Florida-based Litigation Firm Upholding Fiduciary Duty
FINRA rules require investment professionals to conduct themselves with the utmost integrity and not allow their own interests to come before those of their clients. Unfortunately, securities fraud and breach of fiduciary duty continues to occur. If you have fallen victim to the schemes of unscrupulous stockbrokers, or received advice which caused unecessary and unwarranted losses, contact Levin, Papantonio, Thomas, Mitchell, Rafferty & Proctor, P.A. in Pensacola, Florida.
Breach of Fiduciary Duty
Investors place a great deal of trust in their stockbrokers or investment advisors whom they rely on for expertise in making investment decisions. Because of this, investment professionals are held to an extremely high standard of loyalty and care and must conduct themselves with the utmost good faith and integrity. Brokers and investment advisors have several obligations:
- Managing accounts to meet the needs and objectives of the customer
- Keeping abreast of changes in the market
- Acting responsively and sensibly to protect customer interests
- Keeping clients informed about each completed transaction
- Explaining the impact and potential risks of recommended trading strategies
The level of loyalty and care owed by licensed financial professionals to their clients depends on the type of accounts held by the investors or the relationship between the parties. In a discretionary account, the broker can manage the customer's portfolio without obtaining explicit customer approval for each transaction. For a non-discretionary account, to avoid breach of fiduciary duty, the broker is required to:
- Research every recommendation
- Make full and complete disclosures
- Obtain customer approval before making trades
- Place an order in a timely manner
If you believe your personal investment representative breached his or her fiduciary duty to you, and this breach resulted in losses in your account, the lawyers at Levin, Papantonio, Thomas, Mitchell, Rafferty & Proctor, P.A. Link to Firm Overview will provide a comprehensive and confidential investment advisor fraud evaluation with no obligation.
Contact Levin, Papantonio, Thomas, Mitchell, Rafferty & Proctor, P.A.
To discuss your legal problem, contact the firm online or via telephone at 855-345-1554. To learn more about the law offices of Levin, Papantonio, Thomas, Mitchell, Rafferty & Proctor, P.A., please visit the media center or view the firm's brochure or resume.