Financial Advice Disputes

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At Monaco Compensation Lawyers (MCL) we have a specialist legal team dealing only with 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 lodge a complaint to the Financial Services Ombudsman (FOS).

Monaco Solicitors are experts in financial advice disputes and we will look at your documents and provide a free consultation to discuss your case and represent you in any claim, a complaint to FOS.

Frequently Asked Questions

What are Financial advisers usually required to do?

  • 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. and
  • Only make any significant changes if they do a new FNA or SOA.

If any of the above are not followed and you suffer financial losses, you may have a claim for compensation for the losses.

Types of claims you can potentially make against a financial advisor?

  • They didn’t follow all the correct procedure.
  • 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.
  • Cross sell you into a product they were interested in.

What financial information should I provide to my adviser?

Your financial adviser must understand your financial situation so they can provide appropriate advice to you. To do this, you are required to provide information about relevant personal circumstances. This will normally include:

  • need for regular income (eg retirement income).
  • need for capital growth.
  • desire to minimise fees and costs.
  • tolerance of the risk of capital loss, especially where this is a significant possibility if the advice is followed.
  • tolerance of the risk that the advice (if followed) will not produce the expected benefits.
  • existing investment portfolio.
  • need to be able to quickly cash-in the investment.
  • capacity to service any loan provided in relation to a financial product.
  • tax position.
  • social security entitlements.
  • family commitments.
  • employment security.
  • expected retirement age.

Why Trust MLC

This practice group is supervised by senior lawyers who are have many years of experience in this field. Our lawyers are widely known in the industry due to their track record of success in the field of Financial Advice law.

Over the years we have finalised thousands of claims on behalf of our clients - from small claims settled through negotiations to multi-million dollar court actions.

We are dedicated to supporting our clients at every stage of the process, from the initial consultation through to a resolution. we note that the expenses of preparing a claim can cause great concern, so we cover all expenses.

We have the ability to go toe to toe with the financial advisors and their insurers, who will often expend substantial resources defending claims.

10 Reasons To Choose Us

You can afford high quality legal representation without having to pay any upfront costs. We will never charge unless we successfully recover compensation. This means that if your claim is unsuccessful, you don’t have to reimburse us for any of the legal fees and expenses associated with your case.

Free advice from a solicitor

You can get free advice from one of our expert lawyers both on the phone and or in person. How does it work? You simply call us at 1300 769 665 and you will be transferred to one of our lawyers who will provide you with clear and comprehensive advice free of charge. You can also submit an enquiry online and, again, our written advice to you will be obligation free.

98% cases won

We win the overwhelming majority of our cases. Obviously, this doesn’t happen by chance – only hard, diligent work gets results. What does it mean for you? It means that nothing is left to chance and no stone is left unturned in getting you the successful result you deserve.

Award winning law firm

At MCL we take pride in our work and work tirelessly to be the best in the industry. We have been voted Personal Injury and Superannuation Law Firm of the Year 2018 in Australia (CorporateINTL Awards).

4.8 Star rating on Google

Don’t just take our word for it – look at independent Google reviews from our clients. In fact, Monaco has the highest Google rating within the industry.

Leaders in our field

For over 20 years MCL has been a leader in the field of compensation law. With 36 offices nationwide, we can deliver our services to you wherever you are. No matter how big or small your claim, we have the expertise to handle it successfully.

We are specialists in Superannuation – TPD claims

At Monaco, our lawyers are some of the best trained and qualified in the industry.We have a team dealing exclusively with Superannuation – TPD claims, headed up by an Accredited Specialist. So no matter how complex your claim, we have the expertise to handle it successfully.

Maximum compensation

Don’t let insurance companies pay less than your claim is worth. You deserve substantial compensation for your suffering and it is our responsibility to get it for you. We have the training and expertise to ensure that nothing will be left to chance when preparing your claim. The result – maximum compensation recovered in every case.

We are in for the long haul

Compensation claims can be expensive to run. We have the financial muscle to go the distance against the limitless resources that can be deployed by the insurance companies. If we take your case, we’ll run it on a No Win No Fee basis, so you have nothing to lose.

Home and hospital visits

We have dealt with injured people over many years and understand that sometimes travelling to see a lawyer can be difficult. This is why we offer our free home and/or hospital visit service. All you need to do is ask!

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