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[esaw100]

I am considering about two distinct options:1 - An world wide web internet site exactly where I'd have my share picks, along side recommendations about a variety of financial troubles such as for instance what pension records you ought to have. The normal sort of guidance that somebody like Suze Orman offers. Is this entirely reputable? May well somebody sue me if I truly gave out poor or wrong guidance(not that I intend to, clearly).two - Performing getting a actual economic adviser. Ending up in consumers personally and supplying tips.Are these two entirely authorized without having any formal diploma, accreditation, state permit, etc.?Thanks ahead of time for the help.

[Alberic]

Your 1st possibility generally is just a monetary book delivering investment advice, and to operate it officially, you will need to have certainly to register being an investment advisor with the SEC. Your subsequent likelihood depends upon how huge your exercising is and which state you are in.  If you manage over $25 million in assets or have significantly far more than 13 customers to whom you offer investment advice, you need to register getting an investment advisor with the SEC.  If not, you may possibly(but not necessarily will) have to register with your state. A formal degree isn't necessary to enroll as as investment advisor, nonetheless, you do need to have surely to move a(pretty simple) exam.

[huxly]

[Sidell]

For the first 1, as lengthy as you had a disclaimer that it was an "opinion", you would possibly be safe. Realize that in this country, though, you can be sued for something, whether or not you shed that case is up to the attorneys.  As for the second part, if you?re charging for your solutions, you have to be registered with the SEC and licensed by  your state. Schelli 73 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please confirm your account to send a message.

[broehain61]

Basically, anyone can legally give any kind of free financial advice they want. The problem really starts when you charge money for your advice, which includes accepting commissions or referral fees, or try to sell any kind of financial product. Once you accept money, or any compensation for that matter, you are making yourself liable for your advice. If you sell financial products such as investments, mutual funds, stocks, insurance, ETFs, bonds, etc., without a license, you are plain and simply in violation of the law. And don?t forget, that ANYONE can basically sue ANYONE for just about ANYTHING. Even if you don?t sell anything, and possibly even if you don?t accept money or any other kind of compensation, if you are providing "formal" counseling by actually meeting with people, as opposed to say a website or news letter, in many states you could actually be found liable. I am a Volunteer Budget Counselor certified through Crown Financial. Crown Financial basically trained me to help people create and implement family budgets, and not a whole lot more. I have since done some additional studying and do provide very basic counseling in other matters of family finance. I often tell people they should put money into the bank, or a certificate of deposit, or an ETF or a mutual fund; but, I would NEVER specifically tell them which one to use. I don?t want to risk being sued if I suggest a specific investment and it goes bad. I don?t structure investments, retirement plans or financial deals because, quite frankly, I am just not qualified to do so. Mostly, I just help people get rid of debt, save money for the future, and become wealthy. In my counseling, I have had people come to me with basically the same question you have posed about wanting to act as a financial advisor or counselor. I ask them the same question I am now going to ask you: why do you want to become a financial advisor/counselor? It may sound like a simplistic question, but be very honest with yourself when answering it. Often people say they want to "help people." Far too often, though, it is really more an ego thing. They think they know more about finances or investing than they really do, and they think they are qualified to give financial advice when they are not. If you really do want to just "help people," than PLEASE get some sort of formal training before doing any kind of financial advising or counseling. With unintentional bad advice, you could literally destroy someone?s financial future and possibly get yourself sued in the process! If you truly want to help people, than get enough training to make sure that doesn?t happen, and don?t go beyond what you are trained to do. Secondly, don?t advise anyone else to do anything unless you have already followed your own advice and it has worked well and consistently over a period of years. I can teach family budgeting becuase I have and maintain a family budget. I also teach saving, investing and being completely debt-free because, over the years, I have been successful in saving, investing and I am also completely debt-free including my house. I stay completely away from teaching anything I have not done myself. So, if you recommend stocks, investments retirement plans or financial strategies, then you better have a significant portion of your own money in the things you recommend. Honestly, if you are not willing to get at least some basic, formal training in order to be a truly effective and helpful financial advisor/counselor, then you probably should take a completely honest look at why you really want to do this. In the time it takes someone to finally realize that they really aren?t qualified to be giving financial advice, they could end up destroying some lives and relationships. Trust me, it is more of a responsibility than you may realize and you don?t want to live with knowing you hurt the people you thought you were helping. It may also be helpful to check out my article "Whom You Should Listen To" on the Financial Page of Eclecticsite.com

