Financial influencers, known as finfluencers, are gaining millions of followers through TikTok, Instagram, YouTube and other social media platforms.

A Canadian Securities Administrators survey indicates that 53% of Canadians use social media for investment information.¹ The question is whether this information is reliable, and the answer is sometimes yes, sometimes no.

When the information is fact-based and trustworthy, finfluencers can have a positive impact; for example, promoting saving habits that can help people make a down payment or investing in mutual funds to support their retirement.

But social media users should be aware of two key concerns. First, finfluencers aren’t currently regulated, so you must be wary of receiving poor advice or falling victim to a scam. Second, wealth planning decisions involve personal factors, and finfluencers are not in a position to provide you with a customized solution.

You can ask us to assess social media content, and consider telling family members to be cautious about finfluencers’ advice.

¹ Canadian Securities Administrators, CSA Investor Index, 2024