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How to File a Complaint Against Your Financial Advisor
The Financial Industry Regulatory Authority (FINRA) oversees broker-dealers and brokers and provides a venue for investors to file complaints against them.
If you believe your financial advisor or brokerage firm has engaged in improper conduct, you can file a complaint with FINRA to have the matter investigated.
Although not required, we recommend that investors talk to an investment fraud lawyer before filing a complaint. Most law firms offer a free consultation.
Steps to File a FINRA Complaint
Follow these steps:
- Gather details about your case – dates, actions taken, statements made, documents, losses incurred, etc.
- Determine violation types – misrepresentation, unauthorized trading, theft, unsuitable recommendations etc.
- Submit complaint data on the FINRA complaint form. You’ll need personal info, firm/broker info, and complaint details.
- Attach supporting documents – account statements, correspondence, agreements etc. These bolster your case.
- FINRA reviews the complaint and contacts the firm for their side of the story.
- If violations occurred, FINRA may offer mediation or arbitration and can order restitution paid to you.
FAQs on FINRA Complaints
FINRA handles complaints against brokers and brokerage firms for issues like fraud, misrepresentation, unauthorized trading, theft and conflicts of interest. Complaints can involve broker accounts, investment advice, financial planning services and insurance products.
FINRA only has authority over FINRA-registered advisors and firms. If yours isn't, report them to your state securities regulator.
You can still file a FINRA complaint. It's a separate process focused on industry violations rather than legal claims.
Yes, you have six years from the event date, but don't delay. The sooner FINRA can investigate, the better.
Filing a complaint is free. If arbitration occurs and you want representation, there are lawyers' fees.I hope this guide on how to file a FINRA complaint helps investors seek restitution from brokers and advisors in cases of improper conduct. Let me know if you have any other questions!
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