And while it is usually legal to give stock advice or pass along investment information, it may not be permitted if you provide inside information.

Who can give regulated financial advice?

Only a financial adviser that is engaged by a licensed financial advice provider can give financial advice on personal risk insurance, mortgages, KiwiSaver and investments. A financial adviser must give you a professional level of advice.

Can you be a financial planner without a degree?

Generally speaking, it is not necessary to have a college degree to become a financial advisor. However, many firms will view it as a prerequisite for new hires, especially those with prestigious training programs. What is required are licenses and registration with FINRA, the financial services regulatory body.

Can I sue someone for financial advice?

The answer is: Yes, you can sue your financial advisor. You can file an arbitration claim to seek financial compensation when an advisor – or the brokerage firm they work for – fails to abide by FINRA’s rules and regulations and you suffer investment losses as a result.

Can a company give you personal financial advice?

The recommendation is personal to you. It will be based on your specific circumstances and your financial objectives. Only a firm that is authorised by us can provide this kind of advice. You can check which firms we regulate on the Financial Services Register. These firms must meet our consumer protection rules.

What does it mean to get advice on financial products?

This information will help you if you are thinking about getting help to make decisions about purchasing financial products such as shares, bonds, funds, some types of insurance, and pensions. For these products, firms often use the term ‘advice’ to mean a ‘recommendation of what you should do’.

Do you need permission to give non advised sales?

You require specific permission from us if you want to give advice to customers. If your firm is set up to only make non-advised sales you need to be careful about straying into advised sales territory.

Can you give financial advice without a license?

This does not constitute sound financial advice as I have been deemed incompetent in a majority of the states in the United States of America. It should be further noted that I learned everything I know from Suze Orman, the most brilliant Financial Advisor in the World, and my local library.