Who can really give a Financial advice?

[|MINER|]

I am sure, your thread has put most of the users of our forum in an awkward situation. Because most of the time when we give advice or any suggestion, it is mostly financial related and then at the end we write a short note that 'this is not financial advice'. In my opinion, this is just hypocrisy. But the only reason for giving this note is so that no one can blame us.

[Zed0X]

Giving out 'information' or 'ideas' has been abused over the years. In crypto alone, you can see anonymous/private twitter accounts sharing their knowledge on trading while shilling out their bags calling it coin/token with potential. It was so rampant before that many noobs lost money and started complaining.

[Aanuoluwatofunmi]

A mentor or someone who has a sound financial background could be employed for given us as long as they will be willing to do so, we should not take advise randomly all because we have those to give us some of these information around, whereas we may have them not being poor, because one of the criteria we should looked in for is their financial stability and performance in the word.

[Z-tight]

Because of the risk involved in buying or trading crypto, you don't want people to turn around and blame you if things do not go their way, if you tell people to invest in X and go ahead to tell them categorically that it is an investment advice, they will blame you if X fails.

Don't take investment advice from just anyone, many of them are just paid to promote X coin or project, do your own research yourself.

[sampoerna]

Even sometimes some parties who are already quite pro in crypto, they also say "this is not financial advice". Not because they are afraid of getting blame, but rather inviting people to be more aware of the importance of research and also personal analysis carefully, and making decisions based on personal considerations. so that whatever the result is later, it is the result of one's own hard work, not regret for following people.

[JoyMarsha]

Someone who can give financial advice and it can be accepted, is someone who has tested financial failures and fears several times before they make it to the position they are in.

These set of people have learned a lot from the market and they have gained a lot of expertise, which makes them stay strong in the market, not to easily give up. They were studying the market in their challenging time and fears, and they grew to be experts in financial advisors

[bitterguy28]

some people tend to put a disclaimer when discussing about certain topics to me why people need to clear that what they’re saying is not to be taken as an advice is because you really shouldn’t depend too much on someone anyway regardless of the person’s credibility and background

sure maybe you’d put more value to an advice from someone with a good background and has shown good economic decisions but whatever he did may not work for you or you may not be able to handle it as well as he did so it’s hard to find success from someone else’s

[target]

Even sometimes some parties who are already quite pro in crypto, they also say "this is not financial advice". Not because they are afraid of getting blame, but rather inviting people to be more aware of the importance of research and also personal analysis carefully, and making decisions based on personal considerations. so that whatever the result is later, it is the result of one's own hard work, not regret for following people.

We all can interpret it any other way. It  could just be the habit of saying it because every other guy says it every advice they give.

I'm not sure if somebody was sued because of the financial advice they gave but I would assume there is. They wouldn't protect themselves if there is no consequences.

With the "not financial advice" line  it's always going to get them just off the hook easily.

[Stuart]

Most often i hear people say, ''not a financial advice'' especially when listening or reading market discussions on the social networks or forums. You see, some individuals who wanted to get a better ideas on trading/investments opportunity, those needed select good crypto coins, and some may want to learn market trends and patterns etc, has always been discouraging with this short phrase, ''not a financial advice''. I have thought about this habits, and want to asked if we can really get a genuine financial advice on certain social networks or on the forums. I think this situation has reduced the sharing of some good market ideas even from some experienced individuals. I thought of fear, as some of the reasons for this unwelcome habits, or  may be because some experienced persons thinks that their finances advice may fail. what do you think?

Giving the advise is not the problem, but the willingness of the person to take his/her decision to either enter/make investment or not. Telling a person how something works and how profitable it can be is an advice, but the assurance that he or she will make profits is what makes it not financially advisable.

The phrase This is not Financial Advice is being said or used to keep you whom is the advisor safe from any losses the person whom you're advising may experience.

I could remember some years back, when I told of friend about investing into cryptocurrency, not up to a week, the market stated facing a bear market, and the person meet me, and said if he had put his money into it, his money would have been lost. Then as a new crypto user, I had nothing to say, cause I have no much idea of how the crypto market works.

[LogitechMouse]

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I have thought about this habits, and want to asked if we can really get a genuine financial advice on certain social networks or on the forums.

