Are Finance YouTubers Breaking the Law?

We've all seen it, the famous "not financial advice" disclaimer, but does this legal claim actually hold any water, or are all these KZbinrs giving illegal investment advice? I try to answer that question in today's video.
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DISCLAIMER:
I hate that I have to put this, but yeah, not LEGAL advice.

[@JackDuffley]

I would like to offer at least one bit of legal & financial advice, and that’s that you should go all in on smashing the like button. 👍 Thanks for including me in this one, Richard!

[@TheMoneyInnovator]

So what about the case where you ARE a financial advisor. I'm an advisor and feel like I have to be MUCH more careful and never give anything close to "stock tips" even thought theoretically I might be more qualified than a standard finance youtuber... should I feel more or less free than the average person to share my thoughts...? Thanks for your help on the video!

[@christiancubacub]

thank you Jack, very good content

[@JackDuffley]

@@TheMoneyInnovator The question we explored was more about KZbinrs giving _unregistered_ financial advice. If you're a _registered_ adviser, then that part would seemingly be a non-issue. I do know the SEC has put out some information on registered advisers using social media to market on behalf of their firms that you might want to check out. Definitely check your state laws as well, and consider hiring an attorney if you really want to get to the bottom of it.

[@JackDuffley]

@@christiancubacub you look familiar, thanks!!

[@midasinvesting]

Great to see the comment king of financial KZbin make an appearance!

[@stephans1990]

In the Netherlands, the financial market authority recently organized an evening for financial KZbinrs and their opening statement was; "we could arrest all of you right now because every single one of you is breaking the law".

[@Vitorruy1]

Stuff like this is why I love this country.

[@Mr-pn2eh]

I hope they they followed through.

[@alejandrogiha7583]

Boss move

[@HiMyNameIsKim]

Savageeee 😂

[@cpedersenatgmailcom]

I'd have paid ALL the money to be present for that! Please let there be footage. 😅

[@midimusicforever]

Not legal advice about not financial advice.

[@AhDollar]

bruh stop my brain hurts

[@FinancialShinanigan]

Subscribers: So should we listen to your financial advices? Finance KZbinrs: Yesn't

[@id10t98]

or in Russian, Nyest

[@ultimateloser3411]

No but they should pay for their courses in which they don't know shit, support them on patreon, and use their code for a discount on some products. In short, grift them

[@The.AI.Finance]

It's like the meme "When you give your friend investing advice but at the end say (but idk tho lol) just in case it ruins their life"

[@FinancialShinanigan]

It was honestly shocking and laughable that Yahoo Finance introduced Meet Kevin as a financial analyst, like on what qualification?

[@anascoinquest1121]

Being rich is a qualification for anything. You didn't know?

[@j1mster3]

its a rare breed, anyone who has a track record of making $$$ and able to market yourself in a way, can use that as a qualification... a buddy of my got a job with a bank(in a group recruitment event) with 0 work experience in finance (and basic bachelors degree in commerce)but his life time portfolio trading records impressed the managers so much that he was the only person in that pool of candidates that was hired without previous work experience. Long story short he ended up quitting the job after a year because it was a waste of his time, he makes more money by not working for the bank... and today he runs some sorta hedge fund thing with another fellow whos in the same realm.

[@yorkshireway150]

No wonder tomarrow if they introduce mr or miss xyz(alleged crypto wizard from youtube comments) as a crypto experts. 😂😂😂

[@r.a.6382]

@@anascoinquest1121 it actually is. you can be an 'accredited investor' just by having high enough networth/income. rest of us had to take our series ;)

[@MJ-uk6lu]

Wait a sec, people still use Yahoo?

[@reshadunchained5113]

I definitely think there should be more scrutiny into what KZbinrs are pushing as get-rich-quick schemes.

[@felixiaccarino8399]

we need less idiots in the world that think they "deserve to be rich" without working at all. the problem are the people. we have 99% idiots in the world

[@donaldlyons17]

It would be cool if some of the get rich quick schemes were real. But for real I would love to join a private group that for a permeant membership fee I could get a refund.

[@lostconciousness4255]

I think youtubers just highlight a problem that's long existed. NOBODY should be giving financial advice without credentials. That includes news journalist and publications unless the advice is written by a licensed individual. Whomever writes the advice for en masse consumption should also be held liable like their advice was given to their audience as 1vs1 consultation.

