It’s unclear whether stricter financial regulatory guidelines will prevent another global meltdown, but it seems that in the short run investors’ claims against financial advisors are being taken more seriously.
Take the retired Dade County court clerk, for example, whose retirement account was allegedly managed poorly by Wachovia Securities. The clerk has been awarded a FINRA arbitration panel, full recovery of the losses requested, plus interest, attorney fees, forum fees and costs, according to a statement released on Monday. The claim against Wachovia Securities, Inc., by the Securities Law Firm of Mark A. Tepper P.A., alleges that the firm disregarded that the client needed her retirement lump sum payment to supplement her social security and the remainder of her State pension. Tepper claims the Wachovia Bank employee directed his client, to speak with a Wachovia financial advisor, instead of opening an IRA account and placing her retirement funds into a money market account.
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