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Are finfluencers making your life harder?

ended 04. November 2024

It used to be: “Well, Martin Lewis said…”. Now, a growing number of advisers and brokers have shared TikToks and other social media posts with Newspage from finfluencers (some regulated, others not) that are either ‘advice’ or not far off it, or lack an understanding of the subject matter in hand. Are you finding you're having to bat away nonsense that people are consuming on social media — and is it making your life harder? Is the FCA clamping down hard enough on this kind of activity? Any thoughts, send them across.

3 responses from the Newspage community

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Ben Perks
Managing Director at Orchard Financial Advisers
'A little bit of knowledge can be dangerous' and that is certainly the case with many Finfluencers. The FCA need to get a handle on this trend quickly, I've seen so many videos where the information is either utter nonesense or so generic that it's unusable.
Your needs are unique and a 30second video designed to get hundreds of views isnt going to take your circumstances into account.
By all means watch the clips and enjoy the content but please do not base any financial decisions on what someone suggested on TikTok. Check in with a regulated professional who can ratfiy what you've heard.
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Craig Fish
Director at Lodestone Mortgages
Sadly many finfluencers are too busy trying to generate attention grabbing or controversial content simply because they are monetised and more views results in more money. They arent set up on these platfoms as businesses and instead as content creators, they dont show relevant warnings, and sadly they simply dont care that the message they are sending is misleading. They care more about fame and fortune than the individual needs of their clients.
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Kim McGinley
Director & Specialist Broker at VIBE Finance
Let’s face it; the world’s practically glued to social media these days, and when it comes to finance, the advice out there can be a bit of a jungle. Finance influencers, or ‘finfluencers,’ might look the part with their flashy content and big claims, but it’s risky business if you’re taking tips from someone without the right qualifications or experience. Don’t get me wrong, I love the potential social media has to inspire and inform, but it can be a dangerous game too. In this unregulated space, anyone with a ring light and a bit of confidence can sound credible, but that doesn’t mean they should be guiding you on financial decisions that impact your life.