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Keep Good Records in Case of a Dispute

While you never enter a relationship with your financial professional thinking it will end in a dispute, it is always a good idea to be prepared. The more detailed the records you keep, the greater the chances of recovering your financial losses. According to the North American Securities Administrators Association (NASAA), many state regulators have checklists you can use, to help you keep good records. These checklists provide guidelines as to what information needs to be collected from your broker, such as the date the conversation with the broker took place and the proposed investment. You can contact your state securities regulator to inquire about this checklist.

NASAA also has its own investor checklist, which includes the following:

  • Name of the security
  • Reasons the broker recommended the investment
  • The risks involved
  • Whether the investment met your financial objectives

By collecting this information and more, you can stay one step ahead if a broker dispute arises. Whether you someday file a claim regarding the unsuitability of an investment or improper asset allocation, the more details you can provide during arbitration, the better.

Know Your Advisor

Before doing business with any financial advisor or broker, make sure you do your homework first. For tips on what to look for and questions to ask, read our informative articles:

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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