With an hour to close, I instructed my broker to sell everything in my IRA account, go into cash, and send me a check. My instructions were not followed. What recourse do I have?
The first thing you should do is ask your broker why she didn't do what you asked her to do. If you aren't satisfied with her response, seek an explanation from the manager of the branch office where your broker works or from the firm's compliance officer. You can also file a complaint with the SEC (the agency has an online complaint form).
Brokers are supposed to follow instructions given by their clients. However, the SEC finds at times that there are valid reasons for the actions or simply a miscommunication.
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