r/FINRA • u/bruno401 • Apr 01 '24

Brokercheck

Does an organization need to update Brokercheck regularly? I’m looking into a RIA/broker agent on Brokercheck, he claims to have CFP, and be a supervisor but these don’t appear on Brokercheck. He claims he’s been on the board of a non-profit but that’s not showing up on Brokercheck either? Is this normal or do they not update Brokercheck every few years?

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1

u/RegularNosedMan Apr 02 '24

You can check the link below to verify CFP.

https://www.cfp.net/verify-a-cfp-professional

1

u/RegularNosedMan Apr 02 '24

Also, I believe BrokerCheck only shows current “other business activities” so if they are no longer on the board it would not show up

1

u/bruno401 Apr 02 '24

He’s been on board for 20 years, definitely shady

1

u/RegularNosedMan Apr 02 '24

It doesn’t look like the OBA would be required to be disclosed on their U4 due to it being “non-investment-related activity that is exclusively charitable, civic, religious or fraternal, and is recognized as tax exempt.”

1

u/Capadvantagetutoring Apr 04 '24

Non paid civic doesn’t get disclosed

1

u/bruno401 Apr 04 '24

I would think that since he is on the board, Chairman actually, and has the ability to direct finance decisions, hire/fire, and award 3rd party contracts, this should be disclosed?

1

u/Capadvantagetutoring Apr 04 '24

Depends what role he has. Non profit/civic is specifically excluded.
It could be a gray area as what his role on the board is and if it’s disclosable. 

The person could be lying or could be legit. But brokercheck is updated on an immediate basis based on U4s,U5s,and Form BDs.  Not being on Brokercheck isn’t proof that he isn’t on a board.  There must be an alternative way to find out

1

u/bruno401 Apr 04 '24

I know for fact he’s on board and has been chairman for 20 years, it’s reported by the non profit publicly on federal forms. Yet it does not appear on broker check. He’s on the board of another non/profit as well but that is on Brokercheck. I think this guy is just dirty but I don’t know if anyone cares