Where does a client with a problem with an investment adviser go for redress?
Anyone who charges to provide advice on the purchase or sale of securities must register with the Securities and Exchange Commission as an investment adviser. If you have a complaint about an adviser, call the agency’s consumer affairs section at 202-942-7040.
Some states require investment advisers to be licensed as well. To find the appropriate agency in your state, call the North American Securities Administrators Association at 202-737-0900. In Illinois, contact the Securities Department at 217-785-4941.
“The Better Business Bureau also will mediate your dispute with an investment adviser,” said Barbara Berger Opotowsky, president of the Better Business Bureau of Metropolitan New York.
