ASF and Financial Advice

[monkton]

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.

Exactly so, this 'simple method of investing' with no complications I discovered on forums a few years ago is what is giving me a relatively good income in retirement with very,very low fees, yet none of which was ever given as advice by fin. advisors or brokers.
As you said in a previous post 'a real sledgehammer approach'.
While I enjoy reading different posts on this forum I rarely post as not much to contribute as dividends come in, records kept, money is allocated for living expenses & what is left over is re-invested in same.

 

[eskys]

Don't be sad, Belli. You're not alone, we're with you; we'll continue to post and support one another. The rules are in place to protect innocent victims from being tricked. We know one another here and we know that everyone is doing their best to help...just need to pay more attention to how we phrase our sentences. Good luck and see you about.......

 

[Belli]

Don't be sad, Belli

No worries as I just realised it's only four sleeps until payday.

 

[monkton]

The rules are in place to protect innocent victims from being tricked.

Problem is, advice given by some legal advisors, while all above board, is not always that great, at least that has been my experience.

 

[Garpal Gumnut]

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.

Don't be sad, Belli. You're not alone, we're with you; we'll continue to post and support one another. The rules are in place to protect innocent victims from being tricked. We know one another here and we know that everyone is doing their best to help...just need to pay more attention to how we phrase our sentences. Good luck and see you about.......

Just from reading some of the posts on this thread I feel some members may be missing out on a valuable tool for self education and assistance with making investment decisions via ASF.

Unlike other forums ASF has numerous old threads which can be accessed via the search engine in the top right hand corner. These contain as much advice as one needs for investing.

Nobody is going to tell anyone what to do. Even a financial adviser will not do that. They will "recommend" and cover their a**es by saying that the future is unknown.

I would not worry too much about being collared by ASIC on ASF as long as you follow @Joe Blow 's advice re not giving advice.

It is as much a legal matter as an investing one.

To give an example I typed in "advice" in to the search and ticked "titles only" and came back with this :

https://www.aussiestockforums.com/search/232831/?q=advice&c[title_only]=1&o=relevance

Just five posts down on my search was a thread from Joe on the perils of posting advice.

So the message is, if you want to stay safe and prosperous in the markets, use the Search function. There are many old posts that are pure gold, and often better than the newer ones. Even better than this post.

gg

 

[divs4ever]

Problem is, advice given by some legal advisors, while all above board, is not always that great, at least that has been my experience.

an egg and chicken problem ( assuming your financial adviser is working in YOUR best interest )

the adviser needs to know you fairly intimately ,( in a financial and psychological sense ) AND the client also needs to be fairly well fiscally educated .. the client has to have a good idea of the outcome they desire .

and hopefully these forums are helping in their own way to get the retail folk better educated ( financially ) so they can discuss concerns with their FA

 

[eskys]

No worries as I just realised it's only four sleeps until payday.

Excellent, Belli, treat yourself a lunch or dinner..........goodnight

 

[eskys]

Problem is, advice given by some legal advisors, while all above board, is not always that great, at least that has been my experience.

Same with every profession, the good and not so good.....got to shop around. Don't buy the cheapest; if they're cheap, ask yourself why.........cheap for a reason???

 

[eskys]

Goodnight, everyone, I'm logging out............

 

[Belli]

Some maybe missing my actual point. The ASIC manifesto covers financial products, which by the way includes bank accounts, superannuation, insurance.

@monkton was close it when posting

As you said in a previous post 'a real sledgehammer approach'.

My annoyance is ASIC has, in my view, deliberately left the whole thing hanging by not providing a clear definition of "influencer" or clarifying whether general discussion on shares and the merits of one v another is OK. It is as vague as muck.

treat yourslef to a lunch or dinner.

Had a delightful light lunch with a charming companion. Dinner is being cooked as I type.

 

[divs4ever]

My annoyance is ASIC has, in my view, deliberately left the whole thing hanging by not providing a clear definition of "influencer" or clarifying whether general discussion on shares and the merits of one v another is OK. It is as vague as muck.

i agree , vague definitions aren't my favorite either,

for interest does an 'influencer ' need to declare a vested interest ( whether being paid for clicks or a position or a trade in a stock/bonds/ETF )

 

[Smurf1976]

My annoyance is ASIC has, in my view, deliberately left the whole thing hanging by not providing a clear definition of "influencer" or clarifying whether general discussion on shares and the merits of one v another is OK. It is as vague as muck.

