Attorney Sean Sweeney from Halling & Cayo, S.C. discusses what you should do if you have concerns about your current broker.

What to do if you think you have a Bad Broker

  • Consult your attorney
  • Work with your attorney to see if you potentially have a claim
  • Start recording their actions in your account
  • Track conversations you have with them
  • Start scouting out other Broker options

“I always tell my clients when they come to see me, when they have concerns about their broker (and we don’t give financial advice). But usually when I’m talking to my clients I tell them if you’ve decided that for whatever reasons, you don’t trust this broker and you don’t think they’re either keeping your best interest in mind or telling you the truth, then you need to find a new broker. And it’s a relatively easy process. In general, you don’t have to liquidate all of your holdings to transfer to a new broker. Most of the times they can move the securities exactly as they are from one broker to another. And so other than contacting a lawyer to potentially see if you have a claim, I think the number one thing to do is if you’re not in a position where you trust your broker, you have to find somebody else. You can’t have them managing your money in your retirement and have questions about whether or not it’s somebody you can trust.”

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.