We are licensed to give advice on.....

Has this ever happened to you?  You are at a social function and you are mingling with the guests.  During one of your encounters, you make a guest discover that you are a financial advisor.  As you get further into the conversation, the guest starts to ask you specific taxation and estate planning questions relating to their personal situation.  Despite the fact that the conversation is moving out of your area of expertise, you sense that this might be a potential high net worth client.  This is a classic scenario that most IFAs may find them in.

While talk is cheap, we suggest to advisors that they should not consult on taxation or estate planning questions because they may not be qualified to do so. 

At SupportingAdvisors.com, we feel not all is lost.  There are solutions to this problem.  

*  IFAs can use products that they are licensed to sell which can solve the taxation problem that the guest may have.

*  IFAs can refer the guest to the right people with this area of expertise.

The companies that you see on SupportingAdvisors.com should be "Fully Supported 120%". They have the necessary products that you may be licensed in to solve the guest problem.

Providing assistance to clients without any expectation of a return always leads to further client referrals.   In the end, you as an IFA must provide services that are comparable to other professionals and major institutions.  So, as IFAs, ensure your services are of bank-like standard!