You trust and pay your financial advisor to manage your hard-earned savings and retirement funds. Your broker has a duty to recommend investments that are suitable for you. When your broker fails to act professionally or honestly, the financial consequences and emotional pain can be devastating.
The misconduct of unscrupulous financial advisors can destroy lifelong efforts to plan and save for a meaningful retirement.
Financial advisors work in a highly regulated environment, but these regulations are highly technical and therefore difficult to understand. Detecting fraud requires a deep understanding of the wide variety of investment products and the complex world of securities trading. The account statements you receive are often hard to decipher, particularly the commissions, fees and other costs you might be paying without even knowing.
Because of the fine print on your account documents, disputes with your broker must typically be pursued through the specialized forum of securities arbitration, not a standard court of the law.
Unfortunately, some unscrupulous brokers take advantage of senior citizens and the elderly who have worked and saved all their lives for a comfortable retirement.
Account statements DO NOT make sense.
Your broker says there are restrictions and/or penalties for withdrawing money from your account.
Dramatic swings in the value of you account.
Transactions you DID NOT authorize or DO NOT understand