What should brokers do when a client asks for advice outside their expertise?

When a client seeks advice on a topic that falls outside a broker's area of expertise, the most appropriate and ethical course of action is to refer the client to a qualified professional in that area. This approach upholds the professional standards and fiduciary duty that brokers have towards their clients, ensuring that clients receive accurate and reliable information from someone who has the necessary qualifications and experience.

By referring the client, the broker protects both themselves and the client. Providing guesses based on personal experience, researching the topic without proper expertise, or advising the client to handle it independently could lead to misinformation, misunderstandings, or potentially harm the client's interests. Referring clients to specialists demonstrates professionalism and a commitment to the best interests of the client while also maintaining the integrity of the broker's role.