Summary: When a financial-advice practice becomes a business, the seemingly subtle semantic shift can actually herald a big increase in litigation risk. No longer are advisors simply serving clients on their own or as part of a team. Rather, they own a real asset composed of business processes, staff and investment strategies. But along with this asset’s rewards and autonomy comes the notion of business risk, including the possibility of getting sued. Financial advisors should watch for these three emerging litigation threats.
 While these emerging litigation threats should not distract financial advisors from growing their firms, they have to be aware of these risks and mitigate them. If they don’t, they could face the very real danger of losing their businesses.Sharron Ash, Chief Litigation Counsel, Hamburger Law Firm |
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