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Fisher Investments Losses

An arbitrator recently awarded a plaintiff more than $300,000 in an arbitration filed against Fisher Investments. Since that time, clients have come forward with their own Fisher Investments complaints. Among the complaints about the Fisher Investments portfolio is that the company does not tailor investments to individual investors' needs.

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Fisher Investments Complaints

stockbrokerfraudarbitrationClients of Fisher Investments have come forward alleging the investment firm failed in its duties to its clients. Among the complaints are that clients were told their portfolios would be tailored to their specific needs—taking into account their risk tolerance and financial situation—when in fact many clients say their account was almost exclusively invested in equity portfolios (i.e., they allege their Fisher investment portfolio was too heavily invested in stocks and not balanced according to their financial needs). Those almost-exclusively equity portfolios were reportedly set up for most customers, regardless of their individual needs.

Individual differences in accounts reportedly involve which sectors of the equity markets the account is focused on, but most, if not all, customers who have come forward have allegedly had their funds invested in equities, including the Purisima Total Return fund.

For an average investor, having almost 100 percent of a portfolio invested in equities can be problematic; if the market drops, it can take a long time to recover losses. For investors who are at or near retirement age, however, a portfolio consisting almost exclusively of equities--that is, a portfolio weighted heavily or mostly in stocks as opposed to having a more balanced or age-appropriate portfolio that includes fixed-income assets and cash or cash equivalents--can be a disaster. Retirees who require investments to provide money to live off and who would normally seek a portfolio that is based on life span asset allocation can suffer devastating stock losses in a bad market.

In other words, the complaints concerning Fisher Investments comprised the following two allegations: that individuals are told they will have a portfolio tailored to their needs and risk tolerance when it is alleged that almost everyone gets the same portfolio; and for many investors having an account that is 100 percent (or almost 100 percent) in equity portfolios is too risky for their needs and risk tolerance.

Fisher Investments Arbitration

Failure to tailor an investment portfolio to an individual's needs was at the heart of an arbitration filed by Sharyn Silverstein against Fisher Investments. An arbitrator found in favor of Silverstein, awarding her more than $300,000. The JAMS arbitrator, Karen Willcutts, wrote in her decision, "Fisher failed to make reasonable inquiry into [plaintiff's] financial situation, investment experience, and investment objectives or ignored that information. Instead of tailoring its recommendation to [plaintiff's] circumstances and needs, as it promised to do and had a duty to do, Fisher simply made the same recommendation to [plaintiff] that it makes to the vast majority of its clients: 100 percent equities benchmarked to the MSCI World (MXWO) Index.”

Fisher Investments

Fisher Investments Inc is a California-based company with more than 25,000 clients. It is run by Forbes Magazine columnist Kenneth Fisher and claims to manage more than $41 billion for almost 40,000 accounts.

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Last updated on Oct-4-11

FISHER INVESTMENTS LEGAL ARTICLES AND INTERVIEWS

Fisher Investments Has Seen Previous Arbitrations
Fisher Investments Has Seen Previous Arbitrations Atlanta, GA: A recent arbitration decision against Fisher Investments is reportedly not the first time JAMS arbitration has heard Fisher Investments complaints. At least two other actions concerning Fisher Investments performance have been filed against the firm in recent years, alleging the company put too much of an investor's account in equities, which resulted in massive losses when the market collapsed [READ MORE]

All This, Just for a Free Book: Fisher Investments
All This, Just for a Free Book: Fisher Investments Woodside, CA: While the enterprise at the center of an investment controversy holds that "losing an arbitration once every seven years is a record far better than any major competitor," the alleged disconnect between the stated wishes of the investor and Fisher Investments, the firm to which the investor entrusted her cash, leaves one asking the proverbial question, "whose money is it anyway? [READ MORE]

Fisher Investments "Never Took Action" On Losses
Fisher Investments "Never Took Action" On Losses Hoffman Estates, IL: Fisher Investments lost an arbitration against Sharyn Silverstein, who alleged in her Fisher Investments complaint that the company did not act in her best interest. Now, other customers, like Bob Hall, are coming forward, to say that they, too, lost money as a result of lower than expected Fisher Investments performance, and that representatives of Fisher Investments did not listen to their concerns [READ MORE]


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