“If a broker can't manage their own finances, one would question whether you should entrust your money to that very broker.”
This quote by an attorney in a recent InvestmentNews article illustrates the reality of the current climate facing all brokers and financial advisors. Attorneys on the other side of the aisle, and FINRA, have successfully made an important presumption. Beyond requirements to timely and accurately disclose tax liens; they have declared that if you have a tax lien, you are somehow unfit to offer financial or investment advice.
This insinuation could not be further from the truth.
I recently spoke to a client and successful broker with over 20 years of experience. After she learned that her tax liens could be expunged, she explained the unfortunate circumstances that led to the lien filings. Without divulging sensitive information, I can tell you that she encountered a series of catastrophic events. Like many of us, these events were not within her control.
As a broker, you should never be in a position where you have to attempt to explain highly personal circumstances behind a tax lien to any existing and potential clients that ask you about your BrokerCheck.
Violations relating to Form U4 disclosures (or the lack thereof) can be detrimental to a broker's career. For more information on those, please ask about the requirements of reporting tax liens.
Radio and television are littered with advertising for tax resolution companies promising to settle your tax debt "for pennies on the dollar." Our law firm’s attorneys specialize in both tax and FINRA representation. Regardless of your tax situation or progress with IRS, you do not need to pay off the balance before the IRS liens can be removed from public view today.
Call of email us today if you would like to discuss our services.
Mark H. Wilson is the Principal Attorney and CEO of Wilson Law, Ltd.