There are some YouTubers that are giving financial advice because they really are financial advisors. Most of the crypto Youtubers though aren't financial advisors and they're only giving their opinion and just adding the phrase "not a financial advice..." so that they will be safe just in case things go south. I really hate these people TBH.

Re:  Who can really give a Financial advice?

Those legit financial advisors are for me the supposed people only that can give a "genuine" financial advice. Unfortunately, in the world of crypto, everybody is an advisor, and they can give advice even though they aren't an expert at all. This makes it hard for those newbies out there to learn easier because they don't know which influencers they are watching, and which aren't.

[electronicash]

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I have thought about this habits, and want to asked if we can really get a genuine financial advice on certain social networks or on the forums.

There are some YouTubers that are giving financial advice because they really are financial advisors. Most of the crypto Youtubers though aren't financial advisors and they're only giving their opinion and just adding the phrase "not a financial advice..." so that they will be safe just in case things go south. I really hate these people TBH.

Re:  Who can really give a Financial advice?

Those legit financial advisors are for me the supposed people only that can give a "genuine" financial advice. Unfortunately, in the world of crypto, everybody is an advisor, and they can give advice even though they aren't an expert at all. This makes it hard for those newbies out there to learn easier because they don't know which influencers they are watching, and which aren't.

because every bull run all those who makes money is considered a genius trader which gives them the right to give advice. but in the bear market they need a blame blanket to protect the reputation.

why is there the need or anyone to tell advice any way. there is no reward for giving advice unless they re hired by someone.  i they are to show how good they are in trading, i think they should show how many times they have won a BTC prediction contest.

[Stompix]

I am sure, your thread has put most of the users of our forum in an awkward situation. Because most of the time when we give advice or any suggestion, it is mostly financial related and then at the end we write a short note that 'this is not financial advice'.

The awkward situation is from a completely different point of view.
If you give financial advice, then you must be pretty successful, so how could someone who still talks in hundreds of $ and not thousands at list if not millions pretend he is a good trader and a top notch financial advisor?

It's just like with gambling, If I were to say I'm top class at it, why haven't I earned millions to date?

[vegasus]

Those legit financial advisors are for me the supposed people only that can give a "genuine" financial advice. Unfortunately, in the world of crypto, everybody is an advisor, and they can give advice even though they aren't an expert at all. This makes it hard for those newbies out there to learn easier because they don't know which influencers they are watching, and which aren't.

Because there are indeed many people in this world who enter the crypto world. There are people who think that they are very capable in crypto because they can reap huge profits from crypto trading, and then give advice to people based on their experience. There are those who don't want to know, and there are also those who only share as much as they can.

Well, the problem is for those who have their own pride when sharing information and other people end up using their advice, then it will bring pride to them, even though it is actually very risky because after all, the burden and demands of responsibility when we give advice to others, it is very thick and attached to us.

we just go back to ourselves, when we give information to others and we don't want to get too involved with how other people decide, then it's better to keep writing that sentence, to show that whatever is taken by others, it's their own decision, not us pushing it. so they themselves take the risks and are ready for whatever the results are.

[omori]

I am sure, your thread has put most of the users of our forum in an awkward situation. Because most of the time when we give advice or any suggestion, it is mostly financial related and then at the end we write a short note that 'this is not financial advice'.

The awkward situation is from a completely different point of view.
If you give financial advice, then you must be pretty successful, so how could someone who still talks in hundreds of $ and not thousands at list if not millions pretend he is a good trader and a top notch financial advisor?

It's just like with gambling, If I were to say I'm top class at it, why haven't I earned millions to date?

Because you want to get more, using the info as a resource of sorts 
I agree, usually it's done just to mess with people around and get more funds from them.

[robelneo]

I thought of fear, as some of the reasons for this unwelcome habits, or  may be because some experienced persons thinks that their finances advice may fail. what do you think?

You don't want to get the blame if the taker of your advice loses because your advice since the market is very volatile with a lot of uncertainty, so we give that warning so that the reader should also do their own research and not rely on your advice but just do a comparison.
Even the experts give you that kind of disclaimer because they are not perfect; they may be consistent in their predictions, but they also make mistakes, so their own version of disclaimers.