Feb 8, 2023
Be cautious of financial advice on social media: Expert
Why you should seek advice from a finance professional over a finfluencer
Li Zhang, the principal of corporate citizenship with Chartered Professional Accountants Canada (CPA), said in an interview with BNN Bloomberg Tuesday that it is very difficult to quantify the rise of financial advice on social media as there are so many different platforms and influencers.
However, Zhang said it is crucial to understand what credentials a financial influencer might have. She said it is important to understand if an influencer is qualified to provide financial advice and that people should understand how those dispensing advice get paid.
“All influencers have some way of deriving income from what they're doing. So it's super important to understand, especially when they're finfluencers [financial influencers], how they're being paid,” she said.
“And then finally, if something feels too good to be true or it's jumping on a trend, really ask yourself to get a second opinion.”
Check out the full video at the top of the article to learn more.