Elderly investors are often taken advantage of by unscrupulous financial advisors. Fortunately, when significant investment losses occur through the fault of the broker, the senior may be able to recover their money by filing an arbitration complaint with the Financial Industry Regulatory Authority (FINRA).
Below, we go into further detail about some of the most common types of unsuitable investments for senior investors and how to go about pursuing recovery of these losses in arbitration.
Examples of Unsuitable Investments for Seniors
Senior investors are some of the most common investors to be taken advantage of by their financial advisors. There are some types of investment opportunities that may not make sense for a senior to invest in, including:
- Annuities
- Bonds
- Exchange-Traded Funds
- Equity-Indexed Certificates of Deposit
- High-pressure sales seminars
- Microcap (AKA penny) stocks
- Investment advisor services
How Seniors Can Recover Losses Caused by Unsuitable Investments
The best option for seniors who have endured devastating investment losses due to unsuitable investments is to pursue a FINRA arbitration complaint. FINRA arbitration proceedings can be resolved in as little as eighteen months, so for elderly investors, this may be the quickest way to recoup your losses.
In FINRA arbitration, your lawyer will present your case and your financial advisor will have to explain their reasoning for the decisions they made. If the arbitrators determine your broker was engaging in misconduct or was negligent, they will order the financial advisor to compensate you for the losses you suffered.
Reach out to a Qualified Investment Loss Lawyer
If you are a senior who suffered devastating losses due to unsuitable investment suggestions made by your stockbroker, contact a dedicated investment loss lawyer at Wolper Law Firm, P.A. to discuss the details of your complaint. Our office can be reached through the convenient contact form or by phone at 800.931.8452 when you are ready to schedule a free, no-obligation consultation.
Attorney Matthew Wolper
Matt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks.
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