Liability of financial planner.
1. If loss results from following a financial planner’s advice under any of the circumstances listed in subsection 2, the client may recover from the financial planner in a civil action the amount of the economic loss and all costs of litigation and attorney’s fees.
2. The circumstances giving rise to liability of a financial planner are that the financial planner:
(a) Violated any element of his fiduciary duty;
(b) Was grossly negligent in selecting the course of action advised, in the light of all the client’s circumstances known to the financial planner; or
(c) Violated any law of this state in recommending the investment or service.
Last modified: February 27, 2006