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New Online Service Provides Background Information About Investment Adviser Representatives

Wednesday, July 7, 2010

New Online Service Provides Background Information About Investment Adviser Representatives

The Investment Adviser Public Disclosure (IAPD) website will allow District investors to access information electronically about individuals who work for money management, financial planning and other investment advisory firms.

Washington, DC — The DC Department of Insurance, Securities and Banking (DISB) today announced the launch of an enhancement to the Investment Adviser Public Disclosure (IAPD) website, which will allow District investors to access information electronically about individuals who work for money management, financial planning and other investment advisory firms.

DISB Commissioner Gennet Purcell, Esq., hailed the enhancement as an important step in improving investor protection.

“This website will give District of Columbia investors better tools to investigate investment adviser representatives before giving their money to them,” Commissioner Purcell said. “They will be equipped with the most accurate information, which they can use to evaluate who they should hire to help them plan for their financial futures.”  

The enhancement gives investors access to more than 220,000 individual investment professionals nationwide, including background information such as customer complaints, criminal or regulatory disclosures, professional qualifications, and employment history.  Previously, IAPD provided instant electronic access only to registration documents that contained information about registered investment advisory firms.

The information that is now going to be provided on IAPD for both investment advisory firms and individuals comes from documents filed electronically with state securities administrators such as DISB or the Securities and Exchange Commission. The registration documents provide information about each adviser’s business, advisory services and fees; and also disclose any disciplinary problems an adviser or its employees may have had during the last 10 years. DISB is a member of the North American Securities Administrators Association, the oldest international organization devoted to investor protection.

Access to the IAPD website, adviserinfo.sec.gov , is free. District of Columbia investors can receive additional detailed information maintained by DISB on investment adviser firms and investment adviser representatives by contacting DISB at (202) 727-8000 and asking for the Securities Licensing Division .