We have added a new division to the bank holding company for estate planning. No products to be sold, just advice. As the compliance officer for the bank & bank holding company, are there any regulatory issues I need to be concerned with and what about advertising the service?

Make sure that your customers know that any advice received does not represent tax or legal advice (unless of course you really are offering tax and legal advice) and that clients should consult with their tax and legal professionals for advice on their specific situation.

Questions though - to what extent are you offering estate planning, particularly if you don't have any products for the clients to consider. Are you charging fees? Are you referring clients to an affiliate if you determine for instance, that a corporate trustee for newly created trusts would be best for the client? Do you have subs or affiliates that stand to gain something from the exercise?

Just curious

The person who will be performing this service is a professional estate planner, AICPA and has a masters in taxation. They will charge a fee for their service, but I'm told will not make specific referrals to any companies, including any affiliates of the bank.