As the financial markets continue to reel from the Coronavirus and its effects on the economy, people are seeing years of gains in their account seemingly disappear overnight. The question is, can you do anything to recover those losses?
The answer is that it really depends on your situation. While young people with a long investment time horizon should likely be invested primarily in stocks, and thus will see their accounts shift wildly over the coming weeks, people near retirement should not have been exposed to the same level of risk. This is why you hired a stock broker to manage your money, to protect your assets in a down market. The problem is, that many brokers decided to gamble with their clients’ money during the bull market, and now it is the clients who are suffering during this market correction.
“It’s only when the tide goes out that you learn who has been swimming naked.” – Warren Buffet
Your broker has a duty to you, your client to only make recommendations that are appropriate for you given your age, wealth, risk tolerance, and time horizon. If your broker had you over-exposed to the market, and you suffered significant losses in your account, you may have a claim to recover those losses in a FINRA Arbitration.
The Securities Lawyers practice group at Halling & Cayo, S.C. can help. We take cases all over the country, and we only get paid if we win. Contact us to set up a meeting to review your case.