Your broker's employer is accountable for the actions of their agent and has an independent duty to supervise your account. If you suffer a loss, a lawyer at Halling & Cayo, S.C. can explain suing your broker vs. suing their company. This legal process can help you obtain the results you want without impacting your relationship with your broker or involving another lawyer.
There are times when people come to me with a potential claim, and while they suffered losses and their broker may have done something improper, sometimes you've known your broker for years, maybe you're friends with that person, and the last thing you want to do is to sue your broker.
Fortunately, the way this is set up through FINRA arbitration and just the way the law covers these types of transactions, you don't have to sue the broker, and often we don't actually sue the broker because we're just inviting yet another lawyer to be there for the defense and to poke holes in our case. So instead, we'll often just sue what's called the broker dealer, which is really just the company that the broker works for, and they have liability for two reasons. One is that they're responsible for the actions of their agent, so whatever the broker does, their employer is responsible for. But they also have an independent duty to supervise those accounts.
So if you've suffered losses in your account and it results in you having to bring a claim to recover those losses, the broker dealer is going to be responsible for those losses, and it's ultimately going to be the party that we would be seeking repayment from.