What You'll Learn In Today's Episode:

• What you are allowed to discuss in terms of taxes and legal advice.
• Why you shouldn’t be afraid of tax advice.
• What is and isn’t tax advice.
• The importance of proactive communication with your CPA.
• How to set your client up for success with their taxes.
• The importance of working with your compliance department.
• Why you should ask for guidance when you’re unsure.

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.

Ideas Worth Sharing:

Focus on what you are trying to help the client do—and then 'how do we get there?' – Steven Jarvis Share on X
You should have someone that you can call up on speed dial... when you run into tax planning issues. – Leila Shaver Share on X
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 Share on X

Resources In Today's Episode: