More and more investors are learning the hard way that if you have a complaint against a broker or registered investment adviser, it’s going to be tough to get justice, much less to get your money back.
And even if you try to investigate the background of someone who is trying to get you to make a financial decision or investment, you’ll be at a tremendous disadvantage since much of the financial advisory business is not subject to full disclosure about complaints and awards against them.Brokers are employees of brokerage firms. They are registered and subject to the scrutiny of FINRA — the Financial Industry Regulatory Authority.
If you have a complaint against a broker, you can’t sue! If you read the fine print in your account opening documents, it almost assuredly says that you agree to solve disputes by arbitration. The FINRA arbitration process does not require an attorney but you should have one, as the firm will. The complaint is filed, documents are exchanged — and most cases are settled. Or the dispute goes to a FINRA arbitration panel.
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