[@donaldlyons17]

@@lostconciousness4255 I don't understand why they don't just tell you to no use the advice. If I choose to use it I also choose to loose over time as well. To me a disclaimer is more than enough but many times they don't say it over and over so people know not to do it no matter what. Telling people something is a bad idea and not to do it seems ok but I would rather they just say: "you will 100% loose all your money if you do this."

[@CryptoNews2]

What about Jim Cramer on CNBC? He makes stock picks every day. If these big analysts on the big networks aren't held liable, what justification do you have that youtubers be held liable?

[@Hans5958]

>me >creating a cracking software video >le disclaimer "educational purposes only" >slept well

[@forte9910]

it's actually pretty concerning when "influencers" give advice to buy or sell a low volume stock

[@site_is_down]

Exactly. The worse is we can see them do that on a daily basis - giving unsolicited advice on what to buy and how the market will go. Even an expert in this field barely has the confidence to predict what will happen next to the market, yet there the youtubers are making noise.

[@luisfilipe2023]

@@site_is_downdon’t follow their advice then

[@youtubesucks8024]

I give financial advice all the time: “don’t do what I do!”

[@schizsec9886]

Pull a costanza and inverse your positions? :p

[@lostconciousness4255]

@@schizsec9886 i thought I was this clever then I had losing position on both sides of the coin.

[@WhiteBoardFinance]

I’m still looking for a Jim Cramer Inverse ETF

[@ruhruhruhruhruheisjsij]

I love u Marky 💓 💗 💛 💖 ♥️

[@romainhedouin]

There is now one

[@christopherhmin]

$SJIM

[@geonwilliams]

Can someone make a ‘finfluencer index’, e.g. take the top [50] finance KZbin channels which have at least [x]% of last [20] thumbnails giving actionable financial advice, weight by subscriber count and then trade their recommendations? I presume this tanks but would love to see the results.

[@UseQPixinDune]

On it

[@karltschonki6560]

Oh boy, looks like you're headed to the truck stop.

[@IamGrimalkin]

Well there is the BUZZ ETF, although as its biggest holding is Ford and second biggest is GME (Tesla is only 9th) I don't think it's entirely based on youtubers.

[@johnnywilson3071]

I wonder where Benjamin would rank?

[@BeachLookingGuy]

One of my first stocks i ever bought was an over priced, all time high short squeezed zombie company that was recommended by a KZbinr. After getting a little burned in that, i pretty much don’t care to follow anyone else’s trades. Everything is on my own DD and strategy. Sad to see so many not willing to do the proper work and blindly follow others with a different financial situation and strategy

[@Sk0lzky]

The KZbinr was among squeezers wasn't he >

[@rajeshpandey2198]

idk why this feels like GME lol

[@dylan7476]

@Rajesh Pandey GME isn't a zombie company though.

[@TheSteinbitt]

@@dylan7476 yes it is, and you’re a necromancer:)

[@MacAnters]

So what should I invest in? 😉

[@highsol222]

I was gonna say we need a Coffeezilla for stock KZbinrs, but strong man is already on it. "Tattooed trucker's taint" 😂

[@clarenceboddicker7708]

Hahahh. La Teslaaaaaah

[@highsol222]

@@clarenceboddicker7708 Haha I read that in his voice. The dude is really making a name for himself.

[@AIR9]

@@clarenceboddicker7708 Tesla my esla!!!! Reeeuuuuu!

[@cas-]

Haha I think he used with all the “fake gurus” he went after, too many crypto scams happening to makes vids on now

[@himynameisandyb]

Strong man personal finance Is funny

[@L0Ls0ul]

Makes a "not legal advice"-video about "not financial advice"-videos. Exactly my humor.

[@screwcollege8474]

Love that you here being transparent and honest! You are much better than these other youtubers!

[@IndexInvestingWithCole]

Sup bro. Plain Bagel is definitely my favorite channel

[@screwcollege8474]

@@IndexInvestingWithCole not strong man your doing a interview with him live now

[@josephmassaro]

"Not financial advice" is the "Wet Floor" sign for Financial YouTurbers.

