The Moneyist: ‘She never explained anything’: I’m a senior citizen and I lost $100,000 in the stock market this year. Can I sue my financial adviser?

by | Sep 21, 2022 | Stock Market

Dear Quentin,  I am a senior citizen and have suffered major losses to the tune of $100,000 in the recent stock market turmoil. Can I sue my financial adviser? I understand the dynamics of the market as far as its ups and downs, and have ridden them out before. 

However, it’s been different with the market in this timeframe insofar as tech stocks are taking a major hit, as well as others. I advised my financial adviser I was heading into retirement months before all of this happened. 

As my account was taking losses, she did nothing to warn me that given the current situation it might be a good idea to move my assets to another area to lessen the losses — and return at a later date when things have stabilized.  I now find out through other advisers I’ve consulted with there is a term called “stop loss” to do just that, stop the loss. They also mentioned she did fail in her duties as an adviser. She never explained anything, like high- or low-risk management, or any other aspect of the market. The only time we had contact was when I contacted her about buying into different stocks. Other than that, she never called about anything …

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