Many independent financial advisory shops are also small businesses with a payroll. That means they're eligible to apply for the Paycheck Protection Program. Here's what you should know.
Financial advisors face these complexities and more. They may be required to disclose to their clients that they've taken the loan, which could kick off awkward discussions.
"If you're using the loan to pay employees — for instance, portfolio managers — that's going to be an automatic disclosure on Form ADV," said Michelle Jacko, managing partner of Jacko Law Group.
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