3 Things NOT To Ask Your Financial Adviser To Do For You
‘We cannot do that.’ 3 Things NOT To Ask Your Financial Adviser To Do For You
Alisa Wolfson Sun, May 1, 2022,
Financial planners can be integral to your financial success, but you shouldn't cross certain lines.
A financial adviser can do a lot of things — provide advice to help you manage your finances, execute trades on your behalf, create holistic financial plans based on your short- and long-term goals. But plenty of clients ask them to do more than that.
Grace Yung, a certified financial planner at Midtown Financial Group, says she’s had clients ask her to log into their accounts at other institutions. “I appreciate the trust, but we cannot do that for clients. We cannot have access to client passwords at other institutions or even share passwords within our firm,” says Yung.
Along those lines, you can’t ask your broker to do something called “selling away,” in which a broker sells you securities that are not held or offered by the brokerage firm that employs him or her.
Asking your financial adviser for legal advice is another no-no, unless he or she is also an attorney, says Arielle Jacobs-Bittoni, chartered financial analyst at Refresh Investments. She’s had clients ask about estate planning issues, but because she’s not a lawyer, she’s ill-equipped to provide advice. Instead, clients should seek out an estate planning attorney who can handle the legal aspects of financial planning.
You also can’t ask them to do something that would violate their ethical oath, adds Jacobs-Bittoni. CFP professionals agree to be a fiduciary by always acting in the best interest of their clients, so “you can’t ask them to act in a way that may cause a conflict of interest,” says Jacobs-Bittoni.
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