[@NickOloteo]

One of the first comments. Please don’t shill for meetkevin… Edit: Great video! Liked 👍

[@elchinito4247]

Meet Kevin doesn’t pass the vibe check

[@timchow924]

I’m surprised Kevin, Andre, Graham and Jeremy haven’t had the SEC or DOJ knocking at their door tbh

[@thegoodsmaster]

gerry gensler has been hiding under his desk after saying there was no market manipulation in the gamestop fiasco...they took data a month before the short squeeze not during or after

[@ipodtouch470]

Andre and Graham probably will never have this happen to them those guys never promote any stock.

[@timchow924]

@@ipodtouch470 they’ve promoted some shady and questionable coins though

[@ipodtouch470]

@@timchow924 I have never heard those two promote any shady coins though. I do remember when Graham met Dan Lock though and displayed him like he was legit. I don’t know if Dan Lock is legit but the generals consensus seems to be no.

[@awijaya2116]

@@timchow924 I'm not sure the legal frameworks are there for cryptocurrency. Considering outright pump and dump scans aren't technically even illegal in that space...

[@didyouknowthis461]

"We all know that this is referring to Meet Kevin

[@InfamousKicker]

A lot of these KZbinrs only try to funnel to their courses. Meet Kevin is a big buy my course guy he just has more charisma so people give him benefit of the doubt

[@NickOloteo]

And Kevin lied to his followers.

[@PaulRizzo504]

He post on Twitter all the time big stock purchase he claims to be making.

[@NickOloteo]

@Imran A it was recently. A few weeks ago He said he was bullish, buying the dip, and then he went on his private group and sold all his stocks.

[@NickOloteo]

@Imran A I agree however Graham Is left out because he doesn’t sell a stock course. He only has the real estate agent and youtube course and he’s an expert in both of those.

[@froggy9068]

Meet kevin is a scam artist

[@OptimizedPortfolio]

Really enjoyed this video and have wondered some of these exact things myself. I think you did a great job of condensing what are inherently complex legal topics into easily digestible terms. I recently passed the Series 65 - the licensing exam required in America to register as an advisor - and much of it deals with the specifics of the IA Act of 1940 that you referenced. I am considering registering as an advisor, even if only to legitimize myself further as an author and content creator and to explicitly separate myself a bit more from the typical "buy this stock pick at $X" KZbinrs who are unfortunately far too common. Keep up the good work!

[@cisium1184]

I'm an attorney (not your attorney) and I actually worked for ten years in the securities litigation group of a large law firm, and I wouldn't consider the below analogy any sort of legal argument. But I think it better illustrates to non-lawyers why these exceptions/exemptions are in the law than any formal or informal legal argument would: In a free society we fundamentally hold people accountable for their own judgments, good or bad. If a concert-goer went to see a rock star she's never actually met, and adjudged that the rock star was singing (and had written) a particular love song specifically to and for her, we'd all recognize that that concert-goer was being a little daffy. We wouldn't dream of holding the rock star accountable (legally or otherwise) to the concert-goer for the professions of love made in the lyrics of the song. It's a song put on a record and distributed to the general public for entertainment purposes. It's not a love letter to Frieda. Again, that's not a good legal argument. But it is a good common sense argument, and the root of most legal arguments, and laws, is common sense. It just isn't common sense to hold a KZbinr accountable to a guy who invests based on a video that is being distributed to 200,000 people, so the law doesn't do so. Although that being said, if 100,000 of those people all make similar investments and blame that video for them, that could point to additional facts that affect what common sense means in those circumstances.

[@id10t98]

"But it is a good common sense argument, and the root of most legal arguments, and laws, is common sense." AG Merrick Garland, after mango mussolini & Cult 45 incited a riot: "Hold my beer."

[@WiseOwl_1408]

@@id10t98 username checks out

[@lostconciousness4255]

what constitutes common sense when the majority of your audience are doing as you suggested? Also, I really feel your example is "apples to orange" comparison. I would think a more apt comparison would be "buy my product, it really works." Lots of people buy it and it craps out at a large failure rate, it would be reasonable to hold the producer accountable for the shoddy product. That's because certain products and the intricacy of how they work really ISN'T common knowledge. Why are here assuming that investment advice is common knowledge, how many of the people actually know what a P/E ratio is? Not saying you are wrong but it's pretty obvious the laws are written with special interest in mind.

