February 13, 2013
I support FINRA's proposal in SR-FINRA-2013-002 to expand the information available through BrokerCheck, as well as the method and format that BrokerCheck information is displayed.
Since there are a significant number of older investors who may not be as familiar with technology as younger generations, FINRA will very likely increase the use of BrokerCheck by making it as easy as possible for investors to use BrokerCheck. A simple method of finding the individual broker and/or BD such as a direct links makes great sense. The latest version of BrokerCheck makes it more difficult to find the individual or firm you are looking to investigate. Simplifying the process with a direct link is a wonderful and easily implemented idea.
Surely some registered representatives and brokerage firms would rather their clients did not have a simple and direct way of reviewing their backgound. However, I can think of no reason why FINRA should or could consider such objections as valid. A major responsibility is and should be to disseminate as much information as possible for investors and potential investors making a choice as significant as deciding to whom they will entrust their investment assets. I further think that any registered representative or firm that does object to transparency in investing may well be one FINRA should prevent from participating in the investment markets.
I applaud and encourage FINRA's proposal to expand availability of background information on registered representatives and firms.