Re: Financial advice for young and wealthy
 

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please have this discussion elsewhere. preferably in the politics forum or something.

there are very good reasons to protect people from things using the government, in my opinion. but that's my opinion. you're entitled to as much libertarianism as you want, but really there's no reason to be debating whether or not there should exist a classification "qualified investor" in this thread.

citanul

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LOL, I think there is a stock market section to this forum???

Re: Financial advice for young and wealthy
 

Dude, I'm a financial planner, and you're going to get yourself in trouble by giving advice on this forum. You have to be licensed in each poster's state, and if you give anything specific without collecting all the necessary data you open yourself up to liability. Remember, you're acting as a fiduciary.

No offense to anyone, but I can't help you. [img]/images/graemlins/tongue.gif[/img]

Re: Financial advice for young and wealthy
 

does he need to get licensed or anything like that if all he's going to do is teach, not make recommendations?

Re: Financial advice for young and wealthy
 

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Dude, I'm a financial planner, and you're going to get yourself in trouble by giving advice on this forum. You have to be licensed in each poster's state, and if you give anything specific without collecting all the necessary data you open yourself up to liability. Remember, you're acting as a fiduciary.

No offense to anyone, but I can't help you. [img]/images/graemlins/tongue.gif[/img]

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bigwig, I'm not sure if he is liable to this because he carries no licenses. Those were my thoughts at first. Second of all, in order for him to begin to incur any fiduciary liability, he'd have to start receiving some compensation. I think this is a lot like an agent acting on behalf of a newsletter for CTAs. As long as the agent has no affiliation with where the transactions are being done, and he's not giving SPECIFIC and INDIVIDUAL financial advice, then he should not be governed.

But I do agree that there are concerns, and OP should be mindful.

Scuba

Re: Financial advice for young and wealthy
 

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does he need to get licensed or anything like that if all he's going to do is teach, not make recommendations?

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I think so. I can't do a seminar, for example, in a state where I'm not licensed. Although seminars might be considered solicitations.

If he gives very broad very non-specific advice, he should be fine. But I've been warned by my OSJ and home office many times about message board posting. I don't even mention my franchise name because of this. It's just too spooky out there today.

My suggestion is for everybody to simply hire their own local professional.

Re: Financial advice for young and wealthy
 

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does he need to get licensed or anything like that if all he's going to do is teach, not make recommendations?

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No, but if he is licensed, he could become liable. This is where the problems can come in. Furthermore, teaching is very subjective, and can be construed as advice. For example, in classes I've seen, it was construed that because index funds are the cheapest cost, then that is the best route.

Unfortunately, this now becomes advice, and not teaching.

Scuba

Re: Financial advice for young and wealthy
 

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Dude, I'm a financial planner, and you're going to get yourself in trouble by giving advice on this forum. You have to be licensed in each poster's state, and if you give anything specific without collecting all the necessary data you open yourself up to liability. Remember, you're acting as a fiduciary.

No offense to anyone, but I can't help you. [img]/images/graemlins/tongue.gif[/img]

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bigwig, I'm not sure if he is liable to this because he carries no licenses. Those were my thoughts at first. Second of all, in order for him to begin to incur any fiduciary liability, he'd have to start receiving some compensation. I think this is a lot like an agent acting on behalf of a newsletter for CTAs. As long as the agent has no affiliation with where the transactions are being done, and he's not giving SPECIFIC and INDIVIDUAL financial advice, then he should not be governed.

But I do agree that there are concerns, and OP should be mindful.

Scuba

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He's not licensed?

Wait, what the hell does he do?

Re: Financial advice for young and wealthy
 

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does he need to get licensed or anything like that if all he's going to do is teach, not make recommendations?

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I think so. I can't do a seminar, for example, in a state where I'm not licensed. Although seminars might be considered solicitations.

If he gives very broad very non-specific advice, he should be fine. But I've been warned by my OSJ and home office many times about message board posting. I don't even mention my franchise name because of this. It's just too spooky out there today.

My suggestion is for everybody to simply hire their own local professional.

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I am going to look into this. As I've stated before, I'm leaving the financial advisoring industry. I will probably become a financial products wholesaler (meeting with Pimco for example). Anyway, I'm not sure if I need to retain my licenses or not. And if I don't, I wonder how liable I could be for teaching a class.

A_plus has made some comments that could be construed that he will become a RIA. If that's the case, then I agree, he should let this go.

Scuba

Re: Financial advice for young and wealthy
 

I appreciate the advice. I have consulted the compliance officers at my company, and have an e-mail to the legal/ethics consultant of a professional organization that I belong to.