[@monsterboomer8051]

Stock Moe will have a really hard time now. If you invested based on his "advice", now you should sue him.

[@SloRush]

He still shills China. I mean Nio. 😂

[@GrantValdes]

Does selling "Don't Sue Me, Bro" hoodies constitute a sound legal defense?

[@nicholasmartinez6043]

Getting arrested for telling people to “buy the dip” made me laugh. Love the channel!

[@ken_le]

i hate those fake financial adviser giving investment tip and claim not financial advice. Also, they try to sell investment course, seeking donation, subscription....

[@BrianFeroldiYT]

Excellent video Richard! Thanks so much for shedding some light on this.

[@grimx5772]

All these financial youtuber seem smart in a bull market, but when the market enters a downturn all of sudden it's "not financial advice" and it's "long term investments bro".

[@HassanPoyo]

Meet Kevin is a snakes oil salesman

[@monsterboomer8051]

Google article about him called: The Social-Media Stars Who Move Markets (he says it openly there)

[@monroerobbins7551]

You know what? I appreciate that you’re so cautious about how you go about presenting information, and acknowledging that you don’t know everything, but still acknowledge you have some footing. It’s nice to see, wish it was more common, cause it’s so common to see a lot of commands, calls to action, reasons to be mad, so seeing someone calmly and rationally present information is something I appreciate, as well as you lampshading when it comes to things that should be approached with more caution.

[@Sgreuurv]

There’s always a need to differentiate between content creators and educated folks that know the risk associated with throwing out “not financial advice”.

[@midasinvesting]

Loved the video! I have always tried to approach my own content as entertainment for others in the form of me doing my investment work on stream. Never giving recommendations specifically for others, only discussing what I think and what I might do broadly. But even so, I have often wondered where exactly the line is. Fantastic as always!

[@yes3858]

Buy stocks and crypto now! *This is not financial advice*

[@BPFACTS88]

what I don't understand is when they get at least somewhat successful, it would take a few weeks of work at most to actually get certified, yet most can't be bothered to do even that.

[@pnkrckmom]

I'm glad you did a video on this. It's something I've been wondering about for a while now.

[@gamificationoflife]

Fantastic video, funny timing because I recently (last few days) made a video where I talked about where I get my investment information from KZbin, I talked about channels I said that were good & bad (yours was one of the good ones obviously) and in my not-so-good channels I had actually mentioned the clickbait of financial KZbinrs (I also mentioned it in some of the good channels too) and how they think they’re qualified to talk about this stuff, I was hoping that it was going to be illegal for them to do this clickbait bullshit we all see, but alas, it seems the clickbait will go on Another fantastic video from The Plain Bagel

[@josephlance9262]

Very intriguing video. Glad you made it. I’ve often had the same thought. I am glad that what they are doing is legal because I am interested in learning opinions on the market, but it does make me nervous that they can influence some people easily

[@liviuvelichi6847]

I love this new style of video Richard, you should keep it up

[@crizzlytv6554]

I believe you deserve more credit for all the knowledge you share. Great work 🍻

[@adventurousjose]

Great video! It was thorough and easy to follow. Thanks!

[@Findyournextguitar]

I used to be a financial advisor - I'd like to point out having your financial licensees makes it Illegal for you to give blanked advice like in a newsletter - at least depending on which financial liscense you hold - For example Suzy Orman had to drop her finical licensees to do her news show. The problem is everyone situation is different so if I gave advice to you it might be catastrophic for someone else, even though it was perfect for you. It's significantly better for your to NOT hold any licenses if you're going to do any type of public speaking on finance. One of the reasons I dropped my licenses was I got asked to teach a course at a local community college and it took over 6 months to get approval from the legal team at my firm - I ended up not being able to teach the course since it took so long to get official legal approval to do so. You might not have those obstacles if you have your own family office, but if you have your securities license and you make a small mistake you'll be prosecuted to the fullest extent of the law with no exceptions. If you do not, to a large extent though the "not financial advice" disclaimer isn't exactly valid - you can say the video was strictly for entertainment purposes and under that aspect you CAN say whatever you want - you are even allowed to destroy currency legally for entertainment purposes in certain circumstances - such as a magic trick. ^^ don't forget about your right to free speech as well - it's one thing to be running a fraud scam or yell fire in a crowd, but you're allowed to have strong opinions and make videos about them - even if it is "financial advice" the same way political pundants can make up fake news stories to get a reaction from their audience. Like it's not illegal for you to talk to a friend and say you should really buy some bitcoin, or gold, or a specific stock (so long as it isn't insider trading) If you DO NOT hold a license you have significantly more freedom to say what you want since it's not assumed you are acting in a "fiduciary" role

