Interview with Chuck Ranson, Expert Witness in Wealth Management, at Charles W. Ranson Consulting, Inc.

What kind of cases do you usually take on?

I have been active as an expert witness since 2011. I have been engaged by plaintiff and defense counsel on over 30 cases dealing primarily with issues of wealth management.

Among the issues I have been consulted on are litigation issues relating to corporate and individual trustees duties and beneficiary rights. These cases often involve questions about determination of reasonable trustee fees, unique services of personal representatives or executors and the trustee’s duty of impartiality and duty to account. Additional issues involve the role of a registered investment adviser and their fiduciary duty of prudence and due care.

In addition to consulting on these issues, I’ve also written expert reports, and I’ve been deposed by opposing counsel and testified at trials.

What are the benefits of involving an expert witness early in the process?

Attorneys who engage my services prior to initial filing of a complaint can benefit from my industry experience to help them focus and crystallize the critical issues alleged in the case. This can include performing a preliminary analysis to assess the validity of different strategic directions for a case, using industry-specific knowledge to assist during the discovery phase and supporting attorneys in preparing witnesses for deposition.

Where do you mostly see your added value emerging?

Expert advice can be critical in making the most of the fact discovery. As the expert, I can provide industry insight which may be valuable in framing discovery requests, but also in identifying industry standards and practices, and supporting counsel in preparing fact witnesses for deposition issues to investigate in deposition.

I would say that in many cases I apply my industry experience to add input on often valuable early-stage questions, such as whether or not the value of the case is enough to make it worth litigating – is there potential settlement value; the identification of key technical, economic, or financial concepts or issues; and whether the expert’s findings and opinions have applications for other parts of counsel’s legal strategy.

Why is it important to be involved in an early stage?

Engaging an expert witness early in the litigation process helps to develop the most effective opinion. It also applies to me, as I benefit from sufficient time to do appropriate research, as well as the ability to ensure that the data and information central to the case’s opinion can be collected and made available for analysis. By engaging the consulting expert early in the process counsel can determine whether the consultant will be an effective testifying expert in deposition and trial.

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