I am currently employed as an analyst, and do not need to have any liscenses (series 7, etc).

I plan for this to be very academic in nature (only explained in common language, with poker as a common drawing point).

I have no affiliation with any company that offers any sort of brokerage service, and/or provides public mutual funds. I will not be making any specific recomendations, only giving examples of how you would make an investment decisions (with completely fictitious investment choices).

I will not be recieving any money for this, and will not be soliciting clients.

I think I am in the clear legally, but I will be sending the first e-mail to my compliance officer before I send it to make sure everything is on the up and up.

Re: Financial advice for young and wealthy
 

Great idea! Sign me up!

Re: Financial advice for young and wealthy
 

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Thanks, I will talk to my firms legal dept. I had thought about that, which is why I wanted to structure it as more of a finance class, than an investment advice forum.

I really appreciate the heads up though.

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No matter how you classify this (class, newsletter, etc.) you are still potentially subject to SEC/NASD regulations. Without a doubt, I would be. Frankly, I don't know why you would (subject to regulations) be if you're an analyst. And I assume you're a buy-side analyst at that. Do you give advice to any individuals at all? Because you have $1MM minimums, your clients don't fall into most of the general regulatory categories, and are considered an accredited investor. That being said, I'm really not sure what credentials you need.

I think it would be a help if you could provide your employment background. If you're uncomfortable with this, you could PM me, and I'll give my own opinion. It's an internet forum, so it's wise for all of us to be careful.

Scuba

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Blah... I don't care if some random bureaucrats designate someone as "accredited". I put no weight at all on government regulations. Protecting people from themselves is quite absurd and it really hurts those with true talent and intelligence. I am free to take this guy's advice if I feel it is useful (although I always prefer making my own decisions).

Re: Financial advice for young and wealthy
 

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I am free to take this guy's advice if I feel it is useful

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This is very true. But if it were from me, because of my licenses, you could also sue me. Thus, I am very particular to whom I give advice to.

Re: Financial advice for young and wealthy
 

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This is very true. But if it were from me, because of my licenses, you could also sue me. Thus, I am very particular to whom I give advice to.

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Would suing you have a better ROI than acting any advice you might give?

What grounds does someone need? How does it work?
Do they have to invest all their money and then lose it and sue you and you have to pay it back or what?

Why would anyone BE a financial adviser if you are not actaully allowed to tell anyone anything?

It all seems very odd to me.

Re: Financial advice for young and wealthy
 

I really believe this would be a really good addition to a general forum area or something. Most poker players do not understand the importance of manageing their money allthough they are able to manage it well on the table. The 2 are equally important and I for one think it would be a great addition to the forum. Maybe something moderators might could take attention to?

Re: Financial advice for young and wealthy
 

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if only i knew how to manage my money.. sigh. holla

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I'll take a shot at financial advise for Raptor.

Lesson 1: stop lighting $100 bills on fire.

rvg

Re: Financial advice for young and wealthy
 

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I don't care if some random bureaucrats designate someone as "accredited".

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I don't know much about this stuff, but I don't think being an accredited investor has anything to do with what you're talking about. There are certain qualifications you have to meet, and if you do, you're able to get in on a bunch of high risk investments, but also very lucrative ones such as buying large amounts of stock in a company before an IPO. Something like that. I think. I'm sure Scuba can explain it all if anyone cares.

Re: Financial advice for young and wealthy
 

Seems to me that Financial advice is not poker, much less STT poker.

Maybe i'm wrong. Either way, I wasn't trying to debate non-appropriate material here.

John

Re: Financial advice for young and wealthy
 

Ok, even I am sick of this thread. Anyone with questions can PM me.

As for being 'accredited'.

The government needs to regulate who can buy/sell financial instruments. This is done to protect the consumer from all kinds of crooks, etc. Yes, this puts a burden on financial professionals, but no more so than other professionals, ie Drs, lawyers, etc.

For the past 5 years I have been in research, so I have not needed to be 'liscensed'. This is required for anyone who sells products, or the like. This has absolutely nothing to do with my knowledge or skill level. I just have never needed them.

Scuba Chuck was looking out for my interests, bringing various regulatory matters to my attention. I have researched the issue, and do not think it is a problem. Since I do not sell financial instruments I am free to give general financial advice.

So, lets leave the forum to STT, and move on. I only posted here b/c this is where I am currently playing (would need advice on).

