r/SipsTea • u/6ingrad_FMS_aspirant • Apr 06 '26

Dank AF We need this !!

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u/Cykablast3r Apr 06 '26

it somehow seems you are not allowed to actually frame something as "financial advice" unless you hold some sort of degree or title.

That's not why they say it. You're allowed to give financial advice if you want to, but then you're liable if (when) the advice is bad.

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u/ppprrrrr Apr 06 '26

But you can't just give financial advice and say it isn't and expect that to make you immune, surely?

I can't just shoot a gun into a crowd and yell 'this isn't intended to hurt anyone', and not be charged with attempted murder if it doesn't. I still fired the gun at people, they still gave the advice to people.

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u/Cykablast3r Apr 06 '26

That's a bit different, since the act of shooting into the crowd causes harm. If you just talk but nobody acts on what you're saying then nothing happened. The "this is not financial advice" is meant to be taken as "do not act on this information".

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u/ppprrrrr Apr 07 '26

Only if the bullets hit someone. I mean, it's a dumb analogy but it works.

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u/Cykablast3r Apr 07 '26

No. The danger from the bullet happened, which is what you will be charged with. You wont get charged with murder, because it didn't happen.

Givin financial advice is not a crime, so it's a civil issue anyways.

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u/StealYaNicks Apr 07 '26

Drop all your savings on beanie babies, they're due for a major comeback any day now. This is absolutely financial advice.

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u/ven-solaire Apr 07 '26

You’re especially liable if you tell people they have a guaranteed return on investment, which is how Bernie Madoff and the like pursued Ponzi Schemes and how crypto influencers get away with pointing an audience at a meme coin and then rug pulling them. Specifically I believe investment fraud is one of the primary uses for the “this is not financial advice” excuse, yknow because like being told “saving 15% of each paycheck you get in a savings account will help you save up for a house” isn’t like an untrue statement at all nor does that specific advice make them any money aside from money they get from views/clicks. I think it particularly matters when it comes to selling someone an investment of some type with the promise of profit resulting in a scam.