The Green Firm has filed a claim through FINRA arbitration against Fidelity Investments and its financial advisor on behalf of a retired Texas pharmaceutical salesman for losses in excess of $200,000.
Our client is an unsophisticated, lifelong conservative investor who held a PAS or Portfolio Advisory Service account with Fidelity for several years. After selling land and clearing some of his debt, our client was recommended a more risky investment allocation by his financial advisor. Our client’s portfolio went from around 75% bonds and 25% stocks to 40% bonds and 60% stocks. In a little over a year after the portfolio change, our client allegedly lost around 25% of his retirement savings or $200,000 as a result of the inappropriate and unsuitable recommendations by his broker.
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