Securities and Exchange Commission*
A registered investment advisor must register with the SEC if they have more than $100MM in assets under management (AUM). Those advisors with a lower AUM must register with individual states. Investment advisors who are registered with both the SEC and FINRA typically operate as both advisors and broker-dealers; thus, they can advise on securities and be paid a commission for transacting trades. That said, it is possible for an investment advisor to register solely with the SEC and to be affiliated with a broker-dealer. Registered investment advisors that are not affiliated with a broker-dealer are typically independent. You can view more about how an advisor receives remuneration by accessing Parts 5, 6, and 7 of the firm’s Form ADV I (click on Check Out Advisors and Brokers on the SEC homepage).
FINRA (Financial Industry Regulatory Authority)*
>Broker-dealers and agents of broker-dealers register with FINRA. You can research the background of a broker-dealer representative using BrokerCheck.