Why Trust a Finfluencer Over a Financial Advisor?

Discover the truth about how and why finfluencers provide financial content on YouTube, Instagram and TikTok. How can you tell if a finfluencer is biased or not? Are there any hidden motivations behind their recommendations? I'll give you 3 questions you can ask yourself to help critically evaluate their content at the end of this video.

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In this conversation, I discuss the growing trend of relying on financial influencers (finfluencers) for investment advice, particularly among younger generations like Gen Z. I refer to the CFA Institute Report from 2024 called "The Finfluencer Appeal." The video highlights the distrust in traditional financial advisors, the appeal of free and accessible information from social media, and the potential risks associated with following finfluencers. The conversation also addresses the legality and ethical considerations of finfluencer content, emphasizing the importance of critical evaluation when consuming financial advice online. Lastly, I provide you with three sets of questions you can ask yourself or the finfluencer when reviewing their content to help protect you when making decisions from their information.

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Key Takeaways:
✅Many people distrust financial advisors due to perceived biases.
✅Finfluencers provide free and accessible financial advice.
✅Gen Z investors often prefer social media for financial information.
✅Not all finfluencers are qualified to give investment advice.
✅Only 20% of finfluencer content includes disclosures about motivations.

Chapters:
00:00 - Why Don't You Work With a Financial Advisor?
00:45 - Why do Finfluencers Exist?
03:55 - Appeal and Risks of Finfluencers
07:07 - DIY Investing & Gen-Z
09:45 - Questions to Ask Finfluencers

Source: https://rpc.cfainstitute.org/research...

#Finfluencers #AdvisorValue #InvestmentStrategy #WealthManagement #FinancialSuccess #SmartInvesting

The opinions expressed are those of Harry Sale and not necessarily those of Raymond James Ltd. Statistics and factual data and other information presented are from sources RJL believes to be reliable, but their accuracy cannot be guaranteed. It is furnished on the basis and understanding that Raymond James is to be under no liability whatsoever in respect thereof. It is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Commissions, trailing commissions, management fees and expenses all may be associated with mutual funds. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Raymond James Ltd., member - Canadian Investor Protection Fund.