If you've relied on financial advice and it's led you astray, you may be entitled to compensation for your economic losses. By law, financial advisors, brokers and financial planners are required to exercise proper care and skill when providing services to their clients. If they don't and you get hurt, we can help.
Negligent or fraudulent advice can cause you significant financial hardship and devastating loss. Shine Lawyers' team of Professional Negligence lawyers are equipped with the legal skill and experience to hold financial planners to account.
Negligent financial advice
It is important to note that not all advice that leads to financial loss will be negligent. Much depends on the particular circumstances of your case. Common behaviours that may give rise to negligence include:
- Giving financial advice without knowledge of personal circumstances
- Recommending unreasonably risky investments
- Improper monitoring of chosen investments
- Failing to advise on the risks associated with investment decisions
Financial advisor negligence claims
To have a successful claim for negligent financial advice, you must be able to show:
- Your financial planner owed you a duty to exercise reasonable care and skill when providing advice;
- Your financial advisor failed to comply with accepted standard of practice; and
- As a result of your advisor's negligence, you suffered economic loss.
We can help
If you believe advice from your financial advisor, broker or financial planner has caused you loss, it is best to seek legal advice as soon as possible. Shine's team of expert lawyers can provide an obligation-free consultation to assess the viability of your case and advise you on the best way to move forward. Get in touch today to see how we can right your wrong, and get you the results you deserve.
Recent Shine Lawyers professional and financial negligence cases
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Common questions about Financial Advisor Negligence
You may be able to make a claim if your financial advisor recommended the following:
- Margin loans – Where you have been advised to take out a margin loan despite it being an unsuitable investment for you.
- Options, derivatives and other speculative investments – Where an investment strategy was recommended to you despite it being inappropriate to your circumstances and you being unfamiliar with the financial products involved.
- Capitalising interest on margin loans – Where you have been advised not to repay interest on a margin loan and then as a result couldn’t afford the monthly interest payments.
- Agriculture business investments – Where you have been advised to invest in agricultural business investments so you could get an up-front tax deduction despite it being unlikely you would receive a return on your investment. As a result, you would have suffered significant debts.
- Investing in shares and managed funds that fail – Where you were advised to invest in company shares and managed funds that have failed because the underlying product was flawed and valueless.
When looking for legal advice ask for a legal representative who can explain your claim in a simple way so you understand exactly what you could be compensated for.
- That your financial adviser owed you a duty of care
- That the financial advisor’s actions or advice was not in line with advice from other similar advisors
- That the financial advisor’s action or advice caused you to suffer financial loss
Our job is to find out who the insurance company is and put your claim together in the best possible way. This means you can get the best outcome while having the time to focus on restoring your health.
The compensation could include any profits you lost and any expenses you were hit with while trying to fix the negligence.
Once we have put together all of the evidence we should be able to give you a better idea of what to expect.
Most claims will be finalised from two years from when you first contact a lawyer.
Generally, you have six years from when you first engaged the advisor or six years from when your loss occurred.
The amount of legal costs at the end will depend on the amount of work required to resolve your claim.
This is all recorded on an ongoing basis and you can ask for an update on how things are looking at any time.
It doesn't matter if you are located close or far away from a Shine Lawyers office - we will always provide the same, expert advice and manage your claim with the same level of quality and commitment.
Our compensation experts are in the following locations:
New South Wales
- Gold Coast
- Hervey Bay
- North Lakes
- Stones Corner
- Strathpine - Westfield
- Sunshine Coast
- Toowoomba - Kitchener Street
- Toowoomba - Russell Street
Why you should choose Shine Lawyers to handle your financial negligence claim
Hear from some of our clients
History of Shine Lawyers
The Shine Lawyers team
These cases include:
National Australia Bank (NAB) Investigation
Macquarie Private Wealth action
RBS class action
ANZ class action
CBA & Financial Wisdom action
Wickham Securities action
Financial Technology Securities (FTS)
Dan Bowl Tax Minimisation Scheme Group Action
Read about cases like yours
Shine is acting as an independent legal adviser for Macquarie clients affected by inappropriate financial advice. The Macquarie Private Wealth Compensation Program is a program of review and remediation for customers who received financial advice from Macquarie Private Wealth (Macquarie) since 1 March 2004.Read more
Shine has assisted a small business owner who incurred a $750,000 Capital Gains Tax Liability after being given inappropriate advice from an accountant. In 2005 and nearing retirement age, our client retained the services of an accountant to provide taxation and superannuation advice on the sale of her business. After consultation with our client, the [...]Read more
We are assisting a woman who was forced to sell the $4 million share portfolio she had inherited from her uncle after being given inappropriate advice from a financial adviser. In 2008, following the death of her father and the subsequent inheritance she received, our client sought the assistance of a financial adviser. Apart from [...]Read more