If a bank referred you to a broker, financial advisor, or investment professional and you lost money, the recommendation may deserve closer review.
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Speak Directly With Attorney Glenn Mazer
Customers often place special trust in an investment recommendation made through their bank. But a bank referral does not necessarily mean the investment was safe, appropriate, or properly supervised. Problems can include:
Financial advisors and brokerage firms have duties to recommend investments that are appropriate for their customers, disclose important risks and conflicts, and properly supervise the people who give investment advice. When those duties are violated and an investor suffers losses, the investor may have a claim to recover those losses.
Many customers agree to an investment because the recommendation came through a bank they had trusted for years. The introduction may occur inside the bank branch, through a bank employee, or through an investment professional presented as part of the bank’s financial-services relationship. That setting can give customers the impression that the investment and the person recommending it have been carefully vetted by the bank.
A loss alone does not prove misconduct. But a closer review may be warranted when the investment did not match the customer’s age, income, investment experience, need for liquidity, risk tolerance, or financial objectives. The same is true when the customer was given misleading information about the product or relied heavily on the credibility of the bank relationship.
Depending on the facts, responsibility may extend beyond the individual broker or financial advisor. The brokerage firm, investment adviser, bank-affiliated investment program, or other financial institution may also be responsible if it failed to supervise the recommendation, ignored red flags, or allowed an unsuitable investment to be sold through a trusted banking relationship.
If you lost money after relying on an investment recommendation made through your bank, Mazer Law Firm can review what happened, who made the recommendation, what you were told, and whether the broker, brokerage firm, or other financial institution may be responsible. Speak directly with Attorney Glenn Mazer about your situation.
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