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tarkanas -> RE: what do I need to know about financial domination? (12/27/2010 5:00:21 PM)
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quote:
ORIGINAL: Kana
I'm not positive, but in many states you have to have some sort of licensing to give financial advice if you charge for it.
Some common tests include series 7,63, 65 and 66 and for most of those, you need to be sponsored in by a corporation.
Your partially right, you can give all the advice you want that is NOT related to securities. I actually think there may be a way to make this work (speak to a lawyer because I have general knowledge but am not a lawyer) Basically all you are doing is the same thing that every bank out there wants you to think their bankers can do, get you on a more disciplined financial schedule. I don't see anything wrong with you telling someone how to spend their money and how much to invest (by invest I mean put somewhere to grow IE stocks, bonds, cd's, savings). The way to CYA would be to refer them to a true financial adviser for the actual investing but you would handle the part of making them put it in a savings acct.
If you actually wanted to do the investing part (could get sticky but may be possible) you would just have to go get a company to sponsor your 7 and 66 (6 and 63 are lower then this and not really worth getting, I got them first and they are useless).
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