If you wish to pursue a claim against your financial advisor, you should seriously consider hiring an attorney to assist you. A FINRA arbitration attorney can offer advice and guidance through the process, and help you in presenting your case to the arbitration panel. An attorney can also advise you early on whether your claim is a viable one.
Before you engage with a lawyer, take time to get organized. Be sure you have a good grasp of the specifics of your case and the chronology of events. Collect any and all critical documents.
Focus your attention on how the advisor has wronged you, and how their conduct has impacted you financially. Remember, you must show that you would not have lost money had it not been for the advisor’s bad guidance or mistake.
Once you gather the critical documents and collect your thoughts, you can speak with an attorney, either over the phone or in-person, to go over the underlying facts.
The first thing that an attorney will do is listen. They will collect the facts you present and hear your story. Once the lawyer has this information, they will begin a legal assessment of your claim to determine whether you have a viable case.
If a FINRA arbitration attorney determines that you have a claim against a financial advisor, they will typically issue a letter to your financial advisor outlining the nature and scope of the claim and issuing a demand for funds lost as a result of the advisor’s misconduct.
If the advisor refuses to meet the demand, the attorney may file a formal complaint, known as a Statement of Claim, with FINRA. This officially begins the formal arbitration process.
Once the Statement of Claim is filed, FINRA requires your attorney to file something called a Submission Agreement. This is essentially a written document formally explaining that the dispute is to be handled through FINRA arbitration.
Once filing requirements are met, FINRA will service the Statement of Claim to your advisor.
For questions about your potential claims against your financial advisor, contact us for your free consultation.