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Joe Cordell Gives Tips To Financial Professionals In Financial Advisor Magazine

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financial advisor magazineIn 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.”

Read the full article here.

Frank Murphy

Written By Frank Murphy

Chief Compliance Officer
Frank Murphy

Frank Murphy is the Chief Compliance Officer and an Executive Partner at Cordell & Cordell. His responsibilities include oversight of the Firm’s compliance with Legal and Ethical obligations as well as contributing to the day-to-day operations of the Firm as an Executive Partner.

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