Preparing for your FINRA mediation


If you feel like you’ve been wronged by your broker, you need to consider taking some sort of action to try to recover the compensation that you’re owed. There are a few ways that you can do this, including filing a FINRA claim. This claim seeks to resolve the issue without dragging you through litigation. Therefore, by pursuing a FINRA claim, you have the ability to seek arbitration or mediation.

Although these methods of alternative dispute resolution might be a great way for you to try to resolve your case, it’s not a process that you can just wing. Instead, you need to be adequately prepared before you step into mediation, otherwise you might find yourself being taken advantage of by the other side.

Preparing for your FINRA mediation

 There are a lot of considerations to keep in mind as you head into mediation. They include each of the following:

  • Try to mediate early: Sure, the earlier you mediate your claim the quicker you may be able to reach resolution, but you might also avoid incurring extensive legal cost the quicker you try to resolve your case. Also, the quicker you seek mediation the less likely the other side is to be solidified in its position, which means that you’ll have a better ability to find compromise and resolution.
  • You have to be prepared: Only through adequate preparation can you present the persuasive legal arguments that are likely to sway the other side by helping them see the risk of moving forward with litigation. This not only maximizes the likelihood of resolving your case at mediation but also increases your chances of recovering your damages to the fullest extent possible.
  • Be willing to negotiate: Most mediations result in resolution. But if you want to resolve your case through this form of alternative dispute resolution, you need to have a little bit of flexibility. If you hold too firm to your position, you might frustrate the other side and wind up unsuccessful in your mediation, which may leave you facing litigation risks. So, before heading into mediation, think about what settlement range would be acceptable to you.
  • Choose the right mediator: The mediator selection process can be critically important. You need to ensure that you choose someone who is experienced and can foster effective negotiations.
  • Adequately assess the strength of your case: Before heading into mediation, you need to have a realistic understanding of the evidence in play. This way, you know how likely you are to succeed on your claim if you decide to take it to trial. That way, you’ll have a better idea of when settling your case is appropriate and when you might need to walk away and take your dispute to trial.

Keep in mind that there are other steps that you can take to ensure that your case is mediated as successfully as possible. So, if you think that your case is headed in that direction, you should take a holistic and comprehensive look at your situation so that you can make the decisions that are right for you.

You can benefit from having an attorney on your side

 There’s a lot on the line in your FINRA mediation, which is why you can’t skimp on preparation. If you’d like help in preparing for your alternative dispute resolution, you might want to consider discussing the circumstances of your case with an experienced securities law attorney.