Starting in 2016 with our paper analyzing BrokerCheck data we downloaded in bulk, 10 academic working papers and 1 news report by Reuters have analyzed BrokerCheck data. Until now, this data has remained difficult for researchers and investor advocates to usefully access.
We consolidate the SEC's Investment Adviser data and FINRA's BrokerCheck data into simple reports covering all available public disclosures involving brokers and investment advisers for industrial researchers and members of academia to download. We provide the raw public disclosures as they appear on SEC and FINRA websites.
Potomac Data Analytics, LLC is not associated with SEC or FINRA.
Disclosure Report From 5/1/2024 to 5/8/2024 Download
April 2024 Disclosure Report Download
2024 Q1 Disclosure Report Download
2023 Disclosure Report Download
2022 Disclosure Report Download
2021 Disclosure Report Download
2020 Disclosure Report Download
2019 Disclosure Report Download
2018 Disclosure Report Download
2017 Disclosure Report Download
2016 Disclosure Report Download
2011 to 2015 Disclosure Report Download
2006 to 2010 Disclosure Report Download
2001 to 2005 Disclosure Report Download
pre 2000 Disclosure Report Download
Broker Disclosure Literature
Benjamin Lesser and Elizabeth Dilts. "How Reuters analyzed the data FINRA doesn't want you to see" Reuters, June 12, 2017
Craig McCann, Chuan Qin, and Mike Yan. Apr 2016. "How Widespread and Predictable is Stock Broker Misconduct?" Journal of Investing, Summer 2017, Vol. 26, Issue 2, pp. 6-25.
Craig McCann, Chuan Qin and Mike Yan. Aug 2017. "Rating Brokerage Firms by Their Complaint Histories Rather Than by Their Brokers' Histories"
Egan, Mark, Gregor Matvos, and Amit Seru. 2019. “The Market for Financial Adviser Misconduct.” Journal of Political Economy 127 (1): 233-95.
Charoenwong, Ben, Alan Kwan, and Tarik Umar. 2019. “Does Regulatory Jurisdiction Affect the Quality of Investment-Adviser Regulation?” American Economic Review 109 (10): 3681-3712.
Law, Kelvin KF, and Luo Zuo. 2021. "How does the economy shape the financial advisory profession?." Management Science 67 (4): 2466-2482.
Honigsberg, Colleen, and Matthew Jacob. 2021. “Deleting Misconduct: The Expungement of BrokerCheck Records.” Journal of Financial Economics 139 (3): 800-831.
Gelman, Michael, Zaheer Khan, Amir Shoham, and Shlomo Y. Tarba. 2021. "Does local competition and firm market power affect investment adviser misconduct?." Journal of Corporate Finance 66: 101810.
Dimmock, Stephen G., William C. Gerken, and Tyson Van Alfen. 2021. "Real estate shocks and financial advisor misconduct." The Journal of Finance 76 (6): 3309-3346.
Egan, Mark, Shan Ge, and Johnny Tang. 2022. “Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities.” The Review of Financial Studies 35 (12): 5334-86.
Egan, Mark, Gregor Matvos, and Amit Seru. 2022. "When Harry fired Sally: The double standard in punishing misconduct." Journal of Political Economy 130 (5): 1184-1248.