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BrokerCheck Review…. It’s FREE so why not?

Review of BrokerCheck

Unlike many of the other “money saving apps” that we here at TermLife2Go have chosen to review, BrokerCheck isn’t necessarily a “app” that can “save” you money. Instead, BrokerCheck is actually a website www.BrokerCheck.finra.org that can “potentially” prevent you making a HUGE mistake if you choose to invest in the stock market.

Now it’s important…

To understand that we here at TermLife2Go are not stock brokers.  We’re also NOT money managers, financial experts or tax advisors.  All we are is a bunch of life insurance agents who happen to be really good at helping folks qualify for life insurance.

That being said however…

We do talk to a lot of folks about money and understand how for most people, being able to insure the financial security of their loved ones is a huge motivation.

And while we…

Here at TermLife2Go feel that purchasing a life insurance policy is a great way to achieve this goal (Interested in knowing what it would cost, just click here Term Life Insurance Quotes), for some, investing in the stock market is their preferred method.

 But it’s important to…

Understand that with all forms of investing, there will be risks.  You could make money, or you could lose money.  This is why it’s call “investing” not “earning”.  Which is fine, everyone should understand that there will always be risks when choosing to INVEST in the stock market, but what most people don’t think about is, choosing which “PERSON” to help you make your “investments” is also a risk!

And again…

Since we’re not financial experts, we wouldn’t really know how to advise one in being able to determine who is and who isn’t the right PERSON to help you invest your hard-earned money, but that is where the BrokerCheck website fits in.

So instead of…

Just randomly selecting a stockbroker or hitting your friends and family up for a referral, you can now use the BrokerCheck website to get a glimpse at the background of the individual you plan on using to help invest your money.

About the BrokerCheck app?

To put it simply, the BrokerCheck website is a background check for stockbrokers. And since it’s always a prudent idea to know about the individual you plan on using to invest your own personal money, having a source of information one the background of your stockbroker is always a good idea.

And since…

BrokerCheck is a free tool that allows you to gain information about various brokers before you hand over your money, why not give it a shot.  Plus, BrokerCheck is a free tool made by FINRA (Financial Industry BrokerCheck) which is why you know that you can trust the information that it’s going to provide to you.

What will you get with a BrokerCheck Report?

BrokerCheck provides information about brokers registered with FINRA.  It will even give you information of any broker that has been registered within the last ten years. When you check with BrokerCheck on these brokers you will get:

  • Report Summary of the broker’s credentials, qualifications, and employment history,
  • Information about customer disputes (if any),
  • Anything else on the broker’s record (disciplinary, financial, criminal or allegations),

If you are looking for information about a broker that was registered with FINRA more than 10 years ago, you can still get some information:

  • Some of the brokers credentials (may be outdated),
  • Previous registrations, licenses or exams (may be outdated),
  • Employment history,
  • Criminal activity, some customer complaints or fines.

Why is TermLife2Go writing a review of BrokerCheck?

You really only need to hear one horror story from a client who invested all of their retirement funds with the “wrong” broker to realize what a life changing event something like this can mean to an individual and too their family.

And while…

We’ve repeatedly said over and over in this review that we’re not stockbrokers ourselves and this this whole topic is “not in our wheelhouse”, we feel strongly enough about this topic that it just didn’t feel right not to include the Brokercheck website in our money saving app article.  After all, if we can help just one family avoid making a HUGE mistake, it’s worth it.

And that really our…

Only motivation here because we don’t “sell” stocks, and we don’t receive any compensation from BrokerCheck for recommending their website.  Now if you happen to also want to purchase a life insurance policy, that’s great!  Give us a call, but if not, no worries…

Just be sure…

That if you do decide to begin “investing” in the stock market, only invest what you’re comfortable losing and be sure that your advisor has your best interest at heart!

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To empower our customers through knowledge and expertise so our clients secure the best and most appropriate insurance coverage available providing peace of mind to our clients and their loved ones.

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Our licensed professionals have over two decades worth of experience and will help you choose the best life insurance company for the lowest price based on your specific needs and lifestyle. Find out more about us here.