Nevada Revised Statutes 628A.030 – Liability of financial planner
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.
Terms Used In Nevada Revised Statutes 628A.030
- Client: means a person who receives advice from a financial planner. See Nevada Revised Statutes 628A.010
- Fiduciary: A trustee, executor, or administrator.
- 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 or herself 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 who holds a certificate issued pursuant to Nevada Revised Statutes 628A.010
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
2. The circumstances giving rise to liability of a financial planner are that the financial planner:
(a) Violated any element of his or her 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.