If you have any problems with an adviser or suspicions about his or her recommendations, you can contact the Securities and Exchange Commission’s office of investor assistance at 800-732-0330 to ask questions or file a complaint. You can also file a formal complaint online with the SEC. The SEC sends the complaint with a letter to the adviser, who is required to respond to the investor and the SEC in writing. A trade may be reversed, or there may be a settlement offer, or the complaint could go to arbitration or mediation. If the SEC sees multiple complaints about one adviser or firm, it may pass the information along to investigators, who in turn could take enforcement action.
You can file a complaint against a CFP through the CFP Board. For problems with insurance agents, contact the state insurance department (find links at www.naic.org).
If you have a problem with your broker, Finra recommends first talking with your broker or the broker’s manager, then contacting the compliance officer at the brokerage firm, says Gerri Walsh, senior vice president of investor education for Finra. If that doesn’t work, then file a complaint with Finra at www.finra.org/investors.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Your rights and protections will get even stronger in the next two years. The Department of Labor’s new fiduciary rule is designed to ensure that anyone getting paid to provide investment advice for your retirement account must put your best interests ahead of his or her own; the rule will especially affect advisers who charge commissions rather than transparent fees. Its main provisions, including imposing a fiduciary status on advice providers, take effect on April 10, 2017. The extra requirements for financial professionals who accept commissions don't fully kick in until January 1, 2018. Regulators and financial-services firms are still figuring out the details, but insurers and brokerage firms are already changing the structure of some of their products to move away from up-front commissions.
-
AI Stocks Lead Nasdaq's 398-Point Nosedive: Stock Market TodayThe major stock market indexes do not yet reflect the bullish tendencies of sector rotation and broadening participation.
-
Top Tech Gifts to Grab at Walmart Before ChristmasBig savings on Apple, Bose, HP, Vizio and more while there's still time to shop.
-
AI Appliances Aren’t Exciting Buyers…YetThe Kiplinger Letter Artificial intelligence is being embedded into all sorts of appliances. Now sellers need to get customers to care about AI-powered laundry.
-
3 Major Changes Investors Must Prepare for in 2026A possible stock market bubble. Trump accounts. Tokenized stocks. These are just three developments investors need to be aware of in the coming months.
-
Government Shutdown Puts IPO Resurgence at RiskThe IPO market has been sizzling in recent months, but the government shutdown threatens to put a short-term halt to public offerings. Here's why.
-
Mutual Funds Are About to Get the ETF Treatment. Here's What It Means for InvestorsThe SEC is expected to decide soon whether mutual funds from dozens of providers can be offered as ETF share classes.
-
SEC Cracks Down on Misleading Fund Names: The Kiplinger LetterThe Kiplinger Letter The SEC rules aim to crack down on so-called “greenwashing” — misleading or deceptive claims by funds that use ESG factors.
-
Best Banks for High-Net-Worth Clientswealth management These banks welcome customers who keep high balances in deposit and investment accounts, showering them with fee breaks and access to financial-planning services.
-
For a Concentrated Stock Position, Ask Your Adviser ThisThere can be advantages to having a lot of stock in one company, but ‘de-risking’ can help avoid some significant disadvantages.
-
Three Financial Tips for Women’s History MonthWomen still face unique economic and social challenges today, so here are some key things to consider that can lead to a more secure financial future.
-
Worried About Checking Your Portfolio? Don't Be: Things Are Looking UpThough the markets are still fluctuating, this expert sees an encouraging upward trend and is giving himself permission to check his investments.
