Only a small number of investors have problems with their
broker or their broker’s firm. But problems can occur. If you have
a complaint about the service you receive, or if you believe
your broker has made an error in your account, there are steps you can take
to get things resolved.
First steps
1.
Start by calling
your broker and explaining the problem.
2.
If the matter
isn’t resolved to your satisfaction, contact
the branch manager and schedule an appointment.
Be sure to take all of your documents and records
to the meeting to back up your claim.
3.
If you aren’t
satisfied with the manager’s response or you
believe the problem involves the entire branch,
you should file a written complaint with the brokerage
firm’s legal and compliance departments. They
have up to 30 days to respond.
4.
If you believe
that the brokerage firm has committed a serious
regulation violation, contact the
Securities
and Exchange Commission (SEC) or the
Financial Industry Regulatory Authority (FINRA),
and report the violation.
These organizations can discipline the firm if
your claim is substantiated, but that doesn’t
mean you’ll recover any losses you may have
because of the violation.