[@Vitorruy1]

thank you for this detailed response

[@justSTUMBLEDupon]

I was thinking this because I noticed allot of people who do hold licenses don’t seem to have any opinion at all. It’s like well the people you would like to know what they think are trapped, and the others who aren’t necessary train professionals h might have knowledge but can’t back it up with a license

[@forceunleasher]

This video was awesome and definitely something I was planning to request on your channel anyways! Please keep interesting and unique videos like this one coming

[@jhorelpineda1866]

your channel grew up quickly bro i am one of your first 2500 subscriber. Keep it bro!

[@electrojag1]

early investor

[@junkequation]

Watching KZbin videos feels like free advice even if the creator makes ad revenue off the video. It's much more like listening to a friend's opinion than getting guidance from a paid financial advisor.

[@site_is_down]

While it may not impose any obvious danger to the part of the viewers, one wrong financial advice coming from people who are not licensed to do it may cause us a lot of fortune without us knowing and covering it up by taking the blame for the wrong blow.

[@xntumrfo9ivrnwf]

"how could this be?..." it can be because not everyone had the relevant financial regulations beaten into their heads. I'm in the same boat, albeit in a different country, so I completely understand your frustration.

[@rdubitsk]

Excellent video once again. Wondering about your opinion on investment allocation calculators? And can you post a link to the SEC doc you referenced?

[@fundamentallysmart2628]

You make some great points here. Many things I did not think about or perceive the same way you did even though I was formerly registered here in the U.S. The newsletter exemption I believe is the best support for why the SEC hasn't cracked down. Also the fact that you are not being paid directly for the advice or by viewers (assuming no Patreon). You are being paid by a third party compensating for views changes things significantly. In terms of whether or not I think there should be more regulation I am torn. Often times you see the well thought out well researched smart recommendations get very little views and the YOLO recommendations "buy this because I think I think I think I feel I feel I feel" get much higher numbers of views. That is concerning. But at the same time if you want to take advice from an unverified, non-credentialed stranger on the internet I think you should be able to do that.

[@jujubean9063]

I get that there are larger concerns here, but it seems pretty ridiculous to me that I can sue someone for suggesting a stock to me that declines in value. I’m responsible for my own decisions, not them. If someone suggest that I jump off a bridge, and then I do it, is it their fault?

[@Snowshowslow]

Only if they parade as an advisor without being registered as such, right? So in your metaphor, it would be someone wearing firefighter-like clothing in front of a big red truck telling you to jump off a bridge.

[@jujubean9063]

It’s not like being a fire fighter at all. They aren’t posing as financial advisors and they aren’t taking a percentage or getting paid. And personally, I don’t think a piece of paper means anything.

[@AyodejiA]

Nice one Richard. I like that you challenge what you have always known and we are all smarter for it. Thank you.

[@stonkytong]

Breaking the laws ain’t too sure but frauds? Def yes. The most gross ones are easily Larry Jones, Chris Sain, Stock Moe and Kenan Grace. Three of them actually did a group stream recently

[@dundermifflin5465]

Sad part is that Stock Moe worked at a hedge fund. He now pumps stocks and somehow finds a catalyst everyday.

[@stonkytong]

@@dundermifflin5465 stock moe has no accountability. Hes a hedge fund manager just because he says so? Don’t trust that guy. He shows no portfolio except in excel form. If it’s up to me, he’s def not an ex hedge fund manager. Just listen to what he says, it’s all lame layman opinions and he knows nothing about technical analysis which is a big red flag. Stock moe is easily the biggest liar. He’s just interested in youtube views and money

[@monsterboomer8051]

Moe is a liar. People should definitely sue him and they would won.

[@stonkytong]

Nio is down but pretty sure Stonk Moe has made hedges against it and also the markets. #hindsightisgreat #benefitsofexcelportfolio

[@ex0ticx0x]

Chris sain is the worst

[@InvestingwithTom]

Great to see our boy Jack in the big leagues!👌

[@MP-il9wh]

The good old bankers lamp.....

