Financial planning sets individuals, families, and businesses up for success, and this necessity should be accessible to all. Experts.com member and Financial Planning Ethics expert witness Marguerita Cheng, CFP®, CRPC®, RICP®, CDFA® founded Blue Ocean Global Wealth to bring financial planning advice and services rooted in empathy and inclusion to those seeking it. Read about her expert witness practice and the inspiration behind her career.
What is your role and how did you get to where you are today?
I am a CFP® professional and Founder of Blue Ocean Global Wealth.
How did you get into the expert witness line of work?
When my dad became terminally ill with Parkinson's disease, I decided to write a CFP® ethics program that focused on cognitive decline, elder financial abuse, and financial exploitation. Our family was fortunate. While my dad did experience cognitive decline, we protected him from himself.
I shared my story with others because it isn't enough to let your clients and loved ones do the planning they want to do. They must do the planning they don't want to do. CFP® professionals must satisfy their bi-annual CFP® Ethics CE requirement, and I wanted to create a timely, relevant, and compelling program.
Whether you are a financial advisor, social worker, policy maker, compliance professional, or regulator, we can agree that elder financial abuse and financial exploitation are serious problems. I realized it truly takes a caregiving village to advocate for our seniors because they are vulnerable. The consequences of poor financial advice or financial abuse can be devastating. I delivered this presentation to an expert witness firm to provide attorneys with CLE and received positive feedback.
How do you prepare to write an expert witness report?
First, I read all the material and take notes as I am reading. This is particularly important if I am reading on the computer screen. I may wait a day or two to process everything I read. Sometimes, I will reflect on what I read on a long run or walk to gain clarity and think about my approach. Before I start writing, I review my notes and start an outline. I begin with the end in mind. I start with my opinions and then provide a basis for my opinion with supporting details. I end with my summary, review everything, and send my report to the attorney for feedback. I understand that the attorney cannot tell me what to write. The attorneys I work with appreciate my professionalism, diligence, and support.
What surprising mistakes in an expert report hurt an expert's credibility?
One surprising mistake that can hurt an expert’s credibility is lack of clarity on requirements for the expert report. Experts must ask questions before starting, because disappointment occurs when expectations don’t meet the desired outcome. Review your work for any grammatical errors and typos, because details matter.
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How important is plain language for expert witness reports and testimony?
Using clear and concise language in expert witness reports and testimony is crucial. If you use technical terms or jargon, take time to explain the nuances. As a CFP® professional, I write expert witness reports on topics such as retirement, inherited IRAs, and annuities. In this field, people sometimes use the terms rollover and transfer interchangeably, but there are important distinctions between the two. Not understanding the differences can have tax-related consequences.
A transfer is the process of moving funds or retirement assets from one IRA account to another. A direct rollover is the process of moving funds from a qualified retirement, such as a 401(k) plan, into a Traditional IRA.
By using clear and concise language in your expert witness reports, you build credibility and trust.
What do you wish lawyers knew about working with expert witnesses?
I understand that opposing counsel is well intentioned and wants to do what is in their client's best interest. However, I wish they would focus on the question at hand and not think ahead to the next question. Ask one question, await the response, and ask the next question. There is also no reason to resort to unscrupulous tactics to discredit an expert witness' credibility. It can actually backfire.
What are the top 3 skills an expert witness must have for success?
The top three skills an expert witness must have to succeed are:
1. Exceptional written and verbal communication skills
2. Diligence and attention to detail
3. Trustworthiness and candor.
What advice would you give to expert witnesses who are just starting out?
Resist the temptation to accept an assignment outside of your area of expertise. You want to gain credibility and trust, so focus on a specific area of expertise. In my case, I am a CFP® professional and I started out with a focus on CFP Board ethics because of the expanded application of the fiduciary duty for CFP® professionals. Invest in professional development and partner with expert witness firms to grow your business.
About the Author
Marguerita Cheng, CFP®, CRPC®, RICP®, CDFA®, Chief Executive Officer at Blue Ocean Global Wealth, is a certified financial planning expert with over 20 years of experience. Prior to co-founding Blue Ocean Global Wealth, she was a financial advisor at Ameriprise Financial and an analyst and editor at Towa Securities in Tokyo, Japan. Ms. Cheng is a former spokesperson for the AARP Financial Freedom Campaign and a regular columnist for U.S. News, Investopedia, and Kiplinger.
In addition, she serves on the Board of Directors for CFP Board. In 2025, Investment News named her one of the “Best Certified Financial Planners in the USA | 5-Star Financial Planners.” In 2024, she was recognized as financial planner of the year by the Financial Planning Association of the National Capital Area (FPA NCA). In 2023, she was named the #2 most influential financial advisor in the Investopedia Top 100. She was named a “Woman to Watch” by Investment News in 2017.
Services to attorneys representing plaintiff and defendant include financial due diligence, thorough reporting, depositions, and trial testimony as needed.
Visit Marguerita's Experts.com profile and connect with her on LinkedIn.
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