‘She never explained anything’: I’m a senior citizen and I lost $100,000 in the stock market this year. Can I sue my financial adviser?

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 71 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 32%
  • Publisher: 97%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

‘I advised my financial adviser I was heading into retirement months before all of this happened.’

Dear Quentin, I am a senior citizen and have suffered major losses to the tune of $100,000 in the recent stock market turmoil. Can I sue my financial adviser? I understand the dynamics of the market as far as its ups and downs, and have ridden them out before.

I now find out through other advisers I’ve consulted with there is a term called “stop loss” to do just that, stop the loss. They also mentioned she did fail in her duties as an adviser. She never explained anything, like high- or low-risk management, or any other aspect of the market. But back to your question of suing your adviser. You would first need to prove that you entered into a fiduciary relationship with her. That is, she pledged to put your interests before hers and that she breached her fiduciary duty. You would also have to prove a direct link between her actions and your losses, and show that those losses could have been foreseen.

A good adviser A good adviser should understand your circumstances “and recommend only suitable financial products for your age, investment objectives, experience and desired level of risk,” the law firm writes in a blog on the subject. “But negligent advisors will sometimes steer you toward risky or unsuitable investments to obtain higher commissions.”

There will be a paper trail, but it does not seem likely that your adviser can be sued for not reaching out to you as often as you might like, even in a turbulent market such as this. Sometimes, the best action is no action. You lost $100,000. We don’t know if that’s 100% or 10% of your overall portfolio. Generally, as you near retirement your investments should be more conservative.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Oh course she didn’t 😒😒😒

Boycott Tesla resolution

😂😂😂. April 1st

Suitability and provability are everything.

No

That’s how investing in Stocks work

Everyone has lost money 😒. If she didn't she wouldn't be working where she does

Maybe stop being a misogynist too?

Whoops, read the fine print!

No. She's not a fortune teller. If you invest in equities, you're gonna take a battering some times. That's just the way it goes

That seems like a disturbing trend.

She probably had over $1M invested and now she’s crying senior citizen?!?! I bet she pushed her investment to be aggressive than conservative investments like she should be doing also. I see this all the time.

Ha!!!

I feel sorry for her, but this is why you have to learn how to manage your own money.

Irresponsible much?

Unfortunately most people are in the same boat. The key is to be patient and don’t touch the money. The 10 year average in the S&P 500 is 10-12%. Time in market not timing the market is key to successful investing.

Can’t imagine how many would follow loll

Dude - come on… look at me 👀… it’s the STOCK MARKET… blame no one but yourself

No , you can’t. Be patient and don't sell - only if you sell will you record your loss. For now, it's just a decrease, that's all.

Adviser lost it all on $UST

🤨

We just saw the largest gains in the last 100 years. Did we not think a down turn was coming? Ever?

Short answer...probably not. If you can prove your financial advisor participated in senior abuse (undue pressure, falsifying documents, lying about the risk, etc) then maybe. Remember though, nothing is lost till you sell your accounts IF it's a normal account.

Her advisor never explained.... that stocks go up *and* down? 🤔

Only $100K. That’s not too bad, lol. You can always call Biden and thank him.

Talk to Joe B and the FED about that.

Why don’t you sue yourself. You followed his/her advise. Live with it. You are a typical looser.

JonChevreau Hang on, it'll come back.

Lol that’s a vague question, you would need to know her portfolio size. Did she have 2,000,000 and lose 100,000 or did she have 200k. What’s the percentage loss? I

No

What were you trying to do at the stocks market? Gain, $50,000, for instance. Were you planning to hug your financial advisor, if you were able to gain money at the stocks market this year.

You should not be providing legal advice, particularly if the investor here is a real person and not merely a hypothetical. The person with such a question should only be advised to seek legal counsel experienced in broker-dealer litigation.

Looks like Preparing the narrative for investors who want to sue after BlackRock citsecurities And many hedgefunds and Brokers Bet against American Business And lost trillions of seniors retirement And pension money? Why trust financial advisors?

She never explained anything? Did you vet your advisor?

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines