What is PIABA? Former PIABA President Explains

Written and reviewed by

Ryan Bakhtiari, Partner — Bakhtiari & Harrison

Admitted: CA | NY | TX | DC | Multiple Federal Courts · Super Lawyers · Former PIABA President · Former FINRA NAMC Chairman ·

PIABA — the Public Investors Advocate Bar Association — is the only national bar association in the United States exclusively dedicated to representing investors in securities arbitration and litigation against broker-dealers and financial advisers. Ryan Bakhtiari served as President of PIABA, having previously served on its Board of Directors. PIABA members collectively handle many investor-side FINRA arbitration claims in the United States. When you hire a PIABA involved attorney, you hire a lawyer whose practice is specifically dedicated to investor protection — not a general practitioner who occasionally handles securities cases.

What is PIABA?

The Public Investors Advocate Bar Association — is a national bar association whose members represent investors in securities arbitration and litigation proceedings against broker-dealers, investment advisers, and financial services firms. Founded in 1990, PIABA is the only bar association in the United States whose membership is exclusively limited to attorneys who represent the investor side in securities disputes. Every member attorney’s practice is, by definition, dedicated in significant part to investor protection — PIABA does not accept members who represent the brokerage industry.

Involvement with the organization is significant for investors choosing legal representation because it is a reliable signal of dedicated specialization. A member has committed to an investor-side practice and has access to collective resources, case law database, regulatory advocacy, and the institutional knowledge of attorneys who collectively handle the vast majority of investor-side FINRA arbitration claims in the United States. In a legal marketplace where the same firm often represents both investors and broker-dealers depending on which client calls first, membership means the attorney has chosen sides — and chosen the investor.

PIABA’s role in FINRA arbitration

PIABA’s most significant function is its ongoing advocacy within the FINRA arbitration system on behalf of investor claimants. FINRA arbitration is the forum in which virtually all investor claims against broker-dealers are resolved — mandatory arbitration clauses in brokerage account agreements require investors to arbitrate rather than litigate in court. PIABA participates in FINRA rulemaking proceedings, comments on proposed rule changes, submits amicus briefs in securities arbitration appeals, and advocates before Congress and the SEC on investor protection issues.

This advocacy function matters directly for investors. The rules that govern FINRA arbitration — how arbitrators are selected, what discovery is available, how awards are calculated, what claims can be brought — are shaped in part by the advocacy of organizations like PIABA. When member attorneys sit on FINRA advisory committees and participate in rulemaking proceedings, they bring the perspective of investors who have experienced the system firsthand. Rules that make the FINRA arbitration process fairer and more transparent for investors are directly traceable to the membership’s sustained institutional advocacy.

Key issues PIABA advocates for

Arbitrator transparency: They have long advocated for greater disclosure of arbitrator backgrounds, conflicts of interest, and decision-making history to allow investors to make more informed selections in the arbitrator appointment process.
Expungement reform: PIABA has consistently opposed the use of FINRA arbitration to expunge legitimate customer complaints from broker records, arguing that expungement undermines BrokerCheck’s reliability as an investor protection tool.
Discovery reform: PIABA advocates for expanded discovery rights in FINRA arbitration, including greater access to firm supervision records, compliance files, and internal communications that are relevant to investor claims but frequently withheld by broker-dealer respondents.
Award enforcement: PIABA has advocated for mechanisms to ensure that FINRA arbitration awards are actually paid to prevailing investors, including enhanced supervision of broker-dealers with histories of unpaid awards.
Regulatory advocacy: PIABA submits comment letters and testimony on SEC and FINRA rulemaking proposals affecting investor rights, including Regulation Best Interest, the investment adviser fiduciary standard, and mandatory arbitration policy.

Ryan Bakhtiari’s role in PIABA

Ryan Bakhtiari served as President — the organization’s highest elected position — as well as on the Board of Directors. The presidency is held by a practicing investor-side securities attorney elected by the membership and represents the organization in its regulatory advocacy, its relationships with FINRA and the SEC, and its public communications on investor protection issues.

Ryan’s leadership is directly relevant to the representation Bakhtiari & Harrison provides to investor clients. The presidency gives Ryan direct institutional knowledge of how the FINRA arbitration system works, how its rules are made, and how broker-dealer respondents approach investor claims — knowledge that comes from years of engagement at the highest levels of the investor protection community. Combined with Ryan’s concurrent service as Chairman of the FINRA National Arbitration and Mediation Committee — the body that administers the FINRA arbitration system itself — this represents a depth of FINRA institutional knowledge that no other investor-side attorney in the United States can match.

Bakhtiari & Harrison’s Role in PIABA and FINRA

When an investor is evaluating attorneys to represent them in a FINRA arbitration claim, membership can be an indicator of dedicated investor-side practice. It means:

The attorney’s practice is exclusively investor-side. The organization does not admit attorneys who represent broker-dealers. A member has committed to representing investors — not occasionally, but as the defining orientation of their practice.
The attorney has access to collective expertise. Membership collectively handles thousands of FINRA arbitration claims annually. PIABA members share case strategy, arbitrator information, discovery approaches, and expert witness resources through the organization’s network.
The attorney is engaged in the system’s development. Members who participate in FINRA rulemaking and regulatory advocacy understand the FINRA arbitration system at a structural level that attorneys who simply file claims do not.
The attorney has demonstrated experience in investor protection. PIABA membership is a credentialing signal — not a guarantee of outcome, but a reliable indicator that the attorney’s career has been dedicated to representing investors in securities disputes.

Frequently asked questions — PIABA and investor protection

What does the name stand for?

The Public Investors Advocate Bar Association. It is a national bar association founded in 1990 whose membership is exclusively limited to attorneys who represent investors — not broker-dealers — in securities arbitration and litigation proceedings.

What was Ryan Bakhtiari’s role as a member of PIABA?

Yes. Ryan Bakhtiari is a former President of PIABA and has served on its Board of Directors. The PIABA presidency is the organization’s highest elected position, held by a practicing investor-side securities attorney elected by the membership. Ryan’s leadership, combined with his service as Chairman of the FINRA National Arbitration and Mediation Committee, represents a unique combination of investor advocacy and FINRA institutional credentials.

Does PIABA membership guarantee a good outcome in my FINRA arbitration claim?

No bar association membership guarantees a particular outcome. Membership is a reliable indicator of dedicated investor-side practice and access to collective expertise — not a guarantee of success in any individual case. The outcome of a FINRA arbitration claim depends on the specific facts, the evidence, the arbitrators selected, and the quality of the legal representation. Bakhtiari & Harrison provides free initial consultations to evaluate the merits of every potential claim honestly.

How do I find a PIABA member attorney?

Bakhtiari & Harrison’s attorneys havce been PIABA members representing investors nationwide. FINRA arbitration hearings are held at the venue nearest the claimant’s residence — PIABA member representation does not require local counsel.

Contact Bakhtiari & Harrison — free consultation

Contact Bakhtiari & Harrison for a free, confidential consultation with a former PIABA President. Our FINRA attorneys evaluate every potential investor claim at no charge. Contact us today.

Investor cases are handled on a contingency fee basis — no recovery, no fee.

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