Financial Planner Costs Client Millions In Lost Investments


Finance ExpertThis arbitration involves a wealthy plaintiff who suffered significant financial harm when the defendant financial planner allegedly altered her account without permission. The defendant CFP initially attempted to put approximately $5 million in funds into a non-qualified investment account but was unable to do so. The defendant then attempted to move the funds back to a qualified tax-deferred account. As a result, the plaintiff ended up paying more than $2.5 million in taxes and lost investments. These actions were all performed without the plaintiff’s express permission. An expert CFP to opine on this case and testify at arbitration.

Question(s) For Expert Witness

  • 1. Please briefly describe your experience and familiarity with the issues in this case.
  • 2. Do you have experience serving as a CFP for individuals similar to the plaintiff in this case?

Expert Witness Response E-091204

I am a certified public accountant. I am familiar with the general fact pattern, including the tax-related compliance problem, and I am well-versed in the literature about tax ramifications to people in similar circumstances. I have experience testifying in a state Supreme Court in actions involving a reasonable rate of return to apply to the pool of assets expected to be received via equitable distribution.

Expert Witness Response E-091178

I am a certified financial planner and I currently run a business providing retirement planning, investment management, and estate planning services. I have 15+ years of experience and have developed a specialization in retirement planning for individuals, executives, and owners of closely held businesses. I would be interested in learning more about the circumstances of this matter and could provide an opinion after further discussion.

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