Who managed the money shapes the forum
Investment management disputes take different routes depending on the relationship. Claims against a brokerage firm usually go to FINRA arbitration, because the account agreement requires it and member firms are generally obligated to arbitrate customer disputes. A registered investment adviser is a different kind of firm, owing fiduciary duties to clients, and its advisory agreement may send disputes to private arbitration or to court. Investors in a private fund look first to the fund's governing documents, which often choose another state's law, frequently Delaware's. Disputes can also run in the other direction, between a manager and a departing portfolio manager, or between partners over fees and carried interest.
Statements, agreements, and the mandate
Collect the account opening documents and the advisory or customer agreement, along with any investment policy statement or written description of the strategy you agreed to. Account statements, trade confirmations, and fee invoices show what actually happened, and the gap between those records and the stated mandate is often the heart of the claim. An adviser's Form ADV brochure describes its fees and conflicts as the firm itself disclosed them. Emails, texts, and notes of calls matter, especially where instructions or assurances were given orally. A written timeline helps, prepared after speaking with your lawyer about how to keep it protected.
Testing the claim before choosing a route
We begin by identifying exactly which firms and individuals were involved and what each agreement says about where disputes go. Arbitration forums have their own eligibility rules, and court claims carry limitations periods that can begin earlier than investors assume. A falling account balance does not by itself establish a claim; what matters is whether the money was handled in a way that departed from the agreement or the duties owed. We also look at whether the firm or individual could pay an award and whether insurance stands behind them. The first meeting should leave you with a clear sense of the forum and the issues that will matter there.
