Professional negligence

Financial advisors

Financial negligence

Has poor financial advice caused you to suffer financially?

If the improper actions of a financial advisor have caused you financial strain or loss, our team of professional negligence lawyers at Gibbs Wright can assist in holding them accountable for their actions.

When you engage a financial advisor’s services you have certain expectations that they exercise a degree of skill and care that is above that of the average person. Financial loss should not be a part of the equation.

If you have suffered financially because of a professional’s negligent actions, get in touch with our team of litigation lawyers at Gibbs Wright to discuss your case. We offer an initial no-cost, obligation-free, consultation to discuss the merits of your case.

Types of professionals

Examples of negligence by financial advisors

  • Failure to declare conflicts of interest
  • Recommendations of unreasonably risky investments
  • Failure to disclose risks associated with investment decisions
  • Non-compliance with law and industry standards (Financial Ombudsman Service)
  • Not disclosing all fees, charges, insurance premiums and commissions associated with service

Looking to resolve a professional negligence dispute?

At Gibbs Wright Litigation Lawyers, we offer an initial no-cost, obligation-free consultation to help you understand your options. We’re here to fight for you.

Definitions

What is negligent financial advice?

A professional will not necessarily have acted negligently simply because they have made an error in judgement. However, what is considered “reasonable care and skill”, and what will amount to negligence, will vary from matter to matter depending on the service that is being offered. Our lawyers at Gibbs Wright can assist you in navigating this section of your claim.

Professional negligence is when a professional owes a duty of care and breaches their responsibilities. Negligence also includes failing to give you correct advice, failing to give you advice on a certain issue, and failing to give you advice within a reasonable time (limitation periods).

To successfully prove a professional negligence claim against a financial advisor, you (a plaintiff) must establish that:

your financial advisor owed you a duty of care

your financial advisor breached that duty of care

as a direct result of your advisor's breach of their duty of care, you have suffered financial loss

If all the above elements are satisfied, a successful professional negligence claim against your financial advisor will generally entitle you to claim compensation for any financial loss suffered as a result of the negligence or breach of duty of care.

This will generally include legal costs or other professional service expenses reasonably incurred in the process of establishing a professional negligence claim, and may occasionally also include potential future financial losses or expenses that are likely to accrue as a direct result of the breach.

Professional negligence lawyers

How can Gibbs Wright help?

  • Examine the facts of your professional negligence case
  • Establish whether a claim  can be made
  • Explore your legal options
  • Discuss your best course of action
  • Act on your behalf to hold a professional who has breached their duty of care with you

In most cases, our professional negligence lawyers will make every effort to settle your matter through negotiations. This negotiation is typically with the professional’s indemnity insurer and or legal representative.  If negotiations are not possible or fail to reach an adequate resolution, the matter can proceed to court.

Our litigation lawyers at Gibbs Wright understand the commercial strategies that insurance companies employ in professional negligence claims, and we are capable of helping you through the negotiations and potential litigation that your case may face.

The bottom line is that if a professional’s negligent behaviour has impacted your life, we can be there to hold them accountable for their actions.

We are civil & commercial litigation lawyers

Why choose Gibbs Wright

There are hundreds of law firms in Queensland, but only a handful of them focus solely on litigation, and fewer still have the necessary skill and understanding to deliver commercially viable results for your matter.

At Gibbs Wright, we exclusively practice in litigation and dispute resolution, and as a client of ours, we want you to feel confident that you will receive unparalleled service and dedication for your dispute.

Our firm represents both plaintiffs and defendants across Queensland, in a wide range of litigation and dispute matters, and no case is too small, too large or too complex for our lawyers to take up the fight.

Whether you are an individual or one of Australia’s largest companies, your case deserves the same level of attention and dedication – and that is what we strive to provide to each and every client.

Commercially viable outcomes

High success rate

Brisbane-based Litigation Team

Dedicated litigation firm

Direct contact with your lawyer

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We help resolve professional negligence claims

Gibbs Wright acts on behalf of those who have suffered financially because of a professional's failure in their duty of care.

budget, financial, project, accounting

Negligent accounting

helmet, safety, construction

Negligent construction work

bill, tax, invoice

Financial advisor negligence

price, house, real, estate

Real estate negligence

Questions on financial negligence

Frequently Asked Questions

You can take legal action against a financial advisor if you receive bad financial advice from them or suffer a loss due to their conduct.

For example, you may be able to take legal action against a financial advisor if they:

  • Fail to declare a conflict of interest;
  • Fail to disclose investment risks;
  • Fail to comply with industry standards;
  • Fail to disclose all fees, charges, insurance premiums and commissions for service;
  • Fail to properly monitor chosen investments;
  • Fail to consider how a financial strategy might impact on retirement;
  • Recommend substantial investment in one product rather than balanced and diversified investment;
  • Recommend an unreasonably risky investment;
  • Give financial advice without knowing your personal circumstances, financial objectives and risk tolerance.

Not all financial loss that results from poor financial advice can be considered negligence. The value of some investments will fluctuate as the result of normal market changes rather than negligent financial advice.

You may have the right to compensation. Each case involving financial advisor negligence is different and requires a legal assessment. Call Gibbs Wright Litigation Lawyers to discuss the merits of your claim, your options and likely compensation.

Yes. There is generally a six-year time limit, which starts at the time you first suffered loss. An extension can be granted in exceptional circumstances only.

The amount of compensation will depend on the case. If your claim succeeds, you will be compensated to the degree that will return you to your financial position before the negligence. You can also be compensated for any lost profits or expenses incurred in trying to resolve the negligence. A claim for less than $150,000 can be made via the Australian Financial Complaints Authority.

The time it takes to finalise a claim will depend on the case.  There are many factors that can affect the time it takes for a decision on your claim. Providing accurate and detailed records to support your claim makes the process quicker.

Receiving bad financial advice can have a devastating effect on a person’s life, now and into the future.  At Gibbs Wright Litigation Lawyers, we will determine the strength of your claim and the best way to obtain maximum compensation, while reducing the risks involved and minimising costs to you.

The cost to make a claim will depend on the case.

If you have suffered as a result of a financial advisor’s negligence, Gibbs Wright Litigation Lawyers can take up your fight and ensure you are properly compensated. Call now for a free, no-obligation consultation.

Yes. At Gibbs Wright Litigation Lawyers, we offer our services to those who are making claims of negligence and those who have been accused of professional negligence. If you’re a financial advisor that has been accused of professional negligence, we can determine the strength of the claim against you and the best way to minimise any compensation payable, while reducing the risks involved and minimising costs to you.

Testimonials

What our clients say

"These guys are fantastic. Extremely fast to respond with invaluable expertise and assistance. They helped resolve my dispute in the most cost effective and timely manner. Billing was extremely reasonable for the service."
Paul Cleveland
"Highly recommend Spencer and his team ..... took what was a very stressful time of my life and made it that much easier to deal with. The best possible advice leading to the best possible outcome for me. Thank you so much !!"
Simone Douglas
"Mitchell and the team at Gibbs Wright helped me out with a family situation....response time was great, no delay. Would recommend 100%."
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Our people

Meet our litigation team

Yusuf Furgan
Senior litigation solicitor

Meet Yusuf

Yusuf combines his formidable legal research and problem-solving skills together to resolve employment and commercial disputes.

Rebekka Hallberg
Senior litigation solicitor

Meet Rebekka

Rebekka is dedicated, driven, and an out-of-the-box type thinker, who assists our clients in a wide variety of litigation and IP matters.

Melany Dowse
Special counsel

Meet Melany

Melany represents a range of clients from individuals and small businesses to body corporates and insolvency practitioners.

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