In this month’s Financial Advisor Magazine column, Principal Partner Joe Cordell explains why it is so important for CPAs and other financial professionals to be extremely cautious when discussing legal matters.
The Dec. 11 article, “Toeing The Line,” explains that although financial advisors are usually drawing on a knowledge of finance that many of their clients don’t have, they should still refrain from giving legal advice unless they are a licensed attorney.
Given the wide-range of services financial advisors provide, it could be easy to end up giving legal advice. But that could land them in serious legal trouble, Mr. Cordell writes.
“Despite their responsibility to give clients options, however, advisors must be careful not to deviate into legal advice and opinion,” Mr. Cordell said, “even if they are familiar with the topics. Only a licensed attorney can prepare legal documents and offer specific advice on the application of legal principles to the facts at hand or opinions on the various alternatives.”
Written by Joseph E. Cordell
Joseph E. Cordell is the Principal Partner at Cordell and Cordell, P.C., which he founded in 1990 with his wife, Yvonne. Over the past 25 years, the firm has grown to include more than 100 offices in 30 states, as well as internationally in the United Kingdom. Mr. Cordell is licensed to practice in the states of Illinois and Missouri and received his LL.M. from Washington University in St. Louis, Missouri. Joseph E. Cordell was named one of the Top 10 Best Family Law Attorneys for Client Satisfaction in Missouri.
