Act provides an exclusion from the definition of investment adviser
for certain professions, including accountants; see Advisers
Act, Section 202(a)(11), "but does not include .
Instead it should be construed broadly and remedially to cover instances where an adviser
failed to disclose to the client all material facts, including an adviser
's conflicts of interest with its client.
Many taxpayers started to buy these cookie-cutter opinion letters, without investigating the adviser
Ken Koskay, CPA and director of business development at Practitioners Publishing Company, says that non-traditional competitors, such as brokers, banks, mutual funds and insurance companies, are making a "full-court press" to become their high-net-worth clients' most trusted advisers
Because an investment adviser
bent on engaging in fund trading fraud may violate the fund's disclosed policies and procedures, investment advisers
may want to consider digging beyond these disclosures.
The separate disclosure document spells out the arrangement between the solicitor and the investment adviser
The PFP Section of the AICPA will provide updates on changes to the investment adviser
regulations and will continue to make its views known on how these changes might affect CPA financial planners and their clients.
State that certain adviser
services are free, unless true.
1) While RCGF may be based on any number of reasons, the most prevalent RCGF defense is that the taxpayer followed the advice of a tax adviser
THE ACT'S SAFE HARBOR EXCLUDES FROM the investment adviser
definition any "lawyer, accountant, engineer, or teacher whose performance of such services is solely incidental to the practice of his profession.