Giving financial advice (legal and other issues)


When and to what extent (if ever) can someone be held responsible for financial advice that is given on an informal basis? I am thinking about situations like when friends ask about investing or their portfolio in real life, or even perhaps on the Bogleheads board where a fair amount of specificity (both on the part of the asker and the person answering) is involved. There's a lot of value in these conversations, but can people ever be held accountable for advice that they give? Or would this apply only if money changes hands within the context of a professional arrangement (in the case of a certified financial planner or some sort)? If a Boglehead sits down with a close friend and helps him with his investment portfolio and 10 years later something unexpected goes wrong (as far as the friend is concerned), can informal assistance be a source of potential liability?

Please help.

I didn't find the right solution from the Internet.

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