Regulatory and Statutory Issues


Personal financial planning ( PFP) is not regulated as a practice area in and of itself. However, because PFP involves providing advice in many diverse areas of your clients' lives, you face a daily barrage of regulatory and statutory issues.

Federal and state tax laws and state property and inheritance laws impact the recommendations you develop for your clients. You must be cautious in many areas, especially in estate planning, not to violate state law prohibitions against the unauthorized practice of law. In addition, if your practice involves insurance or investment planning advice, you face compliance with investment adviser regulations and state insurance regulators.

These are the more significant ways in which regulatory and statutory issues can affect your daily practice. Continue to find out more about the many issues that impact you and your practice.

Are You Providing Investment Advice?

Whether you believe you are in the business of providing investment advice or not, all advisors should be educated on how the SEC defines investment advice.