Financial advisors making false promises resulting in misinformation and financial losses for their clients are liable for damages. In the UK, SIPPs or Self-invested Personal Pensions are a huge deal since it allows people to decide how to grow their money. Since most people are not experts in finance, they partner with financial advisors to know which way to move forward. If people receive terrible advice, they can file SIPP claims if their advisor was negligent.
Incorrect investments
The role of the advisor is simply to give you sound advice based on all the factors considered; it is up to you to determine which path to take. Sadly, some advisors coerce their clients to take the way which seems to be sound but is not. Among the failed investments include hotels and tourism properties, green energy and overseas investments. These areas might seem to have a tremendous potential for growth, but they also come with significant risk.
Explaining the details
You expect your financial advisor not only to explain to you what the investment is but all other details that come with it. For instance, you need to know what the risks are so that you can weigh if it is still worth pursuing. You also need to know what the tax implications are or if you need to pay additional fees on top of the amount that you invested. It requires due diligence on the part of the advisor to make you understand all these details and changes in the rules of investment, so your advisor needs to keep you up to date.
You need assurance
The reason why you sought financial advice is that you wanted assurance. These advisors usually seek high prices for their services, but you are willing to pay the price because you know that a terrific investment could lead to significant financial gains. If it ended up with a disaster, this might be due to your advisor’s negligence. There are safe investments given your financial status, and your advisor is responsible for letting you know that.
Hire a lawyer
You cannot let this pass since it involves a vast amount of money; you and your family’s future and financial security are on the line. You cannot allow the advisor to get away with this and it is also your way of preventing the advisor from potentially hurting other people because of their incompetence.
With the right legal help, you can pursue the advisors and make them pay for their actions. You can succeed in this battle if you collect the evidence supporting your claim and prove that the negligence of the advisor resulted in your current financial problem. It is a long process since your advisor will most likely try to prove otherwise. If you are correct and you can point to incompetence as the primary reason for your situation, you can win this battle.