AmiSight 5/5: The Rise of ‘Finfluencers’ — Can You Trust Financial Advice on Social Media?

As economic uncertainty rises, investors are looking for advice from a wide range of sources, including social media financial influencers — or “finfluencers.” Young investors are especially turning to these posters as a Spruce survey found that 33% of Gen Z and 23% of millennials look to social media for financial guidance.

Dalvin Brown and Oyin Adedoyin wrote about the trend in the Wall Street Journal, diving into the pros and cons of finfluencers. Experts have also shared their perspectives on LinkedIn.

Here are a few takeaways:

Keba Batie, a senior banker at JP Morgan, warned of the risks of taking financial advice from TikTok or Instagram: 

 “• Misinformation spreads fast — Lacking licenses or training, many finfluencers offer generalized tips that blur the line between sound guidance and hype.

• Logic gaps are common — Oversimplified messages like “just buy the dip” ignore context, risk, and nuance. When markets crash, audiences are left exposed.

• Expertise is thin — Unlike CFPs or institutional professionals, many creators operate without accountability, pushing products or philosophies that may not align with individual goals.”

Ertan Enginalev, founder of Warschild & WSD Capital, says that while not all finfluencers are qualified to be giving out financial advice, some may actually succeed.

“The ability to explain basic investing principles in a calm voice on TikTok is not the same thing as knowing what to do when everything breaks,” he wrote. “The finfluencers who last won't be the ones with the best edits or engagement. They'll be the ones who:

- Understand the difference between conviction and coping.

- Know how to operate when the strategy isn't popular.

- Admit that they don't have all the answers.”

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