[@ThePlainBagel]

We both have the same one haha

[@NolanMatthias]

I’m glad somebody looked into this subject in depth.

[@dabijaman10]

Great stuff! Out of curiosity, how many takes it took shooting the bagel slide in the intro? :D

[@luisandrade2254]

The disclaimers on KZbin and advertising are like the signaling in traffic people think it exempts them from having to obey the law

[@fizzlepop9451]

In the UK, the Financial Conduct Authority differentiates advice and guidance. It states that advice is personal to an individual and specific to their own financial circumstances. Only registered firms can offer this. Guidance on the other hand is general information on types of investments, what to look out for, options - Anyone can give guidance. Quite separately, Promoting Ponzi Schemes is very illegal in the UK (Most of these Node projects right now!)

[@jebjim9391]

I really appreciate the fundamental, practical perspective you provide !!

[@cb4354]

There's a lot of youtubers who are getting paid by companies and then they push that same stock on youtube

[@KLondike5]

2:14 The gavel sound block being hit is upside down. Almost as a relevant reference & "This is not legal advice."

[@GuidedInvestor]

Great video! As a licensed financial adviser myself, and someone who posts financial content to youtube, this content really hits home and is something I have put a lot of thought into

[@site_is_down]

I agree. While financial adviser's are so careful not to violate any underlying legal provisions, some youtubers/vloggers can just dwell on anything just to gain viewers, but I guess it is because it is fueled by the positive reactions of the viewers.

[@moneymusicmindset]

It is frustrating - as a registered rep I can’t talk about investments on social media or KZbin. But unregistered folks can do whatever they want basically.

[@skateata1]

It's great that you reached out to someone with a legal background for a thorough video

[@globefloppingwithadri]

Love this video! I feel like we need more transparent, fact- based videos like this!

[@camjen8]

I loved that. Useful and interesting. Thank you!

[@A_friend_of_Aristotle]

Freedom of speech is something most people understand intuitively but struggle to articulate in rational terms. They usually know when their freedom to speak is being infringed, but explaining why or how ends with them accepting some form of control, or on some tangent that has nothing to do with their right to speak. The right to talk about investing, trading, or anything finance related is one we all have by nature; it is not given to us by anyone or anything, nor is permission required. Modern finance law, especially in the US, puts the right to speak at odds with government power. The fact that this is true sends shivers down my spine...as it should every reasonable person. So, if everyone has the right to speak their mind on finance how do we know what the truth is? The same way you know what the truth is about anything you are interested in: think for yourself. Do your own thinking. Explore, organize, differentiate, integrate...in your own terms. Knowing the subject in your own terms will make your BS filter that much better. Don't believe for an instant that the government can keep you safe from your own non-effort...they cannot protect you from your habit of avoiding the effort to think. If you do not want to think about finance but really need to, think about finding a finance professional. Just as being a professional in finance does not necessarily make your advice on plumbing wrong, being a plumber does not necessarily make your advice on finance wrong. The proof is in the truth of the advice itself, not in the messenger. Choosing a finance professional increases the odds that (s)he knows more about finance than plumbing, just as hiring a plumber increases your chances of a proper plumbing repair. Comparing one finance professional to another increases your chance of finding one that will make your investment account value bigger. This all requires thinking, which is a solitary effort and a key requirement for success. Finance laws do not protect you from your own ignorance. They lull you into a false sense of security and leave you struggling to find reasons when you need them the most.

[@Vitorruy1]

considering the hands off and "let the suckers be suckers" current attitude of the SEC I'd they are pretty much following this philosophy.

[@zdrux]

Pretty sure the U.S. constitution doesn't have a clause saying the 1st amendment doesn't apply to financial advice. The only people braking the law here are the SEC.

[@ThePlainBagel]

Freedom of speech doesn't mean freedom from consequence, and thank God for that! It's why it's illegal to threaten people or say you'll kill someone, even though you're exercising your right to say something freely.

[@lolwtnick4362]

@@ThePlainBagel *potential consequences.

[@zdrux]

@@ThePlainBagel freedom of consequence from government, yes. That's exactly what the amendment says. There is to be NO LAW deminishing your freedom of speech, it is absolute in its intent.

