Financial planning can be a very lucrative area for accountants. But take care! Unlike in traditional tax and accounting work, special pitfalls await. Here's one example:

The NASD recently announced that it has ordered Ameriprise Financial Services, Inc., formerly American Express Financial Advisors, to pay a fine of $500,000 for failing to adequately supervise the firm's sales of 529 plans. NASD also directed it to pay approximately $750,000 to compensate more than 500 customers.

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