Question for you guys:
I've become the office guru of late where several guys and gals ask me for advice on how to allocate their 401(k)s in terms of percent in stocks vs. bonds, etc. Fortunately, or perhaps unfortunately, several of them listen to me and end up setting their percentages based upon my advice. However, my/our jobs have nothing to do with this and I'm not a trained professional.
My question is, do I potentially set myself up for being legally liable if someone ends up losing a lot of money, say, because stocks tank if I recommended a high stock allocation? Has anyone ever heard of that kind of lawsuit?
Thanks!
I've become the office guru of late where several guys and gals ask me for advice on how to allocate their 401(k)s in terms of percent in stocks vs. bonds, etc. Fortunately, or perhaps unfortunately, several of them listen to me and end up setting their percentages based upon my advice. However, my/our jobs have nothing to do with this and I'm not a trained professional.
My question is, do I potentially set myself up for being legally liable if someone ends up losing a lot of money, say, because stocks tank if I recommended a high stock allocation? Has anyone ever heard of that kind of lawsuit?
Thanks!