Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Brightscope Publishes Financial Adviser Disciplinary Actions on New Website

BrightScope, a financial information company dedicated to bringing "transparency to opaque markets," launched a new website this week that features a searchable database of registered investment advisers designed to help investors find a competent, legitimate adviser and avoid investment fraud ("BrightScope Aims to Beat SEC, Finra Showing Adviser Disciplinary Actions," Bloomberg News, Apr 26, 2011).

The website, which is free to investors and currently features approximately 450,000 listings according to Bloomberg, includes information on: license status, regulatory actions, number of customer disputes, experience and employment history, professional designations, examination dates, total assets under management, average account size, and primary clients served. Search options allow investors to search for a particular person or to browse advisers/brokers by state, current employer, average account balance, total assets, or client type.

According to the article, Mike Alfred, BrightScope's co-founder and CEO, said the company plans to expand the website over the coming months. Plans include new listings for insurance brokers, adviser and broker performance histories, and searchable fee schedules. BrightScope also plans to "red flag" advisers and brokers who have disclosed conflicts of interest or who maintain personal control of client assets rather than using a third-party custodian, both of which could serve as warning signs for fraudulent activity.

The performance history reports and the listing of fee schedules mean investors should be able to use the website not only to check for disciplinary actions and customer disputes but also to determine whether an adviser or broker is competent and reasonably priced. According to industry professionals, this information - which is often hard to come by - could be extremely valuable to investors.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram