If you feel good about the process, you'll likely approach it with enthusiasm and good intentions. You may consider mediation successful even when the dispute does not settle fully in the mediation process. Generally, the mediation process improves communications, helps to narrow the issues involved, clears up misunderstandings, diffuses emotion, and defines areas of agreement so that future dispute resolution efforts, especially in arbitration, can become more efficient, effective, and more likely to produce settlement down the road. When it seems that other efforts to resolve your dispute are not working, it is then time to decide whether you will file a claim to arbitrate. Even if you choose, or are required to use, arbitration rather than a lawsuit as a mean of resolving your dispute, you should consider hiring an attorney who will provide valuable instruction and advice.
Arbitrators are people from all walks of life and all parts of the country.
After being trained and approved, they serve as arbitrators when called upon by the SROs. What is most important is that arbitrators are impartial to the particular case and sufficiently knowledgeable in the area of controversy. If accepted, their names and backgrounds go into a pool from which arbitrators are selected for any given case. Arbitrators do not work for the SROs, though they receive an honorarium from the SRO in recognition of their service. When deciding whether to arbitrate, bear in mind that if your broker or brokerage firm goes out of business or declares bankruptcy, you might not be able to recover your money-even if the arbitrator or a court rules in your favor.