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Suing your financial advisor

Investing is risky, even with a Financial Advisor (stock brokers, investment managers, registered investment advisors). But sometimes a financial advisor will steer you in the wrong direction–even intentionally.

There are several statistics that we think are important for anyone to think about when considering legal action against their Financial Advisor:

  • In a typical year, investors claim $2 billion in losses due to their Financial Advisor’s malfeasance or fraud.
  • Those who lose money due to their financial advisor’s wrong-doing, tend to  lose 66% of money invested with that financial advisor.
  • Over 5000 cases are filed by investors every year against their financial advisors with FINRA (Financial Industry Regulatory Authority), and several more outside of the FINRA process.
  • Although you don’t have to hire a lawyer, those who filed a FINRA case without a lawyer had a 60% chance of getting nothing.
  • Those who filed with a lawyer had more than twice the chance of successfully making a claim for damages or losses.
  • The Typical FINRA case lasts about a year, sometimes a little longer (which is far shorter than the two/three years you can expect to spend litigating in court).
  • Litigation in front of FINRA arbitrators can be done on contingency fee (percentage of the recovery) which means you pay nothing if the firm representing you doesn’t recover money for you.

The Five Ways You Can Get Burned By Your Stock Broker or Financial Advisor

Financial Advisors have special duties that they owe you as an investor who has entrusted your money to them. these are imposed by the Financial Industry Regulatory Authority, or FINRA. Breaching these duties can take on a multitude of potential formats. The most familiar ones are:

  1. Being sold investments that they knew, or should have known were total junk (for instance, investments that turn out to be in sham businesses–e.g., Madoff, Stanford, Enron).
  2. Being sold investments that are too risky for your risk profile and needs.
  3. Being lied to about the prospective performance of an investment or portfolio trading strategy where they know it cannot perform as well due to hidden costs, or known but undisclosed risk factors.
  4. Being charged fees for mal-execution or churning the file to generate excessive fees.
  5. Being outright lied to or embezzled from.

When investors lose money due to non-market risks like their financial advisor’s fraud, incompetence or greed, you don’t have to put up with it. You have remedies under the law that are designed to make you as whole.

Discuss Your Options Today

Fill out the form below or give our firm a call today at (727) 800-4498 to speak to a professional who can review your case.