What to Expect When Contacting an Attorney

by | Jul 18, 2023 | Firm News

You’ve suffered financial losses as a result of misconduct from your financial advisor.  Whether those losses were the result of an unsuitable recommendation, undisclosed risks or unauthorized trades, you need to consult an attorney to recoup your losses from the financial advisor and brokerage firm that wronged you. 

The journey to obtaining your lost money begins with a consultation or “intake” conversation.  This discussion is a two-way street where you explain the circumstances that caused your damages. The attorney evaluates the claim(s) that can be brought against the broker.  What follows are the questions you can expect to be asked.  Knowing the answers to these questions will greatly aid in explaining your situation and giving your attorney the information needed to move your claim forward.

But know this: All conversations and other communications with an attorney during the evaluation stage (and thereafter if a case is brought) are protected by the attorney-client privilege. That means you can talk about it with anyone, but the attorney cannot.

  1. Did the wrongdoing take place within the past six years (FINRA’s time limitation period)?
  2. Have you made this same complaint in another forum – court or a previous arbitration – that would bar you from starting another action, this time at FINRA?
  3. Have you made a written complaint to the brokerage firm? If so, did you receive a response?
  4. Have you prepared a narrative of events that can be reviewed and possibly used by the attorney to draft a Claim? Do you have notes relating to what occurred?
  5. Are you an experienced or sophisticated investor? Do you have prior experience investing in the securities that caused your losses?
  6. What documents do you have to support your claims against the financial advisor and brokerage firm, such as emails?
  7. Has the attorney fully described her/his experience in financial industry disputes?
  8. Are you prepared to spend the next year or so in active arbitration – document discovery, potential motion practice and hearing preparation – culminating in an arbitration hearing where you will testify and be cross- examined in the hopes and expectation of receiving just restitution?

This last question is crucial because while arbitration differs in many ways from the formality of court, the stresses of bringing an arbitration remain the same.  During the initial consultation, an attorney should clearly explain the steps involved in arbitration, along with the responsibilities the attorney owes you and the obligations you, the client, have to the attorney. 

Now that you know what to expect, if you’ve been wronged by a financial advisor and believe you are entitled to restitution, contact the attorneys at Kaufmann Gildin & Robbins LPP for a complimentary consultation.