So any more questions, PM me.


back to your regularly scheduled forum

Re: Financial advice for young and wealthy
 

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great idea man, pm sent, thank you

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He said the young and the wealthy...not the luckbox-y [img]/images/graemlins/grin.gif[/img] j/k

Re: Financial advice for young and wealthy
 

Whoa I'm not making an attack on you or saying that you don't have credentials. I was just briefly explaining what I remember what an "accredited investor" is. Which is something entirely different from you being licensed and everything. From what I remember, it's basically just being rich enough to make ridiculous investments.

I really appreciate what you're doing here, and that post had nothing to do with you, much less be a criticism.

Re: Financial advice for young and wealthy
 

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if only i knew how to manage my money.. sigh. holla

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Don't you just shove it into extra SNG games? Hooola.

Re: Financial advice for young and wealthy
 

I may be able to help in setting up the website. Let me know when you have some more ideas on what you'd like on the site. I can definitely host it. I used to design websites before i fell into this whole poker thing...hence the handle.

Re: Financial advice for young and wealthy
 

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does he need to get licensed or anything like that if all he's going to do is teach, not make recommendations?

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and there's the gray line
eventually, if a strategy is discussed or something similiar to this nature, then yes. it doesn't even have to involve tips individual products.

Re: Financial advice for young and wealthy
 

If you could set up a web page that would be great! Just let me know what you would need from me

Re: Financial advice for young and wealthy
 

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I may be able to help in setting up the website. Let me know when you have some more ideas on what you'd like on the site. I can definitely host it. I used to design websites before i fell into this whole poker thing...hence the handle.

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Ah, here's where you're crossing the line A+. I seriously don't think you want your name on the web associated with this at this point in your career. Emails are one thing, but a public forum is another.

Re: Financial advice for young and wealthy
 

Whatever the case, I'd once again recommend that each poster who is serious about investing seek out an individual professional in their area.

Re: Financial advice for young and wealthy
 

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Whatever the case, I'd once again recommend that each poster who is serious about investing seek out an individual professional in their area.

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Are you kidding me? This is unfortunately not generally a good idea, IMO. Unless someone's got $100k plus, I don't think they have a very good chance at finding someone who isn't interested more in the single payday at investing their money, and moving on. I have a very biased view of my industry, and most of them are just salesmen/women rather than real advisors.

In principle, I agree with your statement, but I just don't think it's applicable. Furthermore, I think it's to each of these guys benefit to make some mistakes. Doing my job is difficult, and the sooner people realize it's difficulty, the better client they become when they are older.

Scuba

Re: Financial advice for young and wealthy
 

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I have a very biased view of my industry, and most of them are just salesmen/women rather than real advisors.

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Well, not the people I work with. 90% of them are very professional and give excellent advice.

Just get a referral from somebody you know that has a good experience.

Being in the industry, I can't believe you'd recommend that people do things on their own. Literally 95% of people I meet are making serious mistakes that will cost them 6 figures over 20+ years.

Re: Financial advice for young and wealthy
 

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This is very true. But if it were from me, because of my licenses, you could also sue me. Thus, I am very particular to whom I give advice to.

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Who is actually going to go down to the courtroom and say they want to sue a guy they met on the internet named "Scuba Chuck", because he told them to buy coastal property in Arizona?

I can just see the look on the clerks face now.

Maybe there is an non-lianility or release form that A_PLUS can work up to have folks agree to beforehand?

And on a personal note, those rules seem back asswards....I would openly welcome free advice from a guy like Scuba as a professional in his industry, and if it doesn't work out, it'd be my own damn fault for following advice of an anonymous guy named "scuba chuck" on the internet, and sueing would be ridiculous.

Re: Financial advice for young and wealthy
 

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Who is actually going to go down to the courtroom and say they want to sue a guy they met on the internet named "Scuba Chuck", because he told them to buy coastal property in Arizona?

I can just see the look on the clerks face now.

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The same people who sue McDonald's for not telling them their coffee is hot. The fact of the matter is there are people that are always looking for a way to take your money. I don't think it's wise to think that a bunch of strangers have your best interests at heart and not their own.

Sure, most won't sue. But it only takes one to ruin your life.

Re: Financial advice for young and wealthy
 

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please have this discussion elsewhere. preferably in the politics forum or something.

there are very good reasons to protect people from things using the government, in my opinion. but that's my opinion. you're entitled to as much libertarianism as you want, but really there's no reason to be debating whether or not there should exist a classification "qualified investor" in this thread.

citanul

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you tell em cit! ban those bastards! [img]/images/graemlins/grin.gif[/img]