Reasonable-Basis Suitability

Securities Litigation Attorney Protecting Investors’ Rights in New York and Nationwide

Financial advisors are required by federal law to act in the best interests of their clients. Thus, financial advisors can be held liable for breaching the fiduciary duty owed to their clients. If you suffered harm due to an investment professional’s breach of fiduciary duty, you should seek the counsel of a knowledgeable attorney. New York securities lawyer Irwin Weltz can analyze your accounts and assist you in determining whether you have sufficient evidence to bring a case against the party that caused your harm. He represents investors harmed by the fraud or negligence of brokers and financial advisors in litigation and arbitration in New York and throughout the nation. Irwin Weltz is well versed in the state and federal rules and laws that apply to financial services professionals and can provide you with aggressive representation.

The Fiduciary Duty Owed by Financial Advisors

Financial advisors owe an ongoing fiduciary duty to their clients to act in the clients’ best interests. The duties imposed on a financial advisor are outlined in the regulations issued by the Securities Exchange Commission (SEC). Specifically, financial advisors owe their clients duties of loyalty, care, disclosure, and good faith. These duties have been interpreted to mean that a financial advisor must place a client’s interests above their own, and they must disclose any conflicts of interest. Furthermore, financial advisors are required to disclose any relevant facts pertaining to a transaction and avoid misleading clients or providing investment advice that does not align with a client’s goals. Thus, it is essential for a financial advisor to make sure that an investor understands the risks and potential rewards of an investment, and to recommend transactions that will align with the investor’s objectives and needs.

Proving a Breach of Fiduciary Duty

There are numerous ways in which a financial advisor in New York or elsewhere may breach the fiduciary duty owed to a client. Typically, any behavior that constitutes a failure to act in a client’s best interests may be considered a breach. In securities litigation and arbitration, breach of fiduciary duty claims typically arise due to a financial advisor’s misrepresentations pertaining to an investment, if they affected the investor’s decisions regarding the investment, or due to fraudulent or negligent actions. Even if a financial advisor’s inappropriate acts were not committed for personal gain, any act that fails to protect a client’s best interests may be considered a breach. If you are uncertain about whether your financial advisor breached the fiduciary duty owed to you, you should consult a capable securities attorney to discuss the facts of your case.

An investor who has been harmed by a financial advisor’s breach of a fiduciary duty may be able to pursue multiple claims against the advisor. For example, depending on the actions constituting the breach, an investor may be able to pursue a claim for fraud, misrepresentation, or negligence, in addition to a claim alleging a breach of a fiduciary duty. Each of these claims has somewhat different elements, so you should consult an attorney to determine which theory may be most applicable to your situation.

Suitability Supervision?

Discuss Your Situation with a Resourceful Securities Lawyer

Financial advisors have specialized knowledge and skill, and they owe a fiduciary duty to their clients to exercise their knowledge and skill in a manner that benefits their clients’ interests. If you suffered harm due to your financial advisor’s breach of their fiduciary duty, you should contact a skilled securities litigation attorney to discuss your case. New York attorney Irwin Weltz has over 25 years of experience representing parties in FINRA (previously NASD) arbitrations and securities litigation. He can guide individual investors and businesses through breach of fiduciary duty claims in FINRA arbitrations and AAA arbitrations, FINRA and SEC investigations and proceedings, state administrative proceedings, and cases before federal and state courts. You can reach Weltz Law at 877-935-8952 or through the online form to schedule a meeting to discuss your case.

Client Reviews

I was introduced to Irwin when facing a regulatory issue which, at the time, felt overwhelming. From my first meeting with him, Irwin gained my trust and explained all options and potential outcomes in a way I could comprehend. He was there to talk me through any questions and concerns I had until we decided on the best option for me. On top of that, he is a genuinely caring person and has remained someone I go to for guidance throughout the years. I could not recommend him highly enough!

- Securities Industry

I found Irwin to be my advocate, in the best sense of the word. He truly cares about his clients, and because of his work ethic and perceptiveness, was an exceptional litigator in my lengthy and complicated case.

- Business Owner

I was referred to Irwin by a colleague who is in the securities business. I cannot thank him enough!. Irwin has been amazing…my case was complicated but Irwin has a way of looking at situations through different lenses and gets results. I can’t say enough about his “bedside manor”. As good as he is as an attorney, he’s an equally good person. He actually cares.

- Securities Industry

Irwin is a rare breed of lawyer, he’s honest, straightforward, smart and doesn’t over bill


Irwin has been my go-to lawyer for arbitration and regulatory matters for years. He’s smart, cost-efficient and gets results. I highly recommend him.

- B.D.