Following news reports that Justin Bieber reportedly is contemplating suing his financial managers over alleged mismanagement of his $300 million fortune, WealthManagement has recommended the following (non-legal) steps that advisors can take to better protect themselves.

WealthManagement recommends three key steps to ensure financial accountability:

Engage in Open Discussion

Clients must understand financial strategies and ask questions without fear of judgment. Clear explanations about financial decisions and accessible information build a necessary layer of trust. 

Demand Transparency

Advisors should be upfront about their strategies, and clients should have direct access to accounts and know who else has access. This clarity empowers clients to make informed decisions.

Treat wealth management as a team sport

Building an independent advisory team helps clients maintain checks and balances. Advisors who are fiduciaries, and operate without internal conflicts, can help detect potential misconduct or provide second opinions on critical decisions.

Managing significant wealth brings added complexity, and with it, unique risks. Active oversight, transparency, and a strong team of independent advisors are essential for maintaining financial stability and trust.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.