It's the equivalent of saying you'll suffer a huge penalty for speeding on a public road but there's no posted speed limit or definition of speeding.

I'll say anything over 100 is too fast on this road but that doesn't mean the Officer who's pulled me over won't have deemed a suitable speed to be 50. Both are then on shaky ground if the other chooses to challenge it in court.

For any law to be workable, there needs to be some formal definition of what's acceptable at least in generic terms.

 

[monkton]

Same with every profession, the good and not so good.....got to shop around. Don't buy the cheapest; if they're cheap, ask yourself why.........cheap for a reason???

Haha, yep true. Reckon I've had a mix. You've got me recalling one mob, many years ago, occupying a few floors of expensive inner city realestate saying I could retire now (I had the bare minimum they required) but I wasn't ready to do so & was thinking b/s about their proposal. As I learnt more I realised I'd dodged a bullit there. Funnily enough the best advice I got was also the cheapest, it cost nothing except my time & learning about passive style investing from forums & great vehicles for doing this.
Under the new asic rulings, this would likely now, not be possible.

 

[Belli]

It's the equivalent of saying you'll suffer a huge penalty for speeding on a public road but there's no posted speed limit or definition of speeding.

I'll say anything over 100 is too fast on this road but that doesn't mean the Officer who's pulled me over won't have deemed a suitable speed to be 50. Both are then on shaky ground if the other chooses to challenge it in court.

For any law to be workable, there needs to be some formal definition of what's acceptable at least in generic terms.

Yes. You will gather I find it irksome to say the least the provisions of the Corporations Act (section 766B) could be used to stiffle conversations between individuals who are not members of a corporation and who have no intention to mislead, troll, influence or receive monetary compensation by posting their views. If those views are incorrect (in full or in part) others will surely amend them appropriately which would be good as the OP will also learn.

Dinner was really nice and yummy just in case anyone was wondering (doubtful. )

 

[Smurf1976]

I find it irksome to say the least the provisions of the Corporations Act (section 766B) could be used to stiffle conversations between individuals who are not members of a corporation and who have no intention to mislead, troll, influence or receive monetary compensation by posting their views.

Suffice to say I totally agree but I don't want to turn the thread, which was started by the owner of this forum, into an ideological rant which I don't think was the intent.

Suffice to say there's an abundance of for-profit financial misinformation around that's being ignored and this forum isn't the problem.

 

[monkton]

Suffice to say I totally agree but I don't want to turn the thread, which was started by the owner of this forum, into an ideological rant which I don't think was the intent.

Suffice to say there's an abundance of for-profit financial misinformation around that's being ignored and this forum isn't the problem.

I hear you about the 'rant', but I will just add that it's only Australian forums, influencers etc, being targeted. We are still free to be informed/mislead from o/s forums & influencers, no problem .

 

[kenny]

I wonder how does so called "robo advice" fit into all this? There might be an opening for an AI financial commentary bot for the various social channels.

 

[Belli]

I wonder how does so called "robo advice" fit into all this?

ASIC has got your back.

Digital advice providers | ASIC

asic.gov.au

 

[Dona Ferentes]

ASIC has got your back.

Digital advice providers | ASIC

asic.gov.au

It's the same old 'competency' and ownership story, then.

Resourcing and competency obligations​

Digital advice licensees should have at least one responsible manager who meets the training and competence standards for advisers (i.e. natural persons who provide financial product advice to clients).

Depending on the nature, scale and complexity of your digital advice business, you may wish to outsource certain functions. If you choose to outsource functions relating to digital advice algorithms and the review of advice generated by algorithms, we expect you to have people within your business who understand these functions and to monitor this arrangement.

 

[frugal.rock]

Dinner was really nice and yummy just in case anyone was wondering (doubtful. )

Well, obviously, if I'm not invited, I'm generally not going to be interested in your dinner.
However, on this occasion, and, as you have pointed it was a yummy one, pray tell, what was it and how was it prepared?
I think 500 words would suffice... ??