New York, NY (PRWEB) May 14, 2013
Zamansky & Associates LLC announces the filing of a FINRA arbitration for a 87 year-old investor who is living in assisted care against Wells Fargo Advisors alleging improper asset allocation. The case is FINRA No. 12-4358.
The Statement of Claim in the arbitration alleges that Wells Fargo Advisors recommended an unsuitable and improper asset allocation of managed stocks, stocks and stock-based mutual funds, with no fixed income allocation. The Statement of Claim alleges that this stock-heavy allocation was unsuitable and negligent because it failed to diversify across asset classes which is required for prudent investing. The Statement of Claim further alleges that a managed stock, stock and stock-based mutual fund portfolio is not appropriate or suitable for a retiree or conservative investor because it is too risky and fails to generate needed income.
According to Jake Zamansky, “Financial advisors have a duty to recommend a suitable asset allocation strategy to customers, and brokerage firms have duties to supervise the recommended asset allocation. If any investor is retired or has conservative objectives and see that they are concentrated in stocks or stock-based funds, the investor should get their brokerage account reviewed,” Zamansky contends.
What Investors Can Do
If you would like to have your brokerage accounts reviewed or discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates LLC
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud, FINRA arbitration and class action litigation. Our FINRA attorneys represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414