Financial adviser mismanagement

[Walnutz]

Washington State

Financial adviser was given funds in Feb 09 to invest. He did nothing and cash simply sat in an account. Realizing the account was not invested as I thought, I then sent an email in July 09 stating my concern over funds not being invested. Finally, meeting set up with adviser in Oct 09 and funds were suspiciously invested roughly two days before the meeting. All positions were then sold in Feb 2010. The lost return on investment during the period funds sat in cash was roughly 15%. Am I entitled to any compensation for his lack of following my directions?

 

[Hot Topic]

Report him to 1-866-358-6652. Dial code 234 or contact Investor.org ? For The Individual Investor.

 

[HomeGuru]

Washington State

Financial adviser was given funds in Feb 09 to invest. He did nothing and cash simply sat in an account. Realizing the account was not invested as I thought, I then sent an email in July 09 stating my concern over funds not being invested. Finally, meeting set up with adviser in Oct 09 and funds were suspiciously invested roughly two days before the meeting. All positions were then sold in Feb 2010. The lost return on investment during the period funds sat in cash was roughly 15%. Am I entitled to any compensation for his lack of following my directions?

**A: how much do you want?

 

[Walnutz]

Settlement would likely be in the $12-15k range.

 

[anteater]

Your agreement with the firm almost certainly requires going to arbitration.

I would not be optimistic, but what the heck... You don't have anything to lose.

 

[jhbond]

Question, why were the positions closed in Feb 2010? If the positions were closed because you requested your money back then you may not have much of a leg to stand on.