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Article: Avoid Getting Gored BY Investment CLIENTS : This branch of PFP is dangerous. Here's how to reduce exposure.
- Article from:
- The Practical Accountant
- Article date:
- March 1, 1999
CopyrightCOPYRIGHT 1999 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Jeff Stimpson
Stepping into a lawsuit looks easy when advising a personal financial planning (PFP) client on investments. One accountant got sued for not preventing a client from writing a check to an investment company. One financial planner spoke about investments to an optimists' club, and 18 months later was hit with a lawsuit by somebody in the audience who'd been taking notes and invested according to the advice. An accountant-financial planning specialist got sued because his client followed his advice but didn't make enough money!
"CPAs tend to believe that if they follow the standards, rules and guidelines for the work they are doing, they ...