Arbitration hearings are like less formal trials. The rules of evidence do not apply, but arbitrators often consider those rules in weighing evidence. The hearings start with opening statements. Then the customer calls witnesses and presents evidence. The broker’s attorney may cross-examine witnesses. Once the customer finishes, the brokerage firm presents its witnesses and evidence. Usually, there are closing arguments at the end of the hearings. Then the arbitrators adjourn the hearings and reach a decision. That decision is almost always final and binding. Only in the rarest cases is a FINRA ruling reversed by a court. Some investment advisory agreements require arbitration but do not specify an arbitration forum. In such situations, discuss with your attorney whether you should seek arbitration through FINRA or through another arbitration forum.