Ever questioned your financial advisor about the suitability or advice they gave you? Have you ever been in the middle of a financial dispute and felt like your advisor was leading you down a road that didn’t match your risk tolerance level? You’re not alone if you answered yes. This is a story about an individual who recently experienced this. customer dispute A representative of LPL Financial LLC, and Avantax Investment Services, Inc. allegedly recommended investments in structured products that were not suitable for the customer’s risk tolerance.
Unsuitable Investing Recommendations
Imagine that you’re a serious investor. You’ve trusted your money to an advisor who you trust to help you achieve the best possible results. investments that align with your risk The goal is to achieve financial stability and tolerance. Instead, they steer you down a dangerous path of unsuitable investing, like a captain steering a ship into stormy waters instead of calm ones you anticipated. Larry Ware was a representative who allegedly acted in this manner between August 2021 and May 2022. recommended investments Loss of $5,000 due to structured products that are not suitable for a customer’s level of risk tolerance.
FINRA’s role in resolving Disputes
How exactly can one navigate the stormy waters of life and recover from a major loss? Here comes the Financial Industry Regulatory Authority. FINRA (a non-profit, authorized by Congress, organization) is a lighthouse that guides investors into safety and out of dangerous waters. FINRA Arbitrate disputes between brokers and investors to help investors recover losses.
The power of FINRA arbitration
You might wonder, however, how successful FINRA arbitration is in recovering losses. Why should you entrust FINRA with your case? It is the power of the arbitral process that provides the answer. Arbitration, while similar to court trials, is often faster, less expensive, and less formal. An impartial arbitrator or panel listens to each side, examines the evidence and makes a final decision. Here’s the best bit – the arbitrator makes a final and binding decision, which means the broker is bound by it.
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Recovering Losses via FINRA Arbitration
How do you recover your losses using FINRA Arbitration? To begin, you must file a claim to FINRA detailing the dispute and desired remedy. The broker has 45 days in which to respond. The hearing will be scheduled where both parties can present their cases. Within 30 days, the arbitrator will make a decision. You could be able to recover from what seemed an impossible loss.
FINRA can guide investors back to safety, even if the financial sea is sometimes stormy. If you find yourself in the same situation, don’t forget that you are not alone. FINRA will help you navigate stormy waters, and steer you toward calm waters.