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ASF and Financial Advice

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Joe Blow

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Given that there has been a lot of newcomers arriving at ASF over the last couple of months, I thought that now was an appropriate time to remind everyone that none of the content posted on this website should be considered financial advice. If anyone here is seeking financial advice specific to their own circumstances then they should consult a licensed financial adviser.

What you will find here is people sharing their opinions, their knowledge, their experience, and their own trading and investing strategies, philosophies and methodologies. However, none of that should be mistaken for licensed financial advice.

You are not permitted to ask for financial advice specific to your own circumstances here at ASF and nobody here is permitted to provide it to you. ASF operates in accordance with ASIC's Regulatory Guide 162 on Internet Discussion Sites.

If anyone makes financial decisions based on any of the information found here at ASF then they do so entirely at their own risk. Always do your own due diligence before making any investment decision that puts your own capital at risk. If you are in doubt, then please consult a licensed financial adviser.

ASIC maintains the MoneySmart website and there is a great deal of useful information there about obtaining licensed financial advice. Anyone unsure about how to invest their own money should start there.
 
Below is a very informative link on the ASIC website that I just noticed in another thread. This is ASIC's Information Sheet (INFO 269) titled Discussing financial products and services online.

I recommend that everyone take a look through it as it provides specific examples of posted content that ASIC is likely to regard as either misleading or deceptive or providing financial product advice. As such it is very useful as a guide.

Discussing financial products and services online | ASIC

asic.gov.au
 
Just be aware that ASIC has not defined exactly the term "influencer." It is in general very, very broad even to the extent some random person (who do not even have to be a member of this forum) reading a post and being influenced by it. A don't bother expecting ASIC to define it. If asked it will say it doesn't provide legal advice and you need to seek a professional opinion.

My gut feeling is it would prefer there was no discussion about share investing on line.
 
Interesting follow up to this in an article in today's Financial Review.

Quote from article (my bold text):
Several TikTok, Instagram and YouTube finfluencers said they would close their accounts after a closed-door briefing by ASIC, revealed by The Australian Financial Review in April, went further, arguing that they could not even discuss their own investment portfolios online without a licence.

Link to Financial Review article

KH
 
God forbid the plebs talk more sense than paid-up ( registered ) professionals
 
I know of one blogger, very small and only a handful of followers, who deleted the entire blog as it was way too much effort to go back and amend around 50 articles in order to comply with ASIC statements. Yes, it was implied by ASIC, historical information was also covered by INFO 269 in post #2 above.

Good fun, eh?
 

divs4ever said:
God forbid the plebs talk more sense than paid-up ( registered ) professionals
Click to expand...

The Risk, Audit and Governance Committee finally met at the hotel this afternoon. A quorum was formed at 4pm when the bus from Townsville Correctional Centre (TCC) or "The Creek" finally deposited two of our leading ASIC experts at the door. They had been delayed by multiple crashes of intoxicated mums in SUV's picking their children up from their first day back at school.

They got straight to work with three double rum and cokes and have delivered their draft conclusions on the kerfuffle between ASIC and Influencers posting financial inanities on the internets. The draft report, heavily redacted is as follows.

  1. ASIC are a ....... ... .. .......s
  2. Influencers are ......s
  3. The public need to be protected from Influencers.
  4. For a definition of Influencer refer to 2.
  5. For a decision on the usefulness of ASIC in protecting investors refer to 1.
I did point out to the committee that this was brief and needed expansion.

They replied to refer to 1. and 2.

gg
 
Haha. Yes. However, is ASIC going to come after a nobody such as me? Unlikely but still possible because ASIC hasn't ruled it out. And that is one aspect of its INFO 269 which many overlook.
 
Belli said:
Haha. Yes. However, is ASIC going to come after a nobody such as me? Unlikely but still possible because ASIC hasn't ruled it out. And that is one aspect of its INFO 269 which many overlook.
Click to expand...
They only come after people who suffix their brainfarts with DYOR. ( Just joking )

gg
 
If the regulatory authorities cannot nail the Banks and Crown after Royal Commissions I doubt very much whether anyone on ASF is at great risk.

Fellow posters usually alert @Joe Blow and @Sean K to inadvertent seeking or giving of advice in the rare case where they do not pick it up beforehand.

Scammers and criminals likewise posting are usually extinguished fairly quickly.

Honest opinion on stocks and finance is part of social intercourse.

gg
 
divs4ever said:
by the way how are the Hayne Royal Commission findings going , implemented yet ?
Click to expand...

I'll simply state my view that the whole thing is akin to police going after a group of 17 year olds drinking moderate amounts of alcohol on the evening of 31 December meanwhile completely ignoring the multiple murder going on just down the road or the dozen building fires which have mysteriously occurred around town in the past few hours.

There are far bigger problems they ought be focusing on.
 
One could argue that nipping crime in the bud pays dividends down the track.
(Not financial advice...)

For example, the 17 year olds getting their piss confiscated, may not go on to commit multiple murders and numerous arson attacks for unscrupulous development.

Besides, this way the "coppers" get free piss.
Win, win. ?
(Past performance is not indicative of future performance and should not be relied apon when making investment decisions.)
?
?
 
It seems, reading #2 post link INFO 269, that influencers receive money for their efforts, via the tiktok or insta click reward reimbursement, and that is ASIC's concern and focus. Idle posters on ASF get no recompense and would not be as great a target.
 
Has the ASIC ever prosecuted an "INFLUENCER "and won in any court in Australia?
I don't know of anyone! Do You?
But
I do know that our History books are full of "LICENCED ADVISORS" sitting in Jails

 
kenny said:
How does the likes of HC get around this given they are a commercial enterprise?
Click to expand...
AND ASX listed , last i heard

i would like to note the last week ( plus today ) that the market turnover ( $$$ and shares traded ) is much lower than recent months/years ( reminiscent of the Xmas holiday break )

has this war on influencers killed the market ???
 

Spot on. There is also the fact that much Crypto spruiking has been driven by influencers. And Crypto is basically driven by mass interest rather than any tangible economic outcome.
 

It's been worded in a cunning way to cover all bases:

"If you’re an influencer who receives benefits or payment for your comments in relation to financial products, you're more likely to be providing financial product advice because it indicates an intention to influence the audience."

So even if you are not receiving benefits you can still be viewed by ASIC as an "influencer" - which, as I have said previously, hasn't been defined exactly.

By the way, I'm not overly concerned about it. I'm more intrigued by the apparently sledgehammer approach to financial commentary on-line in forums and other social media.
 
I've noticed a few post have been modified or deleted recently with a reference to ASIC. Putting aside specific reasons for those modifications, I really do think it is sad someone will ask a question on a forum and all they are looking for is a simple method of investing their funds. Not looking for complications or anything else and maybe a simple DCA approach into specific investment vehicles may suffice.

And what happens technically. Sorry, bro, you need to pay $3k or more to seek professional advice on these matters. But I don't have $3k as that would eat up all I have to invest. Tough, my friend, you're on your own I'm afraid.
 
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