Legal Question in Business Law in California

Retention of Client files

I am a Financial Consultant who is registered with the NASD. Due to compliance I have to retain copies of client files for several years. Besides my investment clients I also work with clients going through the divorce process. My expertise is in helping them draft the MSA . I work with a couple of Family Law lawyers and The Divorce Center in Walnut Creek. During the course of my negotiations with the clients and the lawyers to the final draft I have to copy many different financial documents in order to �crunch the numbers� �

Recently I was helping a client, but to family interference problems arose with the result of my losing the client. My question is, do I have to copy everything in the file and submit to her? The file comprises of her personal information, her husbands personal information and the real estate research I completed on her behalf.


Asked on 6/01/07, 5:39 pm

1 Answer from Attorneys
Jeb Burton The Burton Law Firm

Re: Retention of Client files

Most likely not, it depends on the contract you have with them and whether they paid you for the services. If they have paid you for the services you have provided so far, then almost definetly you owe them the completed work product. However, if they have not paid you, and your contract with them does not state to the contrary, then no you most likely do not have to submit your work product. You should keep a copy for compliance purposes, but unless you are paid for your work, you are unlikely to be under obligation to hand over the product of your work. To give you an indepth answer, however, I would need to see the agreement you have with them and no the rest of the facts of the case.

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Answered on 6/01/07, 9:13 pm


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