What is the name of your state? CO
Our financial adviser sold one particular company stock and purchased another company stock. He left a message on our phone indicating his plan, but we didn't receive it until after he had made the transactions. We never spoke to us and we did not authorize these transactions. He has never had authorization to do transactions without our consent. We have consequently lost a lot of money on those transactions. We complained to the managing partner and he indicated they would have to send the issue to their compliance department and would get back to us. We kept following up weekly, sometimes twice a week, and were told someone would get back to us, but no one ever did. After a month of this, we were finally told we would be receiving a letter in two weeks time and to wait until we received that letter. The letter simply indicated the managing partner's willingness to meet with us and that they would refund the transaction commission that the adviser received for doing the unauthorized transaction. During this time period of well over a month, our portfolio lost a tremendous amount of money and our adviser was not in touch with us and frankly, we did not want to deal with him. We had told the managing partner that we had lost confidence in our adviser given what he had done. We feel they breached their fiduciary responsibility in managing our portfolio, particularly during a time when the stock market was extremely volatile, and nothing was done with our portfolio to hedge our losses as they internally worked through our complaint. We were in limbo...to our detriment. We would like to know if we have any legal recourse, given our substantial losses, and what that legal recourse might be. The managing partner has offered to meet with us. Right now, our portfolio is not being managed since we are not in contact with the adviser. We plan to move our portfolio away from this company, but need to find out if we have any legal standing and if we need to wait to get this resolved (if we have legal recourse) before we move it.
Our financial adviser sold one particular company stock and purchased another company stock. He left a message on our phone indicating his plan, but we didn't receive it until after he had made the transactions. We never spoke to us and we did not authorize these transactions. He has never had authorization to do transactions without our consent. We have consequently lost a lot of money on those transactions. We complained to the managing partner and he indicated they would have to send the issue to their compliance department and would get back to us. We kept following up weekly, sometimes twice a week, and were told someone would get back to us, but no one ever did. After a month of this, we were finally told we would be receiving a letter in two weeks time and to wait until we received that letter. The letter simply indicated the managing partner's willingness to meet with us and that they would refund the transaction commission that the adviser received for doing the unauthorized transaction. During this time period of well over a month, our portfolio lost a tremendous amount of money and our adviser was not in touch with us and frankly, we did not want to deal with him. We had told the managing partner that we had lost confidence in our adviser given what he had done. We feel they breached their fiduciary responsibility in managing our portfolio, particularly during a time when the stock market was extremely volatile, and nothing was done with our portfolio to hedge our losses as they internally worked through our complaint. We were in limbo...to our detriment. We would like to know if we have any legal recourse, given our substantial losses, and what that legal recourse might be. The managing partner has offered to meet with us. Right now, our portfolio is not being managed since we are not in contact with the adviser. We plan to move our portfolio away from this company, but need to find out if we have any legal standing and if we need to wait to get this resolved (if we have legal recourse) before we move it.