Shareholder Sean Sweeney breaks down the steps you should take if your Financial Advisor has lost your money.

If your financial advisor has lost your money, there’s really three things that you can do:

  • First, determine why. Was it something that’s just ups and downs of the market, or is it something outside of what you expected or what you discussed?
  • Second, if you’ve determined that it’s not appropriate, you need to find a new financial advisor.
  • Third, determine whether or not you have a claim to bring.
  • The first two steps are more important, don’t let the lawsuit tail wag the dog.

“If your financial advisor has lost your money there’s really three things that you need to do. First, is to determine why. Was it something that’s just the ups and downs of the market, and didn’t fit in with the strategy that you and your advisor had discussed? Or is it something outside of what you expected or what you discussed, or what comports with your investment objectives and time horizon. The second is if you’ve determined that it’s not appropriate, that it wasn’t something that you discussed, or that it’s not something that was expected based on the discussions you’ve had with your advisor about how it is that you are going to invest. You need to find a new financial advisor. If you’ve determined that you can’t trust this person or they’re not following your instructions, or they’re not providing you advice in the manner in which you expected them to do; then you have to find somebody else to work with. And you can do that by finding a new advisor, if they can transfer your securities as they are, they call it in-kind transfer, and you can sort out what to do with your account from there. Then the third step is to determine whether or not you have a claim to bring. The first two are much more important. I always tell all of my clients, don’t let the lawsuit tail wag the dog. At the end of the day, what’s important is making sure that your investments are appropriately invested, and that your retirement is on track. If it turns out that you do have a claim, that there was some breach of duty by your financial advisor, then that can get resolved after you’ve gotten your financial house in order and are able to sort out what exactly happened in your account, and whether or not you can bring a claim. There are other videos here on our site that explain the basic process in more detail. But the basics are, you bring a claim in FINRA arbitration, if you can prove that there was a breach of duty by your financial advisor and it caused you a loss, you can recover the investments that you lost. We help investors recover their losses every day and most times our fee is based on a percentage of what we recover.”

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.