UBS Client Says His Wife Moved In With Their Wealth Advisor. It Got Messy

[Northeast Agent]

UBS Client Says His Wife Moved In With Their Wealth Advisor. It Got Messy

Richard Kallman, the heir to a family of bookdealers, is suing for $10 million in damages.

www.thinkadvisor.com

Despite high-profile legal brawls waged by wealthy families against firms including Morgan Stanley and JPMorgan Chase & Co., the industry's primary regulators have no rule explicitly setting boundaries for ties outside the office.

It's a contrast with other fields, including health care and law. For example, the American Bar Association's model rules of professional conduct — embraced by many state bars — draw a clear line: A lawyer shall not commence sexual relations with a client because of the potential for breaching fiduciary duty.

 

[scagnt83]

UBS Client Says His Wife Moved In With Their Wealth Advisor. It Got Messy

Richard Kallman, the heir to a family of bookdealers, is suing for $10 million in damages.

www.thinkadvisor.com

Despite high-profile legal brawls waged by wealthy families against firms including Morgan Stanley and JPMorgan Chase & Co., the industry's primary regulators have no rule explicitly setting boundaries for ties outside the office.

It's a contrast with other fields, including health care and law. For example, the American Bar Association's model rules of professional conduct — embraced by many state bars — draw a clear line: A lawyer shall not commence sexual relations with a client because of the potential for breaching fiduciary duty.

A wealth advisor may not have a Fiduciary Duty like an Attorney has.

They might fall under the Suitability Standard, or at most, the Best Interest Standard.

So, what was in her Best Interest??

 

[Life Hawk]

So, what was in her Best Interest??

... well... makes you wonder if the plumber came over to fix something what would have happened... or was she eying the garbage man or mail man?