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Home > Statutes > Usa Nevada
USA Statutes : nevada
Title : Title 54 - PROFESSIONS, OCCUPATIONS AND BUSINESSES
Chapter : CHAPTER 628A - FINANCIAL PLANNERS
 As used in this chapter, unless the
context otherwise requires:

      1.  “Client” means a person who receives advice from a financial
planner.

      2.  “Compensation” means a fee for services provided by a financial
planner to a client or a commission or other remuneration derived by a
financial planner from a person other than the client as the result of
the purchase of a good or service by the client.

      3.  “Financial planner” means a person who for compensation advises
others upon the investment of money or upon provision for income to be
needed in the future, or who holds himself out as qualified to perform
either of these functions, but does not include:

      (a) An attorney and counselor at law admitted by the Supreme Court
of this State;

      (b) A certified public accountant or a public accountant licensed
pursuant to NRS 628.190 to 628.310
, inclusive, or 628.350 ;

      (c) A broker-dealer or sales representative licensed pursuant to
NRS 90.310 or exempt under NRS 90.320
;

      (d) An investment adviser licensed pursuant to NRS 90.330 or exempt under NRS 90.340 ; or

      (e) A producer of insurance licensed pursuant to chapter 683A
of NRS or an insurance consultant licensed
pursuant to chapter 683C of NRS,

Ê whose advice upon investment or provision of future income is
incidental to the practice of his profession or business.

      (Added to NRS by 1993, 1372; A 1995, 1453, 1635; 1997, 530; 2001,
2256 )
 A financial planner has
the duty of a fiduciary toward a client. He shall disclose to the client,
at the time advice is given, any gain he may receive, such as profit or
commission, if the advice is followed. He shall make diligent inquiry of
each client to ascertain initially, and keep himself currently informed
concerning, the client’s financial circumstances and obligations and the
client’s present and anticipated obligations to and goals for his family.

      (Added to NRS by 1993, 1372)


      1.  If loss results from following a financial planner’s advice
under any of the circumstances listed in subsection 2, the client may
recover from the financial planner in a civil action the amount of the
economic loss and all costs of litigation and attorney’s fees.

      2.  The circumstances giving rise to liability of a financial
planner are that the financial planner:

      (a) Violated any element of his fiduciary duty;

      (b) Was grossly negligent in selecting the course of action
advised, in the light of all the client’s circumstances known to the
financial planner; or

      (c) Violated any law of this State in recommending the investment
or service.

      (Added to NRS by 1993, 1372)
 A financial planner shall maintain insurance
covering liability for errors or omissions, or a surety bond to
compensate clients for losses actionable pursuant to this chapter, in an
amount of $1,000,000 or more.

      (Added to NRS by 1993, 1372)
 
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