A study conducted by the Public Investors Arbitration Bar Association, an association of attorneys representing clients involved in disputes with the investment industry, shows that arbitration panels are expunging records of the misdeeds of brokers, often with little in the way of research or debate.

Complaints are only supposed to be removed if a court or panel determines that the allegations are false or don't involve the broker named, but the PIABA believes that arbitration panels are rubber-stamping these requests to clear the record.

71% of expungement requests are granted without even holding a hearing. The President of the PIABA asked "How can you make an affirmative finding without holding a hearing?"

Good question! If the system of arbitration to resolve broker-client disputes is to continue, it needs to be conducted in an above-board, unbiased manner. Granting expungements without holding hearings indicates that this isn't happening... at all. If misdeeds cleared from the records with little oversight, these records become a meaningless resource for consumers looking to do due diligence before working with a broker.

In any case, your best bet, if you do choose to seek outside help with your investments, is to hire a fee-only financial adviser. Because these advisers serve only the client -- and don't stand to benefit from commissions for selling certain products -- they are not subject to conflicts of interest the way that conventional brokers are.

For help locating a fee only adviser, ask your friends and family or check the National Association of Personal Financial Advisors.