[Inis]

Yes and no...yep, you'll have to read this entire answer. Basically, anyone can legally give any kind of free financial advice they want. The problem really starts when you charge money for your advice, which includes accepting commissions or referral fees, or try to sell any kind of financial product. Once you accept money, or any compensation for that matter, you are making yourself liable for your advice. If you sell financial products such as investments, mutual funds, stocks, insurance, ETFs, bonds, etc., without a license, you are plain and simply in violation of the law. And don?t forget, that ANYONE can basically sue ANYONE for just about ANYTHING. Even if you don?t sell anything, and possibly even if you don?t accept money or any other kind of compensation, if you are providing "formal" counseling by actually meeting with people, as opposed to say a website or news letter, in many states you could actually be found liable. I am a Volunteer Budget Counselor certified through Crown Financial. Crown Financial basically trained me to help people create and implement family budgets, and not a whole lot more. I have since done some additional studying and do provide very basic counseling in other matters of family finance. I often tell people they should put money into the bank, or a certificate of deposit, or an ETF or a mutual fund; but, I would NEVER specifically tell them which one to use. I don?t want to risk being sued if I suggest a specific investment and it goes bad. I don?t structure investments, retirement plans or financial deals because, quite frankly, I am just not qualified to do so. Mostly, I just help people get rid of debt, save money for the future, and become wealthy. In my counseling, I have had people come to me with basically the same question you have posed about wanting to act as a financial advisor or counselor. I ask them the same question I am now going to ask you: why do you want to become a financial advisor/counselor? It may sound like a simplistic question, but be very honest with yourself when answering it. Often people say they want to "help people." Far too often, though, it is really more an ego thing. They think they know more about finances or investing than they really do, and they think they are qualified to give financial advice when they are not. If you really do want to just "help people," than PLEASE get some sort of formal training before doing any kind of financial advising or counseling. With unintentional bad advice, you could literally destroy someone?s financial future and possibly get yourself sued in the process! If you truly want to help people, than get enough training to make sure that doesn?t happen, and don?t go beyond what you are trained to do. Secondly, don?t advise anyone else to do anything unless you have already followed your own advice and it has worked well and consistently over a period of years. I can teach family budgeting becuase I have and maintain a family budget. I also teach saving, investing and being completely debt-free because, over the years, I have been successful in saving, investing and I am also completely debt-free including my house. I stay completely away from teaching anything I have not done myself. So, if you recommend stocks, investments retirement plans or financial strategies, then you better have a significant portion of your own money in the things you recommend. Honestly, if you are not willing to get at least some basic, formal training in order to be a truly effective and helpful financial advisor/counselor, then you probably should take a completely honest look at why you really want to do this. In the time it takes someone to finally realize that they really aren?t qualified to be giving financial advice, they could end up destroying some lives and relationships. Trust me, it is more of a responsibility than you may realize and you don?t want to live with knowing you hurt the people you thought you were helping. It may also be helpful to check out my article "Whom You Should Listen To" on the Financial Page of Eclecticsite.com Sources: www.Eclecticsite.com/financial.html Keitharoo 73 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

[Leroy]

Realize that in this country, though, you can be sued for anything, whether you lose that case is up to the attorneys.  As for the second part, if you?re charging for your services, you have to be registered with the SEC and licensed by  your state.

[Lean]

Yes, but... Your first possibility essentially is a financial publication offering investment advice, and to run it legally, you will have to register as an investment adviser with the SEC. Your second possibility depends on how big your practice is and which state you are in.  If you manage over $25 million in assets or have more than 13 clients to whom you provide investment advice, you must register as an investment adviser with the SEC.  If not, you may(but not necessarily will) have to register with your state. A formal degree is not required to register as as investment adviser, but you do have to pass a(fairly uncomplicated) exam. NC 73 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.