Investment Advice

[Norwayguy]

I know since giving up my Registered Rep creds my life has been much much better. However I like any other non RR,RIA,IAR has to be careful of stepping over the line in regards to securities...

What drives me nuts is as I read into this I am not allowed to talk to my client about things printed in the friggen prospectus, you know that document your client has never read without someone saying I'm advising about the product...

It would be nice if FINRA would realize they have created so much paper in regards to these sales that the supposed documents designed to protect a consumer is being lost in the shuffle and that I am not giving investment advice when all I do is read from the prospectus...My 6 year old can read from a Prospectus (she won't understand it but she can read it).

 

[iceco1d]

Assume this is more of a venting post, than a question?

 

[0b1kanobee]

Prospectus makes good fire starter. At least that's what I tell people. If they want to read it, have at it. Nothing like sittin on the jon spankin one off to a Prospectus!

You actually read those?

 

[Norwayguy]

Prospectus makes good fire starter. At least that's what I tell people. If they want to read it, have at it. Nothing like sittin on the jon spankin one off to a Prospectus!

You actually read those?

If I point out expense ratios I am giving inversamente advice.
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Assume this is more of a venting post, than a question?

Yup venting, I would've het ny series 65 If ir would and there but it won't.

 

[sman]

Peter if you aren't charging for investment advice there shouldn't be anything preventing you from giving it unless your state laws mandate it. I'm pretty sure Dave Ramsey and Clark Howard aren't licensed and they give investment advice regularly.

I think I need you to translate that last post.

 

[iceco1d]

If I point out expense ratios I am giving inversamente advice.
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Yup venting, I would've het ny series 65 If ir would and there but it won't.

You can trade your 66 in for a 65...

 

[0b1kanobee]

You know my situation as I have someone in my back pocket for this sorta thing. I think it's less expensive and I'm not constrained by having someone you can bring in every now and then. Just throw them a bone every once in a while. Less headaches for me.

 

[xrac]

Prospectus makes good fire starter. At least that's what I tell people. If they want to read it, have at it. Nothing like sittin on the jon spankin one off to a Prospectus!

You actually read those?

Wow! I now finally have a valid use for those some of the massive prospectus that I receive.

 

[Norwayguy]

Peter if you aren't charging for investment advice there shouldn't be anything preventing you from giving it unless your state laws mandate it. I'm pretty sure Dave Ramsey and Clark Howard aren't licensed and they give investment advice regularly.

I think I need you to translate that last post.

Dave Ramsey and Clark Howard fall under and exemption...LATE Lawyers, Accountants, Teachers & Entertainers....

The problem is it is rapidly looking like if a client moves money from a security to a fixed product, I am deemed to have provided investment advice and would required to be a RR, IAR or RIA.

Which is funny because if you ever come accross a RR without a life license (I know rare) there is no penalty for him spouting off whatever he wants to say.

In regards to my last post I will posting a new thread venting on the evils of auto correct features on my supposed smart phone...Everything is fine on the word I spell and as soon as it leaves the side of my screen the phone changes some of the words and the words it wants to change things to is crazy...I was typing end...I only had the "en" in and up puts "yn" WTF!!!!
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You know my situation as I have someone in my back pocket for this sorta thing. I think it's less expensive and I'm not constrained by having someone you can bring in every now and then. Just throw them a bone every once in a while. Less headaches for me.

Yeah but to be legal they have to be there with you...Whats even more silly is a lot of these are former clients that I sold the product to and my successor at my former branch is giving really bad advice...

Whoever said they don't read the Prospectuses I know my successor hasn't I actually stepped in on one of the cases she has been working...Client wanted to move money from 403(b) invested in a VA, other agent (Who is appointed with this VA company) just sends in a transfer form...I stepped in and had it redone and sent in a Letter of Instruction...buried in that Prospectus most people don't read was a clause that surrender charges where waived if the client is 55+, has seperated from service and has had the policy for at least 7 years. The client met the requirements and there is nothing in the system to flag the waiver automatically hence the LOI, this saved the client $3K...Techinically I guess I could be hit with offering investment advice when all I have done was read the damn prospectus and point it out to the client and have the know how to get it accomplished...The other agent was pissed because the client pitched a huge fit even though the funds still went to the other agents product as the client wanted a security and I don't sell them any more.

 

[sman]

In regards to my last post I will posting a new thread venting on the evils of auto correct features on my supposed smart phone...Everything is fine on the word I spell and as soon as it leaves the side of my screen the phone changes some of the words and the words it wants to change things to is crazy...I was typing end...I only had the "en" in and up puts "yn" WTF!!!!

Hilarious! Check out Damn You Auto Correct! » Best Of DYAC. It's good for a laugh.

Funny story about auto correct. My wife and I have always had a rule that our children text us when they get where they're going and text us when they are leaving that place headed home.

So shortly after we got our daughter an iPhone she texted us to say she was leaving. Just that one word "leaving" is what she normally sends. However, auto correct changed it to "lesbian". I simply asked her if she was trying to tell us something.