In Pitfalls for Attorneys, Business Managers and CPAs auditing expert witness Chris McConnell writes on pitfalls for attorneys, business managers and CPAs:
* Providing investment advice to clients whether or not you receive compensation * Drawing the line between investment advice and legal, financial or tax advice
* Serving as trustee to accomodate a client who doesn’t want heirs to know or be involved
* Recommending any investment, stockbroker, financial planner or insurance agent to a trustee then failing to monitor the situation, among other things; personnel turnover happens and compliance may erode.
* Receiving any remuneration or compensation for referrals, investments or insurance, etc.