Is it legal to sell a financial advice informational product w/o license & w/general info w/no specific security recomendation?

2 replies [Last post]
tirk82's picture
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Joined: 2010-12-15

basically, I want to put together a financial advice product on retirement, budgeting, etc. I will not be giving specific securities to invest in but will recomend types of funds , again nothing specific. Can I do this without a license? I intend on having a legal disclaimer that this is soley my opinion and the buyer assumes all risk . yada yada yada. Thanks in advance everyone.

BigFirepower's picture
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Joined: 2010-07-09

There are folks that do that, for example, you could write a book about investing. BUT, if you had a license, you CANNOT do stuff like that. When you have a license, you are regulated highly. With no license, you can hide behind freedom of speech, yada yada. When you see all those BS ads on Yahoo Finance, those are folks hiding behind the 1st amendment, while pitching financial services. There is a fine line, and if you cross it, you get nailed by the Feds. See "Wade Cook" for more information on that. What you're talking about, is mostly done by crooks. I guess the only way to make money doing that, is to be a sleazeball? Either way, you'd want deep pockets, and a very good lawyer(s). You can't do what you're talking about on a shoestring budget for sure.  

tirk82's picture
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Joined: 2010-12-15

BigFirepower wrote:There are folks that do that, for example, you could write a book about investing. BUT, if you had a license, you CANNOT do stuff like that. When you have a license, you are regulated highly. With no license, you can hide behind freedom of speech, yada yada. When you see all those BS ads on Yahoo Finance, those are folks hiding behind the 1st amendment, while pitching financial services. There is a fine line, and if you cross it, you get nailed by the Feds. See "Wade Cook" for more information on that. What you're talking about, is mostly done by crooks. I guess the only way to make money doing that, is to be a sleazeball? Either way, you'd want deep pockets, and a very good lawyer(s). You can't do what you're talking about on a shoestring budget for sure.  Hi Fire,Thanks for the feedback. The informational product that I would be selling would be my real sound personal advice, based on my own experiences, on how to budget, plan for retirement, get out of debt, learn how to save, etc. The product would not be a lead on to sell additional services or specific investments. I think I know what you are refering to when you say, this is done mostly by crooks, but my intention would not be to try to scam anybody. It would essentially be an e-book of my opinions, and if it sells, great, word of mouth is a powerful force online, that is my intention. I just want to be sure that I can do this legally without a license. Appreciate the comments, Thanks

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