[@MrBloonbloon]

ppl should be able to give any advice they want just disclose your positions.

[@MountainFinance]

Thanks for this one, very good information as I am always trying not to cross that line :-)

[@claudiobachler1099]

Legal or not, clowns like Tom Nash, Jeremy, Chris Sain, Meet Kevin & Co. are still grifters, taking advantage of their naive audience.

[@monsterboomer8051]

As long as society values entertainment more than education, we are in a deep sh*t.

[@ex0ticx0x]

Chris sain is such a clown its insane he still has subs

[@id10t98]

@@monsterboomer8051 "I'm an influencer." 🤦‍♂

[@louissanderson719]

A lot of Sigma male’s with survivor bias taking everything they say with a grain of salt

[@BrendanEvan]

**this is not culinary advice ** but I recommend a bagel from a place called Stoop Kid in Phoenix, Arizona called the Money Shot. Great video! Thanks for your research!

[@01230456078901230]

Jim Cramer has a segment on mad money where people call in individually and ask personally whether they should buy/sell/hold individual stocks.

[@jimmyyu2184]

One of your best vid. Ever. I've always been curious about the grey/gray area of advising something like this. 👋

[@rakingyoutube]

I would, for real, listen to those financial KZbinrs and do what they suggest if they dare removing that ‘not financial advice’ disclaimer.

[@martinlutherkingjr.5582]

Did you buy Bitconnect

[@juanjackson2612]

The financial youtube channel we didn't know we needed

[@site_is_down]

I agree! This is really an eye-opening content!

[@gvaspirated]

Just took my series 66; passed it. This video was ON POINT.

[@helloicanseeu2]

very interesting about the legal aspects of contemporary finance etc

[@tacticoolrick5562]

You should do a co-op video with Legal Eagle on this!

[@sevvy3409]

Hey, I absolutely love your vids. They are perfectly balanced between of those obviously "clickbait" content vids that do more showing off than actually teaching you something and monotone podcasts that you sleep on not even halfway through. Professional yet still engaging and fun! Can you do a video about what to do in a recession since there are some fear we might go into one? Like what type of investments do relatively well in a recession compared to others if there's any? And what to do to prepare for it rather than just selling your positions and idle your cash in your accounts waiting for one that may not even happen anyway? Thank you very much. Will always be a fan of your show!

[@TheIntJuggler]

Its like threatening to kill someone and then following that up with a disclaimer saying this is not a threat.

[@site_is_down]

Hilarious but I agree! hahaha That's why there should be a regulation in the use of youtubers' influence.

[@alanleung1828]

Some people stream on KZbin looking at stock charts that an individual can request (superchat or otherwise), does that still fall under the publisher exemption?

[@wizard7314]

"This isn't financial advice" is still not as bad as "no copyright infringement is intended" as someone glibly violates copyright.

[@TheSimArchitect]

Newspapers and TV also give "not financial advice" for centuries and they always got away with it. It should not be different for individuals that want to blog or vlog about it. The rule doesn't exist to protect the audience but the legally allowed professionals that invested time and money getting certified, so they could have exclusivity to do that. It's like you may be competent to defend yourself in a court of law but the legal system might bar you from doing so, forcing you to hire someone...

[@klobiforpresident2254]

Under what circumstances is one not allowed to represent oneself in the (U.S.?) court system?

[@TheSimArchitect]

@@klobiforpresident2254 Oh, I didn't mean US. In Brazil (and other countries) you can't represent yourself in many circumstances. I have a law degree but since I didn't take the BAR, even I can't represent myself over there as well (except for small claims court). I am not sure that you can represent yourself in any court in the US, to be honest. We all see criminal cases where you can defend yourself, but is that also applicable to civil cases, and others? I also know that, in Brazil, if you make "enough" money to feed yourself they won't give you free legal and you must pay for it (even if it bankrupts you).

[@klobiforpresident2254]

@@TheSimArchitect Well, I don't know about the U.S. or Brazilian systems. I know that where I live it is possible to represent oneself in criminal and civil cases.

[@TheSimArchitect]

@@klobiforpresident2254 That's cool!

[@raulkaap]

Please make a video of the green lamps in the background. I am intrigued.

