QUESTION
Could I sue my financial advisor because of a drastic loss in my account?
Asked on Aug 06th, 2015 on Litigation - Alabama
More details to this question:
I have been with my Financial Advisor for 14 years and I am now 63, retired, living on my social security. In spite of my concerns of any losses in stock market as I was entering into retirement, my advisor kept me in the greater stock market stocks and bonds and never once recommended any products that would protect all or portion of my assets from losses and guarantee me income during retirement. This resulted in my sustaining a $157,000 reduction in my account values.
10 ANSWERS
Chapter 7 Bankruptcy Attorney serving Syracuse, NY
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Andrew T. Velonis, P.C.
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I have heard of such causes of action. You need to find a lawyer who specifically does this kind of work. Try searching with keywords "professional malpractice" "Financial" and "investment". Good luck.
Answered on Aug 10th, 2015 at 3:40 AM
Ronald A. Steinberg
If you can find an expert adviser who says you guy screwed up. Professional judgment is not perfect. Malpractice is more objective.
Answered on Aug 07th, 2015 at 7:09 AM
Suits can be filed against stock advisers for mishandling accounts, but it depends upon the facts. Did you tell him directly what you wanted and he never told you what he was doing, did he put you into very risky stocks or ones that would provide no income, etc. You need to see some local attorney who handles such suits to see what they think.
Answered on Aug 07th, 2015 at 4:34 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You could potentially have a cause of action against your advisor/broker. I would suggest that you counsel with an attorney experienced in such cases.
Answered on Aug 06th, 2015 at 8:23 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Check your written agreement with the stock brokerage firm. It may require arbitration. You would have to show more than mere losses, however. Whether in arbitration or in court, you would have to show some negligence which goes beyond what happens in every investment.
Answered on Aug 06th, 2015 at 5:06 PM
Lisa Hurtado McDonnell
Not a personal injury case, but you might have a civil case against investment advisor.
Answered on Aug 06th, 2015 at 4:11 PM
Plaintiff Animal Bites Attorney serving Missoula, MT
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Bulman Law Associates PLLC
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Yes, but you will have to prove the advisor was careless. Take your account statements for the years you are complaining about to another financial advisor or two and see if they say any fundamental suitability rules were violated. Losses don't mean fiduciary violations.
Answered on Aug 06th, 2015 at 3:39 PM
Edwin K. Niles
Yes, there are lawyers who specialize in this type of claim. You can get a referral from your local bar assn.
Answered on Aug 06th, 2015 at 2:17 PM
Admiralty and Maritime Law Attorney serving Gulf Breeze, FL
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Law Offices of John W. Merting, P.A.
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There are attorneys who specialize in these types of cases. Suggest you do not agree to pay them a flat fee or an hourly fee, but only a contingent fee-if they recover for you they don't get paid! Ask any attorney you talk to to put the cases against stockbrokers successfully to identify the court cases or arbitration cases they have handled successfully. Check those out, don't just take their word for it!
Answered on Aug 06th, 2015 at 2:15 PM
James Eugene Hasser
You may be able to sue, but don't wait any longer. Seek the help of a lawyer that handles cases against stock brokers and their companies. Good luck.
Answered on Aug 06th, 2015 at 2:14 PM