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Chapter 22. Getting Help > Where to Find a Planner - Pg. 231

Getting Help · · · · · How often do you send out portfolio reports? What are your research methods and sources? May I call if I have a question? Will you handle my work directly or will someone else? May I meet them? 231 Regulatory Compliance If an individual or a firm holds itself out as providing investment advice and if it is managing assets greater than $25 million, it is required to register with the Securities and Exchange Commission in Washington. Individuals may be covered under blanket registration of the firms they work for. If planners manage less than $25 million in assets, they must be registered with the appropriate state regulatory body. Ask for copies of the forms (ADV part II) they file with the respective regulatory bodies. These forms list their education and experience. The SEC regulates planners in four states, Colorado, Iowa, Ohio, and Wyoming, no matter what the size of their practice is. None of those four states have regulations regarding planners. Who's Minding the Store? There are various ways you can check out your planner. If he has bragged about an MBA from Harvard, check it out. Call Harvard. A diploma on the wall means absolutely nothing. Computers can create anything. Check the referrals these planners give you. If they claim to be registered with the SEC, call the SEC. These agencies are there to protect the financial consumer. Following is a