May 21, 2024

Can I Sue My Financial Advisor?

Enduring a stock market loss is never easy, but if you have recently become aware of misconduct on the part of your financial advisor and have reason to believe that this misconduct caused your loss, you may be able to bring a claim against them to recover the loss.

Continue reading to learn more about when it is appropriate to take legal action against your irresponsible financial advisor and what to expect when you sue.

Reasons to Initiate a FINRA Arbitration Hearing

If your stockbroker, financial advisor, or the institution that employs them engages in misconduct or otherwise uses you and your investment to further their own profits, you could be entitled to repayment.

Financial advisors and brokers are required to always act in the best interests of their clients, and when this fiduciary duty is broken, you may be able to initiate a Financial Industry Regulatory Authority (FINRA) arbitration claim against them so you can be awarded compensation for your losses.

What to Expect When You Sue

When you first file a FINRA arbitration request, you’ll be granted a hearing. At that time, with the help of your attorney, you’ll go before a panel of three arbitrators who will hear the details of how you were taken advantage of and the misconduct that occurred and be presented with physical documentation that supports your claims.

Then, the accused will have the opportunity to defend themselves before the arbitrators adjourn the hearing and review the case together. These decisions can take up to eighteen months to resolve, but this is still much less expensive and timely than it would be if you were to bring your case to court.

Meet with an Experienced FINRA Lawyer

If you are interested in suing your financial advisor but aren’t sure where to start, schedule a confidential claim assessment with a qualified FINRA lawyer at Meissner Associates to discuss the individual details of your case. You can do so by reaching out through our quick submission form below or by phone at 212-764-3100.