In many cases, advisors have argued successfully that they were never a customer’s advisor, or the product at issue was the fault of the brokerage firm, was transferred in or sold by another broker.
Decisions are “based upon the veracity of the allegations and whether the broker was actually involved,” Kennedy said.
Letters, notes, e-mails, account documents, investigative findings and positive statements from customers can help make the case. That, plus a credible advisor.
And while some customers do oppose expungements, “I’m surprised how many investors end up contacting us [and say] they have a very good opinion of the broker” even though they may have complained about a particular investment, Kennedy says.