Been led astray by a financial advisor? We can help you
People who seek advice from a financial advisor have the right to assume a certain level of care and expertise. If you have put your trust in a financial advisor and they have let you down, you may be entitled to compensation for your financial losses.
By law, financial advisors owe a duty of care to their clients which requires them to:
- Obtain sufficient information about a client's financial needs and goals
- Thoroughly understand the financial products or services they are offering
- Act within the scope of their expertise.
Financial advisors - including planners and brokers - must comply with accepted standards of practice when providing services to their clients. Poor or inappropriate advice can lead to significant financial losses for clients, including damages to retirement or self-managed superannuation funds that may have been accumulating for an entire lifetime.
What constitutes bad advice?
It's important to note that not all bad advice is negligent - losses caused by market fluctuations and other industry variables do not form reasonable grounds to make a claim. However, if you can prove that you suffered a loss because a financial professional did not exercise reasonable care and skill when providing you with advice or recommended unreasonably risky investments, you may have a valid claim.
Claims against financial advisors and financial services providers can arise when:
- Your financial advisor makes recommendations which are not in your best interests
- Your financial advisor recommends you invest in products which are too risky for you
- Your financial advisor makes recommendations which do not meet your stated objectives
- Your financial advisor fails to properly implement their recommendations
- Your financial advisor otherwise acts carelessly and you suffer losses as a result.
There is no 'standard' financial negligence case, as the particulars of your claim will inform and influence its outcome. As a rule, the type and amount of compensation you receive aims to place you in the financial position you would be in had you not received negligent advice. It may also cover any financial losses you suffered while trying to fix the problem - such as the costs of taking out a loan - and your associated legal costs.
Professional negligence claims are subject to strict time limits. The limitation period varies depending on the legislation applicable in your state, however, it is generally 3-6 years. Talk to us today to know where you stand.
How we can help
Our financial negligence lawyers have a proven track record in helping victims of poor, inappropriate or fraudulent financial advice successfully seek compensation. We specialise in this area and know how to quickly and accurately assess your prospects of success in bringing a claim.
We can manage your claim for you from start to finish and support you every step of the way. Our team will work closely with you to:
- Identify whether a breach of duty of care has taken place
- Assess the viability of your negligence claim
- Explore all possible avenues for compensation
- Determine the best course of action to minimise risk and maximise return
- Provide flexible litigation funding options to reduce any financial pressure.
We have the skills and expertise to hold negligent financial advisors, planners, stockbrokers and bankers to account. We take pride in offering clear and helpful advice about your options, your prospects of success and your potential for compensation.
If you have suffered financial losses as a result of negligent or inappropriate advice, contact us today and we'll talk about the next steps forward.
Our No Win - No Fee* arrangement is often available for claims against financial advisors and financial institutions. Under this arrangement, you will not be liable to pay any legal fees to Slater and Gordon unless your case is successful. We understand that cost is a key consideration for people who have suffered financial losses due to negligent advice, so we aim to keep fees from being a barrier to pursuing the compensation you're entitled to.
If you've been affected by a financial advisor's negligence, contact us today to receive expert legal advice and discuss the path forward.