Advice that moves money needs real protection.
Errors and omissions, cyber, fidelity and crime, D&O and employment practices coverage for investment advisers, financial planners, broker offices and trust companies.
By Sam Alishahi · CA Insurance License #4348151 · Reviewed October 2026 · How this page is researched
Suitability claims, wire fraud and client data
Advisers are sued when a portfolio drops and the client says the advice wasn't suitable, a trade wasn't placed, or fees weren't explained. Advisory firms also hold account numbers and tax records, and a single spoofed wire request can move a client's money in minutes. Advisers register with the SEC or, for many smaller firms, with California's Department of Financial Protection and Innovation.
I place advisory firms with markets that write investment E&O, then layer cyber, crime and fidelity, and D&O and EPLI as the firm grows. Broker-dealer offices also have FINRA fidelity bond rules, and I match the bond to them.
- Errors and omissionsClaims over advice, suitability and missed trades.
- Cyber liabilityBreaches of client account and tax data.
- Crime and fidelityEmployee theft and fraudulent wire requests.
- D&O and EPLIClaims against the firm's leaders and from employees.
What underwriters will ask
Having these ready means I can go to market on the first call. The quote form asks for the same things, and anything you don’t know yet can wait.
- Firm: registration type (SEC or state) and years in business.
- Services: advice, planning, brokerage, insurance or trust work.
- Assets: assets under management and number of clients.
- Custody: whether you hold or move client money.
- Staff: advisors and employees, with any disciplinary history.
- History: current policies and any complaints or claims.
Financial advisor insurance, answered
Does E&O cover a market loss?
Not the market drop itself. E&O can respond when a client claims your advice or service caused the loss, subject to the policy terms.
Is my broker-dealer's policy enough?
Often it covers only the securities business done through that firm. Outside advice, planning or insurance sales may need your own E&O.
Who needs a fidelity bond?
FINRA member firms required to join SIPC must carry a fidelity bond under FINRA Rule 4360. Advisers handling retirement plan assets may need an ERISA bond. Others often add crime coverage by choice.
Does cyber cover a fake wire request?
Some cyber policies include social engineering; others leave it to crime coverage. I check that the two fit together without a gap.
Do you offer financial advisor insurance outside California?
Yes. Clients across the country send the same quote form. Sam Alishahi is licensed in 48 states and Washington, DC and places policies there directly. In Florida and Washington, where Sam's licenses are still being issued, a partner agency in your state helps in the meantime. The shopping across carriers works the same way. Rules, minimums and markets differ by state — see insurance requirements by state.
Tell me about your firm. I'll shop it.
Your registration, services and assets under management are enough to start.
Alishahi Insurance · Saman Alishahi, independent insurance broker, California License #4348151. General information, not a quote or a promise of coverage; coverage depends on underwriting and the terms, conditions and exclusions of the policy actually issued.
Tell me how to reach you. I’ll take it from there.
Takes about 30 seconds. Your application link comes by email right away, and you get an update at every step until your quotes are ready.
(877) 711-4545Answered 24/7 · CA License #4348151
Get a reminder before your renewal.
Tell me when your policy renews and I’ll email you about six weeks before, when it’s worth comparing. One email, no calls.