As financial advisors, we are generally not qualified to give tax or legal advice when helping our clients. However, these are both important steps in the financial planning process. So, what advice can we give without crossing any lines—while still providing the most value to our clients? Steven Jarvis, CPA, and Attorney Leila Shaver, join Micah on this episode to discuss what is okay (and what is not okay) to converse about with your clients.
Listen in as they explain who is actually allowed to give specific advice around certain subjects, as well as the importance of working with your compliance department. You will learn how to lower your risk of penalties, how to differentiate interpretation from application, and why you shouldn’t use your lack of knowledge as a crutch for not giving your clients specific advice.
Focus on what you are trying to help the client do—and then 'how do we get there?' – Steven Jarvis Click To Tweet
You should have someone that you can call up on speed dial... when you run into tax planning issues. – Leila Shaver Click To Tweet
It’s okay to tell a client 'I don’t know. I am going to reach out to an expert in this field and get back to you with an answer.' – @ThePerfectRIA Click To Tweet
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