Are Your Client Files Clean?

Gardner, Randy; Welch, Julie; Daff, Leslie
October 2010
Journal of Financial Planning;Oct2010, Vol. 23 Issue 10, p42
Academic Journal
The article offers tips to financial advisers to keep their clients portfolio clean to avoid lawsuits in the U.S. It states that financial advisers can be sued by their clients for malpractice and their colleagues can sue them for ethical violation or the Internal Revenue Services (IRS) for questionable tax advice. It also states that financial advisers under the Certified Financial Planner (CFP) Board Code of Ethics are commanded to keep client records confidential since financial advisers are subject to witness against their clients and are not immune from any legislative hearings. The inclusive financial plans prepared by financial planners may involve investments, tax and planning strategies which can be used as evidence for future litigations.


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