Top 10 Best Financial Advisors in Marin County, California (Updated 2026)

Who regulates financial advisors in California

No agency issues a financial advisor license. FINRA says financial advisor, financial consultant, financial planner and wealth manager are generic terms or job titles that might be used by people who do not hold any specific credential or license. The regulator depends on the kind of firm.

The SEC's investor site explains that the split between state and federal registration depends on the size of the adviser. It describes a large adviser as one with more than $100 million of regulatory assets under management, and says small and mid-sized advisers are generally registered with one or more state securities authorities.

DFPI licenses and regulates four groups under the Corporate Securities Law of 1968: broker-dealers, broker-dealer agents, investment advisers and investment adviser representatives.

The Census Bureau's American Community Survey, table B19001, shows more than one in three Marin County households has an income of $200,000 or more.

Investment adviser or broker: the standard each one owes you

The SEC describes an investment adviser as a firm or person that, for compensation, is in the business of giving advice about investing in securities. It describes a broker as a firm or individual in the business of buying and selling securities on behalf of customers. A firm can be registered as both, and the SEC calls such firms dual registrants.

The SEC states a separate standard for each. An investment adviser owes a fiduciary duty to its clients under the Advisers Act. Under Regulation Best Interest, a broker-dealer must act in the best interest of a retail customer when making a recommendation of a securities transaction or investment strategy, and may not put its financial interests ahead of the customer's.

How to check a financial advisor's registration

The SEC says the most important question before hiring an investment professional is whether the person is registered with the SEC or with a state securities regulator. Two public databases answer it.

1. Ask for the name of the individual and the name of the firm. The SEC says to always check out both.
2. Search the SEC's Investment Adviser Public Disclosure site. A firm record shows registration status and the current Form ADV. A representative's record shows registration history, exams, licenses and disclosures.
3. Search FINRA BrokerCheck for brokers. The SEC says it is free and shows where a broker works, 10 years of employment history, licenses held and exams passed. It also shows regulatory actions, customer complaints, arbitrations and terminations that followed allegations of misconduct.
4. Look for the words Disclosure Reported when you find the name. That label means the person or firm has disciplinary history.

Form CRS and the Form ADV brochure

Registered broker-dealers and registered investment advisers must give retail investors a relationship summary, also called Form CRS. The SEC requires delivery at the beginning of the relationship. The summary covers the types of services the firm offers, the fees and costs you will pay, conflicts of interest, the required standard of conduct, and whether the firm and its professionals have reportable legal or disciplinary history.

Investment advisers register on Form ADV. Part 2 of the form is a narrative brochure in plain English that discloses the adviser's business practices, fees, conflicts of interest and disciplinary information. The SEC calls it the primary disclosure document for investment advisers and says it must be delivered to advisory clients. Both parts are public on the Investment Adviser Public Disclosure site.

Designations, CPAs and insurance licenses

Letters after a name are not licenses. The SEC describes professional designations as titles given by industry groups that are not themselves regulated or subject to standards other than their own. FINRA keeps a professional designations database that lists what training each one requires, whether the issuing organization takes complaints, and how to confirm who holds it. FINRA states that it does not approve or endorse any professional credential or designation.

The Certified Financial Planner (CFP) designation is in that database, with the CFP Board of Standards listed as the issuer.

Some related work does require a state license. A California life insurance license covers insurance on human lives, including endowment and annuity benefits, and it is a license class of the Department of Insurance. Those licensees are listed under insurance agents. Only a person licensed by the California Board of Accountancy may use the CPA title, and the directory lists them under accountants and CPAs.

How to file a complaint about a financial advisor

The SEC takes complaints about investments, accounts and financial professionals through its online investor complaint form, and answers questions at 1-800-732-0330. FINRA investigates complaints against brokerage firms and their employees. It asks investors to contact the firm first.

In California, DFPI accepts complaints about investment advisers and securities broker-dealers through its complaint page and helps with the form at 1-866-275-2677. The professional services section of the directory also lists attorneys.

Who regulates financial advisors in California?

It depends on the kind of firm. Investment advisers register with the Securities and Exchange Commission or with a state securities regulator, which in California is the Department of Financial Protection and Innovation. Brokers generally must register with the SEC and become members of FINRA. Annuity sales come under the life license, a California Department of Insurance license class.

Does a financial advisor need a license in California?

There is no license called financial advisor. FINRA says financial advisor, financial planner and wealth manager are generic terms or job titles that might be used by people who hold no specific credential or license. The licenses that exist in California cover investment advisers, investment adviser representatives, broker-dealers and broker-dealer agents.

How do I check a financial advisor's background?

Search the person and the firm on the SEC's Investment Adviser Public Disclosure site and on FINRA BrokerCheck, which FINRA describes as a free tool. The records show registrations, past firms, exams passed and disclosures of certain disciplinary events. The SEC warns that if a name cannot be found, the person may not be a registered financial professional.

What is the difference between an investment adviser and a broker?

The SEC says a typical investment adviser gives ongoing advice about investments and owes clients a fiduciary duty under the Advisers Act. A typical broker accepts and carries out orders to buy and sell investments and, under Regulation Best Interest, must act in a retail customer's best interest when making a recommendation. Firms registered as both are called dual registrants.

What is Form CRS?

Form CRS is a relationship summary that registered broker-dealers and registered investment advisers must give to retail investors. It covers the firm's services, fees and costs, conflicts of interest, the required standard of conduct and any reportable legal or disciplinary history. Firms use similar headings and the same order of topics, so summaries can be compared.

How do I file a complaint against a financial advisor in California?

Use the SEC's online investor complaint form, or call its help line at 1-800-732-0330 with questions. FINRA investigates complaints against brokerage firms and their employees and takes them through an online form. California's Department of Financial Protection and Innovation takes complaints through its online portal and helps with the form at 1-866-275-2677.