Q: Can financial advisors be personally liable (in addition to their firm) for breach of fiduciary duty/negligence?

A: There is a reason you are being asked to do this research.

Some courts have held that a financial advisor can, but does not necessarily, owe fiduciary duties to a client. Other courts have held that, like all agents, a financial advisor does generally owe fiduciary duties to a client. When courts have determined that the relationship between a financial advisor and client does give rise to fiduciary duties, courts have pretty consistently held that the nature and extent of the fiduciary duties owed is limited compared to other relationships (e.g. partners, attorneys, etc.) where the duties are pretty extensive. For example, some courts have found a financial advisor has a fiduciary duty to obey the lawful instructions of the client, but not necessarily the fiduciary duty to place the client's interest above the advisor's own interests.

I don't think that any appellate court has specifically addressed whether an enrolled agent owes fiduciary duties, but again, I think it would depend on the specific facts and circumstances involved.

Similarly, an accounting firm may or may not owe fiduciary duties depending on the nature and scope of services it is providing to a specific client. In some instances--for example, auditing engagements--the accounting firm does not owe fiduciary duties and is engaged to provide objective, independent analysis.

A breach of fiduciary duty by an individual employee of an accounting firm might give rise to a claim for vicarious liability by the accounting firm. On the other hand, an accounting firm might be liable for a breach of fiduciary duty even though a particular employee CFP/EA is not individually liable for a breach of fiduciary duty. Again, it depends on the particular facts and circumstances of the situation.