So many stockbrokers. So little help in figuring out which one is right for you.

Wouldn’t it be nice if you could determine in advance whether the stockbroker you’ve chosen is the right one for you?

Good news: You can.

Well, you may not be able to tell everything about a stockbroker before you invest, but you can at least figure out if the broker’s been suspended for fraud violations or the firm has had numerous customer complaints.

The Financial Industry Regulatory Authority (FINRA) has a free online tool that lets you check out everything from what licenses your stockbroker holds to whether or not the brokerage firm has had disciplinary actions against it.

Called BrokerCheck, the online tool lets you search by both individual stockbroker and brokerage firm, simply input a name, and within a few seconds, you’ll get back a report that details the broker’s 10-year employment history, where the broker is licensed to do business, what licenses the broker holds, whether or not the broker has had disciplinary action against him, bankruptcies, lawsuits and more.

For brokerage houses, you can also find out if the firm is affiliated with any kind of bank or financial institution and which regulatory organizations the firm is registered with.

How often does a report come back with bad news?

“Only about one in 10 brokers has had any kind of disclosure event,” says Herb Perone, spokesperson for FINRA, which regulates more than 5,000 securities firms; more than 660,000 individual stockbrokers. “And not every disclosure event is something that would be a serious matter. But you can find out in a few seconds who you’re dealing with.”

Red Flags to Look For

What are the red flags?

According to Perone, a broker who has moved frequently from firm to firm is a red flag. Obviously, if the broker has been suspended or fined for anything related to fraud or misrepresentation, that’s a red flag, too.

A word of caution…

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