Financial Advice Disputes - Berrill & Watson

Financial Advice Disputes

If you have suffered loss as a result of bad advice from a Financial Advisor or Planner, you may be entitled to compensation. Strict time limits apply, you should enquire about your rights without delay.

Financial Advice Disputes


Many Australians get financial advice from experts about investing their hard-earned money, usually for their retirement. Most financial advisers give good and appropriate advice. But sometimes, financial advice can be negligent or misleading and result in significant financial losses. If you suffer financial losses because of negligent financial advice you may be able to sue your financial adviser or lodge a complaint to an Ombudsman (FOS).

Financial advisers are usually required to:

  • Do a Financial Needs Analysis (FNA) to work out your financial needs, risk tolerance and your knowledge of types of investments and share markets etc
  • Prepare a written Statement of Advice (SOA) setting out the recommended investment advice based on the above
  • Get your agreement to that SOA or an amended one
  • Implement the investments based on the SOA
  • Only make any significant changes if they do a new FNA or SOA

If any of the above are not followed and if you suffer financial losses, you may have a claim for compensation for the losses.
Berrill and Watson are experts in financial advice disputes and we will:

  • Look at your documents and have a meeting with you to assess your claim for FREE
  • Represent you in any claim, complaint to FOS or court case no-win/no fee*

Checklist

If you adviser:

  • Didn’t follow all the above steps
  • Said you were a risky investor-when you are conservative
  • Recommended a risky investment strategy but didn’t warn you of the risks
  • Recommended you borrow money to pay for investments but didn’t fully explain the risks of this e.g. if you’d if you can’t afford the loan repayments
  • Put you in investments that were too risky or didn’t spread the investments enough
  • Didn’t explain the downside if markets fall
  • Didn’t explain the effect of investments on Centrelink, compensation or insurance benefits you have
  • Failed to monitor the investments when they said they would
  • Changed or churned the investments too much

Then you might have a claim against the adviser or his/her company for any financial losses you suffer because of the above. Contact Berrill & Watson to discuss your situation.