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Wandering Financial Advisors

Financial investments are big life decisions. When you decide to put your money in securities or bonds, you likely have a plan for things like your children’s college fund, a retirement account, growing an inheritance, and so on. 

As such, it’s important to do your due diligence when selecting the financial advisor you work with. If you’re not sure where to start, an investment lawyer can help you conduct a search on the advisor to ensure that your plans are in safe hands. 

Wandering financial advisors, fraudulent stockbrokers, and non-compliance advisors are some of the risks that your stockbroker fraud attorney can help you avoid.

What Does a Wandering Financial Advisor Mean?

The Financial Industry Regulatory Authority (FINRA) creates and enforces the guidelines by which financial advisors and stockbrokers should abide. In case of misconduct, FINRA has the authority to bar or suspend an advisor from practicing.

However, most of these financial advisors who are banned move on to less strict firms where they continue to exploit investors. When they cannot practice anymore, they might finally resort to the insurance sector. 

These financial advisors are referred to as “wandering,” and working with them can cost you—sometimes up to your entire investment.

Can You Sue a Wandering Financial Advisor?

A wandering financial advisor can do a lot of damage to any investor they happen to work with. Due to their tendency to be involved in misconduct, they might violate a regulation for their personal gain, leading to an investment loss for you. 

While the securities market is volatile, a wandering financial advisor is also likely to act out of negligence. In this case, you might be eligible to file a civil suit to recover any money you have lost. 

Your investment attorney can investigate the incident to determine if the advisor had been previously flagged for misconduct and whether this particular case involved a breach of duty. 

Get in Touch with an Investment Lawyer

Have you been thinking about purchasing or trading in stocks or bonds? Investing in securities is an ingenious way to expand your wealth, but it’s also filled with risks, including wandering financial advisors. Ensure that you conduct a proper background check with an investment attorney before hiring. 

If you’ve lost money on an investment that was facilitated by a wandering financial advisor or have experienced other kinds of fraud in the financial sector, a lawyer can also help you pursue these losses through compensation from the brokerage. Request a free consultation with one of our professionals at Wolper Law Firm by calling 800.931.8452 or filling out our contact form below.

Attorney Matthew Wolper

Attorney Matthew WolperMatt 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. [Attorney Bio]