Did you suffer considerable losses after investing in an annuity? Do you believe your broker misled or failed you when recommending an annuity to you? If so, an annuity loss lawyer could help you recover your losses.
Annuities are not suitable for everyone, and if your stockbroker or financial advisor suggested you invest in one, they may be responsible for your financial losses. Registered stockbrokers have a fiduciary duty to always act in the best interests of their clients. If yours failed to properly inform you of an annuity or its risks, you may be able to recover your losses.
The Financial Industry Regulatory Authority (FINRA) is responsible for overseeing the conduct of financial advisors and brokerage firm’s alike. If you initiate a complaint with the assistance of your annuity loss lawyer at Wolper Law Firm, you could seek maximum compensation for your suffering and hold your broker accountable for their negligence.
What Are Annuities and Who Are They Suitable For?
Annuities are a great way for investors to secure income for themselves in the future. Here’s how they work: You purchase an annuity from an insurance company. You can either make payments in one lump sum or, in some cases, make regular payments until your balance is paid in full. Then, once the annuity matures, you receive disbursements from the insurance company as a form of income.
That sounds like a wonderful idea for investors who want to secure their financial future. However, there are a couple of issues with annuities that make them unsuitable for certain types of investors.
Annuities can take quite a while to mature—some take as much as thirty years or more to mature fully. Then, if you try to take money out of your annuity before it has matured, you could face significant financial penalties. For this reason, annuities are rarely suitable for the elderly, who could very well not live long enough to reap the benefits of their investment.
FINRA Arbitration for Annuity Losses
In order to recover losses from an annuity, you must be able to prove to a panel of FINRA arbitrators that your financial advisor wronged you in some way.
For an elderly person, if your broker failed to fully inform you of the risks of purchasing an annuity, or left out critical details (such as how long it would take for the annuity to mature), you can make a case for misrepresentation or omission. Your annuity loss lawyer will carefully review the details of your case to determine whether financial recovery is an option for you.
Reach Out to a Qualified Annuity Loss Lawyer
If you believe your broker is responsible for the losses you endured after investing in an annuity, get help from a reputable annuity loss lawyer at Wolper Law Firm. You can fill out the quick contact form at the bottom of this page or give our office a call at 800.931.8452 when you are ready to get started on your FINRA arbitration complaint.