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#21
07-18-2005, 02:41 PM
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Re: Financial advice for young and wealthy
1.) We now know where the real money is in poker. STT responses 978. MTT....0!!! (although they may be turned off by my advice, as I normally post there)
2.) Lots of PMs, not so many e-mail addresses. 3.) I dont have a ton of experience in tax/legal type work, so if anyone feels comfortable and would like to help in these areas, I would appreciate it. Also would love help in anything else as well (maybe setting up a small web site, or at least a way to make some excel files available for download) 
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#23
07-18-2005, 02:50 PM
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Re: Financial advice for young and wealthy
[ QUOTE ]
[ QUOTE ] A-Plus, do you carry any licenses, like series 7, 66, etc? [/ QUOTE ] I have my CFA charter. I know that this allows me to waive the exam for some of the liscenses, I am not sure which though. I better check it out though before I go giving financial advice on a public forum. I also am 80% through the class work towards my PHD in financial economics. I will double check with the liscenses, I am pretty sure I am covered, but dotn want to take any chances. [/ QUOTE ] Although I'm loosely familiar with the CFA (as I was once heading that route), I do carry the following licenses: 7, 31, 63, 65, and a couple of insurance licenses. I manage(d) about $18MM for individual clients. And here's what I'm getting at. You are talking to people all over the country. Furthermore, you are offering (potentially) professional advice. Are you subject to any regulatory agencies by giving any advice due to your license(s) or experience? If so, you should do one of two things. 1) Don't do it. 2) Be sure and write a boat load of legal language proclaiming that this isn't really advice, and it should not be construed in that way. And if they want real advice, they should see a professional (yada yada). Although I seriously doubt #2 would get me off the hook, it might work for you.
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#24
07-18-2005, 02:57 PM
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Re: Financial advice for young and wealthy
[ QUOTE ]
[ QUOTE ] [ QUOTE ] A-Plus, do you carry any licenses, like series 7, 66, etc? [/ QUOTE ] I have my CFA charter. I know that this allows me to waive the exam for some of the liscenses, I am not sure which though. I better check it out though before I go giving financial advice on a public forum. I also am 80% through the class work towards my PHD in financial economics. I will double check with the liscenses, I am pretty sure I am covered, but dotn want to take any chances. [/ QUOTE ] Although I'm loosely familiar with the CFA (as I was once heading that route), I do carry the following licenses: 7, 31, 63, 65, and a couple of insurance licenses. I manage(d) about $18MM for individual clients. And here's what I'm getting at. You are talking to people all over the country. Furthermore, you are offering (potentially) professional advice. Are you subject to any regulatory agencies by giving any advice due to your license(s) or experience? If so, you should do one of two things. 1) Don't do it. 2) Be sure and write a boat load of legal language proclaiming that this isn't really advice, and it should not be construed in that way. And if they want real advice, they should see a professional (yada yada). Although I seriously doubt #2 would get me off the hook, it might work for you. [/ QUOTE ] 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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#25
07-18-2005, 03:19 PM
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Re: Financial advice for young and wealthy
[ QUOTE ]
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. [/ QUOTE ] 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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#26
07-18-2005, 04:15 PM
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Re: Financial advice for young and wealthy
OK, I got the free and clear from my legal eagles. I just have to state that the info is my views only, yadda, yadda, yadda.
OK, I will try to get a plan of attack in place later this week. I think this will be fun, beneficial. For those concerned (rightfully so) about my creditibility, or wether this is some sort of scam. Just give it a shot. I will not be pitching any specific stocks, funds, advisors, etc. I hope it will be as if you signed up for the class "what you need to know to make your own investment decisions" at 2+2 University.
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#30
07-18-2005, 04:26 PM
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Re: Financial advice for young and wealthy
[ QUOTE ]
What a wonderful country. People can't take care of themselves, lets regulate them into financial safety by not allowing conversation on financial matters... John [/ QUOTE ] If the president of a company that sells ice in the arctic tells you that it's in your portfolio's best interest to invest in his company, are you going to do it? Regulation = Protection
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