JAMS arbitration - My case was almost exactlly the same as below:
Arbitration Award Against Fisher Investments July 8th, 2011
According to the Investment News, Fisher Investments Inc., the firm run by Forbes magazine columnist Kenneth Fisher, may have to pay damages of $376, 075 for breaching its fiduciary duty to a retired investor. Sharyn Silverstein, 64, is entitled to out-of-pocket losses she incurred as a result of Fisher Investments liquidating her bond portfolio and investing 100 percent of the proceeds in stocks, according to a copy of the interim arbitration award obtained by Bloomberg News. Silverstein had invested with Fisher in 2007 after multiple calls and visits from a Fisher outside salesman, according to the award document. She had initially contacted the firm after seeing a Fisher advertisement for a complimentary book in USA Today, the document said.
Karen Willcutts, the JAMS arbitrator for the case, wrote in a 25-page interim award dated July 5 as reported. “She(ie client) called Fisher to get a copy of a free book, with no intention of doing business with Fisher, and ended up being pressured and eventually persuaded, despite significant resistance on her part and that of her husband, to turn over all of her fixed-income securities to Fisher to be invested in equities. Fisher failed to make reasonable inquiry into Ms. Silverstein’s financial situation, investment experience, and investment objectives or ignored that information. Instead of tailoring its recommendation to Ms. Silverstein’s circumstances and needs, as it promised to do and had a duty to do, Fisher simply made the same recommendation to Ms. Silverstein that it makes to the vast majority of its clients: 100 percent equities benchmarked to the MSCI World (MXWO) Index, ” In addition to the $376, 075 in out-of-pocket damages, Silverstein may be awarded the costs of her attorney’s fees, other expenses and interest, according to the interim award for the case, which was arbitrated in Dallas by White Law Group.
(http://www.whitesecuritieslaw.com/2011/07/08/arbitration-award-against-fisher-investments/
Also see - http://www.investmentnews.com/article/20110707/FREE/110709944

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We can help you recover some or all of your losses at Fisher Investments or any other Investment Advisory Firm or full service broker dealer (Morgan Stanley, Meryll Lynch, Raymond JAmes, Edward Jones, et cetera).

Contact me at 312-480-5287, visit our website at www.fightwallstreet.com or email me at [email protected].

Sandy Grossman
Attorney at Law

About a year ago I decided to let Fisher Investments invest my retirement money. I had been doing my own investing and at the time was 30% in cash because of what I believed was an unavoidable drop in the markets. Although I didn't have enough knowledge to forecast the magnitude of the crisis it just seemed eveident to me that the consumer was tapped out, probably grossly over-extended.

The Fisher people were adamant that we were still in the late stages of a bull market. They repeatedly bragged about Fisher's past record at calling market changes. They further argued that being 100% in stocks was appropriate because they could react quick enough when a bottom was reached. They also touted tools they had at their disposal to hedge losses in down markets. For the record I am now 64 years old and retired.

But in the end I was right and they were wrong. They sold nothing. They didn't hedge anything. Over the last months of the relationship the problem was worsened by their reluctance to accept the idea that they could be wrong. I tried several times to point to reasons supporting my views. I even sent them articles written by other experts. My views as well as those of the others I sent them were summarily dismissed. Finally, they conceded they were wrong and fought to keep my business by saying I would only make things worse by selling now. (They felt a sharp rebound was in the offing that I would miss.) For some reason they were implying that dropping them would mean selling all my securities and even more losses. By then I had lost 40% and the credit crisis was a well known fact. They pushed back when I wanted to get out of all financial institutions. They said the foreign conmpanies were not really impacted. This is another fact we now know was incorrect. That was enough to get me to fire them but the damage was already done.

They talked about customizing my portfolio to my specific circumstances. From what I have read that may have been another false claim.

Don't take my word for it but do check them out before making a move.