Following on from Hobo-Jo's post; Are you in danger of giving financial advice?
ASIC monitors this, but then again they are the same group that has copped flack from any effective policing of some of the larger groups that have failed dismally, (think HIH, Storm Financial, Fincorp, Timbercorp, Great Southern, Westpoint, Babcock & Brown).
What if you tell your Grandmother about the benefits of on-line savings accounts?
Whats an employer to do when telling new employee's of their superannuation fund options re: Superchoice?
How about giving your kids financial advice?
I tried to be smart and give an example such as Share ABC, then look what happened a stock listed using those letters, now I have to say Share XYZ... until a share lists using those letters
If you receive bad advice from a financial planner can you recoup lossses (don't think so) and many a super fund will still hit you up for management fee's in times of negative performance... "we lost you $20k this year, sorry, by the way, here's our 6% management fee, please remember you need to look long term...look to the left at my pretty chart of the index consisting of constantly changing stocks...see it always go's up!"
Like signing your tax return, you're on your own once you hand your money over to your chosen professional i.e. you sign a disclaimer saying you understood everything they told you, including the don't worry about that verbal nuances and you wont hold them liable
Do you have to be in the business of providing financial advice, to be seen as giving "finacial advice" rather than an "opinion" or can we sue every Tom, Dick and Harry for bad advice and stock market tips given after a few rums at a BBQ?
ASIC struggles with blogs, bulletin boards link
food for thought or discussion?
ASIC monitors this, but then again they are the same group that has copped flack from any effective policing of some of the larger groups that have failed dismally, (think HIH, Storm Financial, Fincorp, Timbercorp, Great Southern, Westpoint, Babcock & Brown).
What if you tell your Grandmother about the benefits of on-line savings accounts?
Whats an employer to do when telling new employee's of their superannuation fund options re: Superchoice?
How about giving your kids financial advice?
I tried to be smart and give an example such as Share ABC, then look what happened a stock listed using those letters, now I have to say Share XYZ... until a share lists using those letters
If you receive bad advice from a financial planner can you recoup lossses (don't think so) and many a super fund will still hit you up for management fee's in times of negative performance... "we lost you $20k this year, sorry, by the way, here's our 6% management fee, please remember you need to look long term...look to the left at my pretty chart of the index consisting of constantly changing stocks...see it always go's up!"
Like signing your tax return, you're on your own once you hand your money over to your chosen professional i.e. you sign a disclaimer saying you understood everything they told you, including the don't worry about that verbal nuances and you wont hold them liable
Do you have to be in the business of providing financial advice, to be seen as giving "finacial advice" rather than an "opinion" or can we sue every Tom, Dick and Harry for bad advice and stock market tips given after a few rums at a BBQ?
ASIC struggles with blogs, bulletin boards link
Securities regulator ASIC has released a consultation paper that aims to clarify the grey areas blurring what constitutes financial advice on a blog or bulletin board.
"It's not designed that way. To expect ASIC to come in and safeguard every mum and dad that goes into an investment is unrealistic."
Chairman of ASIC, Tony D'Aloisio
food for thought or discussion?
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