Breach Of Fiduciary Duty By Financial Advisor

Hello! Longtime lurker, first-time poster. Location: Texas.

A friend of mine recently took advice from her financial advisor to move her portfolio into an annuity account that was supposed to include a certain bonus and had a 7-year lock-in agreement (meaning you couldn't move your money for 7 years). She has been with this financial advisor for several years now and trusted this person. Anyway, after agreeing to move her money, the funds were temporarily held in a different account (which was not agreed upon) while the advisor attempted to transfer them.

Come to find out, the investment my friend was talked into didn't end up working out. The advisor is now running around trying to find a replacement vehicle that will yield the same result and will include a similar bonus as what was promised. Not only that, but the initial withdrawal from the first transfer will yield a penalty as a result of not transferring to the first product that was pitched. Not only that, but the temporary account has been charging fees on top of the regular fees this advisor charges (again, not agreed to).

All in all, this is a very serious matter and represents a significant financial loss for my friend, both in direct funds and in the interest that could have been earned over the last couple of months. My friend used to work in customer service for a broker-dealer, so she knows this is a serious breach of fiduciary duty, but she's been dealing with so many personal issues lately that she's too weary to manage all of this.

She's gone ahead and moved the funds out of the temporary account and cut off ties with the financial advisor, but I think she should hire an attorney. That would at least help her recover the money she has directly lost, but I believe she's owed more for the potential lost interest and breach of fiduciary duty. Can I please get some feedback on this? Thank you!