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Examples of Conflicts of Interest
- Accountant recommends strategies that benefit a third party without explaining the involvement of the additional parties.
- Advisor recommends a service offering that is not the best solution for the client.
Questions Wealth Owners Should Ask to Surface Conflicts
- How are your proprietary tax strategies developed? Are other sources of payment besides client advisory fees tied to these strategies?
- Do you require clients to sign non-disclosure agreements to review proprietary tax strategies?
- Is your compensation affected by the mix of products you recommend and sell?
- What type of compensation agreement exists between you and others involved in this product?
- Do you recommend any products that your firm was paid to develop for other providers?