An Overview of Financial Negligence
Financial advisors are supposed to offer accurate and sound financial advice to their clients. In most cases, you will invest or risk your money based on the advice given to you by your financial advisor. If their advice ends up being bad, it could cost you a substantial amount of money.
Fortunately, you have a right to seek compensation to recover the losses you incurred because of their misleading or damaging advice. The law requires that financial advisors take an oath to serve their clients and care for their financial needs. Their obligations include the following:
- To provide advice that is strictly within the range of their own skills and expertise.
- To have a comprehensive understanding of all the financial services and products they recommend to you.
- To listen and understand the scope of your financial objectives and desires.
It doesn’t matter if you go to a financial broker, financial planner, or any other type of financial professional or institution. All professional financial advisors must comply with the legal standards of their industry. If advisors give bad advice, and it causes their clients to suffer a lot of financial loss, then those clients have the right to seek compensation. Financial loss could mean damages incurred from stock investments, retirement accounts, and so on.
Recognising Poor Advice
Do not jump to the conclusion that your accountant was negligent just because you lose money after following their advice. The financial markets are unpredictable, and it is possible that fluctuations or volatility might exist in them. On the other hand, if you received inaccurate information about the risk factor of certain investments, then you might have the grounds to file a financial negligence claim against the advisor if you lose money.
You’ll know if your financial advisor has been negligent if they do the following:
- They give you bad recommendations which are contrary to your needs and interests.
- They advise you to make risky investments that are contrary to your financial goals.
- They recommend something to you for your approval, but then end up doing something else on your behalf.
- They act carelessly with your finances and cause you to suffer a lot of financial loss because of it.
Financial negligence claims may arise for any number of reasons that result in you suffering a financial loss from following their advice. No set standard exists on what a financial negligence case must be. The purpose of a financial negligence claim is to seek just enough compensation to restore the finances that you lost from taking their advice. If you took out a loan or paid for legal costs in order to fight for compensation, then you can seek to recover those funds in your claim as well.
Do Not Wait to Act
There are time limits in place for filing a professional negligence claim. Each state has different time limits set. But, in most cases, you have between 3 to 6 years to file a claim. Contact us to find out how long you have to file.
Hire a Financial Negligence Attorney Today
We are a professional team of financial negligence attorneys with years of experience at helping our clients recover their losses after following bad financial advice from a professional financial advisor. If you were given bad financial advice by a professional advisor and suffered losses as a result, then we can help you recover those losses.
Our financial negligence attorneys will manage your claim from the beginning to the end. Here is what you can expect from us:
- We’ll review your claim to determine if financial negligence had occurred.
- We’ll determine the strength and value of your financial negligence claim.
- We’ll figure out the best way to pursue maximum compensation for your claim.
- We’ll figure out the best way to reduce the risks involved.
- We’ll offer ways to lower your financial burden throughout the litigation process.
In the past, we’ve taken on bankers, stockbrokers, financial planners, and other types of financial advisors. If you’ve suffered a problem or loss from dealing with any of these types of professionals, then you’ll want to contact our attorneys as soon as possible. We offer free consultations with new prospective clients, so we can guide you on the next steps that you need to take.
Only Pay for Results
When you hire our financial negligence attorneys, you will not be charged any legal fees until you receive compensation for your claim. Therefore, you will only pay for results! No upfront fees ever!