Legal Question in Business Law in Arizona
Financial Advice
Can I legally give financial advice to others for personal profit? For instance, if I was to advise a friend on how to manage his money and in return for my advice he agreed to give me 5% of his deposit in return, is that legal?
2 Answers from Attorneys
Re: Financial Advice
So long as you not do it as your income, just occasinly you are ok
Re: Financial Advice
I will respectfully disagree. Your payment is not as a partner, since you state it is for your advice. You are not a licensed financial planner.
If I give occasional advice on medical treatment and am paid for my advice do I need a license? What if I occasionally arrange loans, and get a fee, but do not do it too often. Bander's license needed? If I cut hair for friends, and charge fees, but do it in my own home, is it legal? How about if I arrange funerals, but only occasionally?
Since your question was, is it legal, that requires a yes or no answer. Perhaps you could check with the appropriate state board and they will tell you where to read about the requirements.
Good luck.
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