Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Attorney as FA questions....
Old 05-22-2014, 01:38 PM   #1
Dryer sheet aficionado
bolt's Avatar
 
Join Date: Jun 2008
Posts: 27
Attorney as FA questions....

I'll try to make this succinct because im not a great communicator. IIRC, I saw somewhere that it was against the law that an attorney could additionally be someones FAdivisor/Adviser also. This seems like a conflict of interest also, if your attorneys advising you to invest in Edward Jones/ Raymond James load funds that hes also a agent of and selling, he's getting paid twice. Plus hes managing the funds...this sounds like a bad, if not illegal set up. Additionally, I've searched, to no end, but come up empty. I could have sworn I saw this posted somewhere before and it was against the law, or legal ethics minimally of the B.A.R. assn. If anyone knows anywhere I could search "please" LMK. This is a situation i'd like to know if the knowledgable posters here might provide information on, that I could present to another, thats not internet able. Thank you!
__________________

__________________
bolt is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-22-2014, 01:58 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,913
Do you know of an attorney who is collecting a fee from investment companies?

I don't have any problem with an attorney providing their opinion about investment vehicles based on their experience, or the law. My attorney gave me the name of a good CPA, places to search for life insurance (he did say to buy term and avoid any of the other stuff insurance agents propose) and told me to study so that I could make my own decisions about investments.
__________________

__________________
Duck bjorn.
Brat is offline   Reply With Quote
Old 05-22-2014, 05:49 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 1,433
I don't know about the legalities but they are two different fields of study and practice. It is conceivable that someone could be competent in both but unlikely.
__________________
Retired in 2016. Living off dividends / interest and a mini pension. Freedom.
foxfirev5 is offline   Reply With Quote
Old 05-22-2014, 06:50 PM   #4
Recycles dryer sheets
 
Join Date: May 2011
Posts: 270
An attorney could discuss alternative investments with no conflicts of interest.
They sometimes come across property that can be purchased cheap and sold quickly at a profit.
__________________
sanfanciscotreat is offline   Reply With Quote
Old 05-22-2014, 07:47 PM   #5
Recycles dryer sheets
 
Join Date: Jun 2010
Location: Southwest Florida
Posts: 325
I don't see the problem, as long as there is full disclosure. I'm an attorney, also a CPA, and I could just as well also clean your house, babysit your kids and change the oil on your car. Where's the problem?
Bruce
__________________
Gill is offline   Reply With Quote
Old 05-23-2014, 02:16 PM   #6
Dryer sheet aficionado
bolt's Avatar
 
Join Date: Jun 2008
Posts: 27
Thanks for the replies. My understanding is that the atty, was approached to set up a trust for this individual, has set it up, it was funded, and was in the control (P.O.A) of the atty and set up as he advised. He's additionally a EJones/Raymond James advisor ~ (so as not to stain either set of advisors, although those loads or fees are not something i'd pay).
__________________
bolt is offline   Reply With Quote
Old 05-23-2014, 09:14 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,913
That would bother me a lot but whether or not it is unethical..
__________________
Duck bjorn.
Brat is offline   Reply With Quote
Old 05-23-2014, 09:34 PM   #8
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 10,137
This is what the American Bar Association Model Rules of Professional Conduct say about the conflict of interest inherent in conducting a business transaction with a client. Note that the rules applicable in any particular state may vary from the model presented here.

Rule 1.8: Current Clients: Specific Rules | The Center for Professional Responsibility
__________________

__________________
Living an analog life in the Digital Age.
Gumby is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Power of Attorney and Inheritance macdaddy FIRE and Money 17 03-04-2007 04:34 PM
Attorney Fees to Settle Estate jazz4cash FIRE and Money 29 09-23-2006 07:26 PM
Know a Good Real Estate Attorney in Toronto? ESRBob Other topics 0 04-26-2005 01:55 PM
Attorney stories for Martha and Y'all MRGALT2U Life after FIRE 6 03-20-2005 03:41 AM
Can a US attorney practice in Mexico? ken_d Other topics 2 01-24-2005 03:42 AM

 

 
All times are GMT -6. The time now is 04:44 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.