Obviously, financial professionals should not lie to their clients or commit fraud with the client’s money. Those who manage money on behalf of other people need to be basically honest.
If they are otherwise, then their clients may be entitled to compensation. Criminal and administrative penalties are also a strong possibility.
However, both for Michigan’s financial professionals and their customers, just being minimally honest is simply not enough.
These professionals have after all been given a great deal of trust, and those who place money in these professionals’ hands are counting on them to work toward a positive result.
Compensation may be available to victims of negligent financial professionals
It is only right that when financial professionals in the greater Detroit area break their trust, victims should receive compensation.
There are a number of legal theories victims can use to try to get compensation after they discover their trust in a financial professional was misplaced.
For example, professionals have to be careful in all cases to act in the best interest of their customers and free of any potential conflicts of interest. If they do not do so, then a victim can hold the professional accountable.
The professional also has an obligation to follow his client’s instructions when trading or moving around funds. Failing to take a client’s directions on how a client want so spend her money could lead to legal action.
Finally, although financial professionals cannot guarantee that every decision they make will turn out well, they must exercise appropriate legal care with their client’s funds. Otherwise, the customer can sue because of this negligence.
It is best for a person who is actually thinking of suing a financial professional to discuss their legal options with an experienced securities litigation attorney before going forward.