Financial advice threads are not permitted on ASF

[Joe Blow]

Lately we have seen a rash of threads where people ask for specific advice about their particular financial situation.

These threads will no longer be permitted on ASF.

This kind of financial advice can only be provided by a licensed financial adviser. It is illegal for anyone who is not licensed to provide someone else with specific financial advice.

This kind of discussion is outside the scope of forums such as ASF and threads asking for advice will be closed or removed as soon as is practicable.

Those seeking financial advice specific to their particular situation should consult a licensed financial adviser (ASIC’s website at www.asic.gov.au has a list of licensed advisers). They should also consider visiting ASIC’s consumer website at www.fido.gov.au for general guidance about investing.

 

[Joe Blow]

I just want to clarify that the prohibition on advice only extends to specific financial advice. That is, financial advice that is specific to someone's personal circumstances that would ordinarily be provided by a licensed financial adviser (e.g. "Should I buy CBA?", "Should I allocate 60% of my portfolio to mining stocks?", "I have $100,000 - what stocks should I buy with it?")

Basically, it is OK for people to ask for advice in just about any other area. General financial advice is OK such as "Do you think now is a good time to buy residential property?" or "Do you think gold is a good investment?". If it is not investment advice specific to someone's personal circumstances then it is OK.

Just wanted to clarify that point as it's good to be able to help people if possible, and in most cases it's OK to help people who come to ASF looking for advice.