have more knowledge, experience and ethics than many [credentialed advisors] that I have worked with. A test score or credentials barely scratch the surface. I think the Regulatory Industry is doing enough in this area and should spend more effort explaining how a guy like Madoff can get away with billions even after being audited. 

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