Do I have any recourse? My financial institution gave me misinformation which has caused me to lose out on the market upturn.

Your question indicates that you were in the process of “rolling over” the assets in a couple of former employers’ retirement plans over to your IRA. This process typically requires the account owner to liquidate the holdings in the retirement plan and transfer the cash to the IRA. Thus, the recommendation to sell your positions, on its face, does not appear to be at odds with a brokerage firm’s requirement to recommend suitable transactions to its clients.

Turning to your concerns about the failure to reinvest your assets, your broker could not make any additional transactions in your account without your permission unless you granted him or her discretionary authority to purchase and sell securities in your account. You indicated that you rejected the Portfolio Advisory Services proposal, but it is unclear whether you had any further conversations with your broker. Whether or not you have a cause of action against your broker will depend in large part on whether you had any conversations after you rejected the proposal, and if so, whether the broker failed to execute your instructions.