Investing some of your money in stocks can help you build up funds that may give you a more comfortable future. Unfortunately, the stock market isn’t always steady, and you might find yourself facing costly losses.
While global events aren’t so predictable, your stock broker may have been the one at fault. They may not have done their duty as your financial adviser, and your accounts are suffering. You’ll need to know whether you have the option to sue your stock broker for your losses.
A Breach of Duty
When you hire a stock broker to advise you and help your investments grow, you can expect some fluctuation in the market. However, your stock broker also has a duty to ensure that your stocks are doing as well as possible. When they breach that duty, they may be acting negligently or fraudulently.
For example, you might have seen no gains in your portfolio, even when the market was doing well. Perhaps you noticed that your portfolio was not well-diversified, and all your money was put into a single stock. These careless actions could lead to major losses, and you might be owed compensation for those losses.
Bad Advice Can Cost You
Unfortunately, they may not want to repay you for the losses you’ve suffered. Instead, they may claim that any losses you’ve suffered are because of changes in the market that they couldn’t have predicted them. However, it’s not always that simple.
If you’ve lost money because of your stock broker’s bad advice, they may be held liable for that advice. They’re expected to put your best interests first, but they may have given you bad advice to improve their commissions rather than help you. If you suspect that they’re responsible for your losses, you may need to talk to lawyers like the ones at Meissner Associates for help.
Don’t Sue Without Help
When you’re concerned about a serious financial loss on the stock market, you may need help getting the full compensation you deserve for your investment losses. That’s especially true if your stock broker is part of a major firm. They may have a large financial backing to protect themselves, which can be intimidating.
Fortunately, an attorney can help you overcome that and sue your stock broker. You deserve compensation for your losses, even if your stock broker doesn’t want to provide it. If you believe they breached their duty of care and hurt your investments, you may need a lawyer to fight back and recover your losses.