Is my broker or advisor a fiduciary?
A fiduciary is a person who has been placed in a position of trust and confidence. Investment advisors are fiduciaries. Stock brokers who manage discretionary accounts are also fiduciaries. Other financial-industry professionals may also be considered fiduciaries depending upon the circumstances of the case. As fiduciaries, these types of advisors and brokers have a duty to act in their clients’ best interests.
What constitutes a breach of fiduciary duty?
A fiduciary breach occurs when a broker or advisor violates the trust and confidence that has been reposed in him or her by the client. This happens when brokers and advisors make unsuitable investment recommendations. It also happens when brokers and advisors make unauthorized trades, recommend over-priced products, or fail to pass on discounts to their clients. These are just a few examples of conduct that constitutes a breach of fiduciary duty.
Can I consult with an attorney about a breach of fiduciary duty?
If your broker or advisor has failed to act in your best interests, either intentionally or negligently, you may have a breach of fiduciary duty claim. Mika Meyers, PLC regularly handles these types of claims on behalf of investors. For a free consultation, call Daniel J. Broxup toll-free at (1-888) 607-4819.