As an investor, you should be able to trust your financial advisor to give you sound counsel about your account and investments. Unfortunately, not all advisors are deserving of this trust. Financial advisors in Pennsylvania may be guilty of negligent or intentional misconduct, including unsuitable recommendations, that costs you money.
If you suffered an economic injury due to misconduct on a financial advisor’s part, contact Meyer Wilson for a consultation with a Pennsylvania investment fraud attorney.
An unsuitability claim falls under the umbrella of securities litigation. Securities and investment fraud are complex practice areas with many state and federal laws surrounding them. A lawyer from Meyer Wilson can help you navigate these laws and optimize your chances of securing a compensatory award from a financial advisor or brokerage firm. Your lawyer can handle complicated legal matters while you focus on moving forward.
The SEC's Regulation Best Interest (Reg BI) under the Securities Exchange Act of 1934 establishes a "best interest" standard of conduct for broker-dealers and associated persons when they make a recommendation to a customer of any securities transaction or investment strategy. These obligations are critical to ensuring investor protection and promoting fair dealings with customers and ethical sales practices. Â
Reb BI requires that a broker-dealer exercise reasonable diligence, care, and skill when making a recommendation to a retail customer. The broker-dealer must understand potential risks, rewards, and costs associated with the recommendation. The broker-dealer must then consider these factors in light of the customer’s investment profile and make a recommendation in the customer’s best interest . The standard of conduct draws from key fiduciary principles and cannot be satisfied through disclosure alone.
If you believe a financial advisor has breached a duty of care to you by making an unsuitable investment recommendation, contact a lawyer from Meyer Wilson immediately. The advisor could owe you financial compensation for negligently or knowingly omitting information, misrepresenting facts or otherwise engaging in misconduct that caused you financial harm.
The investment fraud lawyers at Meyer Wilson have years of experience handling cases involving all types of financial advisor misconduct, including unsuitability. Learn how we might be able to help you during this difficult time. Request a free consultation using our online contact form or by calling us today.
