Kentucky has certain licensing guidelines in place to reduce the chance of a consumer being taken advantage of by their financial advisor. They’re often not effective in stopping your money manager if they engage in sneaky tactics though. Fortunately, there are legal remedies that you can pursue against your financial planner if they don’t uphold their responsibilities to you.
Managing someone’s investment portfolio carries with it certain inherent risks. Financial advisors sometimes have to take chances when choosing stocks to purchase or sell. While they may try to make informed choices, their decisions don’t always yield positive results. It’s possible for the money manager managing the trade of your stocks and bonds to squander your money without them intending to do so.
There are instances though in which some ill-intentioned financial advisors willfully engage in impropriety. They make choices that stand to benefit them instead of looking out for your best interests as their client. If this happens, then you can sue your money manager for malpractice.
You must meet certain criteria to be able to file a malpractice suit against your financial planner.
First, you must be able to prove that the two of you were in a contractual relationship with each other. That contact that you both signed should outline how you hired your financial advisor to look out for your investments, retirement account or other accounts.
Next, you should be able to spell out exactly how your financial advisor breached their fiduciary duty to you. You’ll want to focus on explaining how it is that you believe that your money manager was more concerned about their interests more so than you own.
Finally, if you believe that your financial planner put their interests ahead of your’s, then you’ll need to quantify how much you believe that you lost because of their handling of your finances. This will be considered as your financial loss. You should be able to document how you came up with this amount for a jury.
There are many good financial planners out there who do their best to protect the interests of their clients. There are a few of them who make choices with the sole desire of benefitting themselves though. If you’ve had the misfortune of working with the latter, then a representing investors attorney can see if you’ve amassed enough evidence to file a malpractice case against your Louisville advisor.
