Broker & Investments Attorney

[041047]

What is the name of your state (only U.S. law)?
California

In October 2008, I instructed my investment advisor to sell all investments in my portfolio (approximate value $619,000). He told me it was a “bare” market, that I was acting out of fear and that I should not sell. I reluctantly agreed, but told him very emphatically that I wanted out of the market if the value of my portfolio fell to my initial investment of $593,000. The next week, it dropped to about $590,000. He did not sell. Can he be held accountable for not following my instructions and, more importantly, for the losses to my account?

[Dandy Don]

Were the instructions in writing or just verbal/oral?

[I_Got_Banned]

Originally Posted by 041047

What is the name of your state (only U.S. law)?
California

In October 2008, I instructed my investment advisor to sell all investments in my portfolio (approximate value $619,000). He told me it was a “bare” market, that I was acting out of fear and that I should not sell. I reluctantly agreed, but told him very emphatically that I wanted out of the market if the value of my portfolio fell to my initial investment of $593,000. The next week, it dropped to about $590,000. He did not sell. Can he be held accountable for not following my instructions and, more importantly, for the losses to my account?

I think he meant to say it was (and still is) a "bear" market.

Originally Posted by Dandy Don

Were the instructions in writing or just verbal/oral?

Does it really matter? I don't think so... However, and depending upon the type of investments the OP had/has in his account, I don't think his instruction was specific enough to justify bringing action against the I. A. What I mean by that is this; depending on what your account was (maybe still is) invested in and considering it was invested in more than one investment, it would be virtually impossible for the I.A. to predict a specific scenario that would have brought your account value below a certain level. Yeah, you can sit there and watch your account each and every minute to see what value it is at but to expect that from an adviser who has many other account which are invested in many different types of investments is an unrealistic expectation.

Did you call him when you realized the value has dipped to $590,000?

Have you called him since?

Moreover, here it is almost 4 months later and what value is your account at?

Are you still in the market or have you sold everything and are sitting in cash?