Does the compliance attorney for my broker-dealer represent me?

Many advisors default to using their firm’s attorney to spare themselves the expense of hiring private counsel. But in many instances, advisors feel like they are being forced into a settlement.

In this week’s Ask An AdLaw Expert, we’re talking with our Director of Enforcement, Ben Winograd, J.D., about how advisors should proceed if they ever find themselves under investigation. 

Investigations from financial industry enforcement demand responses that are precise. Every word is evidence.

If you are in receipt of an enforcement action, call us right now at (303) 952-4025 or fill out the form below to talk with an attorney and receive a priority consultation at no charge.

    Transcript:

    Theoretically, your firm attorney does represent you, the advisor, as an agent of the firm. But as soon as your interests conflict with the firm’s interests, make no mistake that that attorney will be siding with the firm. Many advisors default to using their firm’s attorney to spare themselves the out-of-pocket expense of hiring private counsel. But if you are afforded the option to hire your own counsel, you should take it. In many instances, advisors feel like they are being forced into a settlement or contributing their own money into a settlement — and having your own private counsel to consult with can help. Now when seeking out an attorney, keep in mind that many of these experienced attorneys conduct a lot of work for these firms, and they want to continue to do so. AdvisorLaw only represents advisors. That’s what sets us apart.