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How to handle a dispute with your financial advisor

On Behalf of | Jun 15, 2023 | Business & Transactional Law

Financial advisors can play an important role with individuals and families in Idaho seeking guidance in planning for the future. However, what happens when you have been wronged by your financial advisor? Luckily, there are steps you can take to protect your finances and hopefully resolve your issue.

Do your research

The best way to settle a dispute with your financial advisor is to avoid one in the first place. When searching for a financial advisor, speak to friends who have had good experiences with their professional. Ask them how often they are provided with reports and how often their advisor communicates with them. How successful has their financial planner been in reaching the established goals? Many financial advisor firms have online reviews that could help to determine if that particular organization will be a good fit.

Have an informed conversation

While it should never be the objective to lose money with a financial advisor, it is possible your money professional could have misunderstood your investment goals. In other words, you could have the intention to make safer investments rather than chance potential losses in riskier investments. If a financial planner does not understand this clearly, you could feel as though your money is being incorrectly managed. Reviewing business transactions and disputes can help to put your financial advisor on the same page with your goals.

File a complaint

If business transactions that have resulted in losses cannot be resolved through communication, the next step could be filing a complaint through your financial advisor’s regulatory body. This will certainly gain their attention, and your financial advisor will be required to address and defend their actions.

You work hard for your money, and you certainly don’t want to lose it. While working with an amazing financial advisor could be life-changing, it is important understand your rights as their client.