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Suitability

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Unsuitability refers to broker’s recommendations or trades that are inappropriate in light of the investor’s risk tolerance, investment objectives, financial condition, and level of sophistication. Unsuitability may include situations where a stock broker does not refuse to execute an unsuitable trade even if the investment is originally the customer’s idea. A broker has a responsibility to know his or her client and to only recommend investments and strategies that are suitable for that client. If the broker does not learn about the financial condition or objectives of the client, he or she cannot meet this responsibility. When a broker makes unsuitable recommendations for that client, the broker may be liable.

The National Association of Securities Dealers (NASD) has two rules relating to suitability: the suitability rule and the “know your customer” rule. Violation of either of these rules may be the basis for a claim on their own or as part of another claim such as breach of contract. Unsuitable trading constitutes fraud and is a violation of Federal and state securities laws.

If you have lost money as a result of reasonably following a recommendation of an unsuitable investment, you may have a claim worth pursuing.

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