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How Do I Know If My Broker Acted Negligently?

Initial Steps to Determine Broker Negligence

If fiduciary negligence by a broker or firm caused losses to an investor the broker or firm should reimburse the investor for those losses. However, you must first determine if you have fallen victim to negligence.

There are a few steps to take when trying to assess if you have been a victim of broker negligence:

  1. The first step in determining broker negligence is to assess if the broker’s conduct was below the appropriate level of care, meaning that the broker acted like a reasonable financial professional would in the same circumstance. Negligence does not have to be intentional, but can just be the result of not living up to the standard of care of a reasonable financial advisor, even if there were good intentions.

  2. If you have determined that you have in fact suffered financial losses due to broker negligence, it is possible that you may be able to hold the brokerage firm liable for those losses. These cases are normally handled in the arbitration process before the Financial Industry Regulatory Authority, or FINRA.

  3. Consult with a securities lawyer to determine if you have a broker negligence claim and attain appropriate representation.

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