Posted by admin | Posted in Uncategorized | Posted on 30-09-2008
Tags: finance, investing, investment, money, mutual
Money Making Mutual Funds
What happen’s if my FA forgot to execute a transaction of an exchange in mutual funds 6 month ago?
Six month’s ago (May 19, 2009) I solicited my FA to exchange my money market mutual funds to a more aggressive funds (latin american and china equity mutual funds) but he forgot to made the exchange, obviously the funds are up a huge percentage, but my money is still in mmkt’s.
is there a rule, regulation or law that protects me against claims five month ago??
You’re chances of any retribution is slim to none.
Yes there are rules that protect you BUT not in the case you have described. The rules state that you must receive or have available a confirmation of all transactions, within twenty four hours of the trade. Also in the past several months, you have been receiving statements or they were available to you, and the “missing” trades did not appear in your account. The rule is that the firm must provide you with or make available to you, a detailed statement of your account at least quarterly.
It appears there was a misunderstanding about your instructions to your FA, and you should have followed up within two days of the “supposed” transactions.
The results of your claim is also dependent on the number of transactions you have made with the firm, your overall experience you have in making investments and the length of time you have been with the firm. If this was your first transaction, you may have a case (very slight) but if you have some experience with investing, the snow ball has a better chance.
The same rules that protect you also protect the firm by mandating that they provide confirmation of transactions and detailed statements of your account’s activities..
Rather than bring your case to YA, you should have presented first to the FA, then to the company since they are the ones to properly resolve your problem.
There are some of use here on YA that have extension experience in such matters but we’ll be providing you with responses that you may not like to hear.
Based on experience, you should submit your claim in writing to the FA with a copy to the firm’s compliance officer (you submit it to the branch manager).
One responder stated that you should contact a lawyer. In your new account agreement, it states that alll discrepeancies, and claims will be handled by aritration , which means must present you case, in writing, to FINRA or the exchange, depending on the firm’s memberships. Getting a lawyer at this point in time would be costly.
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