Working in Finance and having a side hustle?
Hi, does anyone know if it's possible to work in the Finance industry and being an startup (e.g. fintech) advisor as a side hustle? Is it in general allowed to have a own side job? Would be great if the WSO community could help. Please focus on the legal side, not the time aspect.
It probably depends on your company.
I'm not sure how to approach this topic within the company. Any ideas?
Compliance department. That's who provides guidance on such things at my firm. Would really depend on your advisory capacity, i.e., does it involve a formal agreement to be involved as an advisor or more informal and they come to you with questions every now and then. Honestly, the fact that you are asking this on here is fairly telling that you really aren't qualified to be advising anyone on anything.
BUMP - I have been asked to be an external advisor to a ed tech start up and have 0 idea as to how to approach / inform my employer if at all as I'd rather tell them than them find out and then fire my ass lol
Don't tell your company.
I can literally think of 0 reasons why your current firm would relentlessly find out what side hustles you have. What good does it do for them?
Keep it low-profile and do your thing. Suppose it becomes big, just quit.
Many firms have rules about reporting work outside of your regular responsibilities within the firm. This is usually for compliance reasons.
If you do not inform your employer and they find out (and you have this as part of your employment agreement) you are risking your job, I wouldn’t recommend that.
Check your employer rules (handbook, compliance, etc) and your contract. Those are a good place to start about what you should disclose.
I mean you can also always spin it as "its a friend that I am doing some simple work for and I figured it be better to report it than not".
As someone else here mentioned, most firms require you to disclose outside affiliations and roles for compliance. Some employment contracts may also preclude you from taking on external roles with some exemptions (charity work, directorships etc.)
TLDR: Look at your employee handbook and contract.
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