[@Liam_Daly]

Series 7/66 guy here. Yes. Yes youtubers are compensated for their advice. The regulations are VERY broad about conpensation, down to even declaring a newly aqcuired friendship as compensation for a stock pick

[@Word187]

In the Netherlands the AFM (Dutch version of the SEC) has recently made a rule list explicitly for, ugh I hate this word, Finfluencers :)

[@cubemaster1987]

Thanks for the great financial and legal advice :)

[@KimblesTheBrave]

It's exactly like people posting full TV episodes on KZbin with the disclaimer "copyright not intended", lmao.

[@Stonks101]

Hi, I have a question about the legality of what's considered "Investment advice". I'm currently writing a short eBook about starting in the stock market. I introduce terms, concepts, and ways of viewing the stock market to those with no experience (what's a stock, what's a bond, purpose of each, bond ratings, derivative uses, psychology etc). I don't explicitly recommend any specific securities, and am always careful to word things in an open-ended manner. Am a liable to be considered giving investment advice? I've sunk a few months into this book and am nervous that I may not be able to publish...

[@monsterboomer8051]

Then go ask lawyer you dumb stupido. KZbin comments is not the place, LOL.

[@clydecarrick6570]

Welcome future you tube financial grifter

[@williampennjr.4448]

KZbin lawyers always say "this in not legal advice" even though they may actually be registered lawyers KZbin doctors always say "this isn't medical advice" even though they are medical doctors.

[@willardSpirit]

Plain Bagel: not giving out financial investment advice because responsibility Xtreme Unicorn Bagel: All in on dat crypto, yo!

[@SmudgyRules]

I’m disappointed but I probably shouldn’t be surprised. I honestly thought the rules around financial advice would be a lot stricter. I guess then, all we can say is “Buyer beware.”

[@site_is_down]

As for the people who are starting their investing journey, I hope they land on this video first before taking into account considering believing those contents that convinces them what stocks to buy.

[@rccpromotions]

Most "financial advisors" also give bad advice. If you're smart listen to lots of opinions and then try and get a counter opinion on anything you think is "good advice". NO ONE knows everything. I really hope we still have the freedom to listen to the opinions we want.

[@site_is_down]

Yes, that's why it's better if we can have some sort of regulation on what are the "do and don'ts" as a financial content on this platform.

[@joelma1109]

I personally listen to some of these guys on KZbin but it is a combination of entertainment and food for thought for me. Never I took their advices serious enough where I would do anything they would say or buy any of their courses they offer on their channel.

[@InvestorsHeaven]

I was curious about this, cause i do make videos about stock analysis, on a value investing basis. Most times I am too conservative even. I never really push anyone to buy or sell anything of course, I am looking at numbers and providing 100% sincere information. I have even rejected various NFT advertisers because I think the space is a money grab that has no value. But I was indeed very interested in knowing more about the legal aspect. Thanks for the vid, it was very useful info !

[@raylopez99]

The same line is often bent or nearly bent with lawyers who represent multiple clients who are adverse to each other. They try and get waivers from the clients but it often raises a red flag. So I've read (not meant to be legal advice).

[@testpattern701]

Great video, Richard and Jack. There is a KZbinr who offers private chats for which he charges money. He is not in any way credentialed so it's blatantly illegal. That said, I like the financial advice he gives so I'm not going to narc on him; I'll leave that to someone else. Always, always, always do your due diligence before acting on the advice of some rando who has set himself up as an Internet guru.

[@landongendur]

I find it interesting that the finance world has limits on financial advice, yet we do it all the time. Whether it's stocks, real estate investing, or even mundane products we buy at the store.

[@site_is_down]

Yes, and viewers are totally unaware of it as they seem to be enjoying those financial advice coming from people who aren't that much experience to even give an advice.

[@susanl8478]

It is up to every individual investor to do their own work. I appreciate MOST creators for ideas and nothing more ... just like if I was hanging around a stock exchange getting advice or tips or inside info ... buyer beware. If you take all of this away ... I am stuck with the suits and FILTERED info and who the H---- knows where that is coming from and why. Or I can just hand all of my money over to a 'guy' and 'trust' him ... or her ... to do what is best ... and where are they getting their information? Remember Bernie Madoff and how LONG it took them to finally take him down. Just don't be a fool.

[@gumerzambrano]

I really hope fake gurus get sued