{"id":38309,"date":"2025-06-23T18:39:02","date_gmt":"2025-06-23T22:39:02","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=38309"},"modified":"2025-06-23T18:39:02","modified_gmt":"2025-06-23T22:39:02","slug":"business-report-should-you-trust-a-finfluencer","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2025\/06\/business-report-should-you-trust-a-finfluencer\/","title":{"rendered":"Business Report: Should you trust a \u2018finfluencer\u2019?"},"content":{"rendered":"<figure id=\"attachment_38310\" aria-describedby=\"caption-attachment-38310\" style=\"width: 200px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-38310\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2025\/06\/meghan-murray-c-200x300.jpg\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2025\/06\/meghan-murray-c-200x300.jpg 200w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2025\/06\/meghan-murray-c.jpg 444w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><figcaption id=\"caption-attachment-38310\" class=\"wp-caption-text\">Meghan Murray is a financial advisor with Edward Jones Financial in Glens Falls.<\/figcaption><\/figure>\n<p>Provided By Meghan Murray<\/p>\n<p>In the age of social media, it\u2019s easy to find advice on just about anything \u2014 including how to manage your money. Content creators known as \u201cfinfluencers\u201d \u2014 short for financial influencers \u2014 use platforms like TikTok, YouTube and Instagram to share their takes on investing, budgeting and building wealth. Many of them are charismatic and relatable, and they often speak from personal experience. But while their content may be engaging, taking financial advice from a finfluencer without digging deeper can come with significant risks.<\/p>\n<p>While some finfluencers may have formal training or credentials, many do not. Instead, their influence stems from their popularity rather than professional experience. But popular advice may not necessarily be good advice. A 2025 study by the Swiss Finance Institute even found that unskilled finfluencers typically have larger followings than skilled ones.<\/p>\n<p><b>Why be cautious?<\/b><\/p>\n<p>For young or new investors, social media can make finance feel accessible. In fact, a 2022 FINRA study says that more than 60% of Americans younger than 35 get investing information from these platforms. But social media isn\u2019t regulated the same way traditional financial advising is, so anyone, qualified or not, can offer financial tips.<\/p>\n<p>Unlike traditional financial advisors, finfluencers don\u2019t know your unique goals, financial situation or risk tolerance. And likely, they\u2019re not licensed (you can check here: Check Out Your Investment Professional | Investor.gov). Even well-meaning guidance might lead you down a risky path if it\u2019s not tailored to your needs. And unfortunately, some finfluencers have exploited the trust they build with followers to promote questionable investments or outright frauds.<\/p>\n<p><b><span class=\"Apple-converted-space\"><strong><span class=\"s1\"><span class=\"s2\"><!--more--><\/span><\/span><\/strong><\/span>Warning signs to watch for<\/b><\/p>\n<p>Here are a few signs that a finfluencer\u2019s advice may be worth avoiding:<\/p>\n<p><b>Unrealistic \u201cget-rich\u201d promises: <\/b>Claims like, \u201cTurn $500 into $50,000 in a year,\u201d are highly improbable and may indicate a scam.<\/p>\n<p><b>Hurry, hurry: <\/b>Be wary of advice that pressures you to act fast or plays on fear of missing out. Important financial decisions shouldn\u2019t come with a countdown clock.<\/p>\n<p><b>Flashy displays of wealth: <\/b>Images of luxury cars, watches or cash can be more about generating views than offering sound advice. If a finfluencer is trying that hard to convince you to take an action, it often means they will profit \u2014 perhaps they\u2019ll get paid to promote a product or service, or earn a fee for referring you, or are trying to boost clicks and followers to earn more.<\/p>\n<p><b>What you can do<\/b><\/p>\n<p><b>Do your own homework.<\/b> Don\u2019t take finfluencers\u2019 advice at face value. Cross-check it with reliable sources. The finfluencer may even be under investigation by a federal or state securities regulator. Talking to a licensed financial advisor you trust can help you discern good advice from the bad.<\/p>\n<p><b>Recognize conflicts of interest.<\/b> If a finfluencer promotes a product or service, find out if they\u2019re being paid to do so. And remember, online personalities make money by generating high viewership, not because their advice has a track record of success.<\/p>\n<p><b>Use common sense. <\/b>When something sounds too good to be true, it usually is. And of course, never disclose your bank or brokerage account numbers to a finfluencer, and never send money.<\/p>\n<p>Finfluencers can make financial topics more engaging and accessible. But when it comes to your money, a social media video from someone who doesn\u2019t know you is no substitute for informed, personalized guidance. Take the time to verify, research and, when in doubt, seek advice from a professional.<\/p>\n<p><i>This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.<br \/>\nEdward Jones, Member SIPC.<\/i><i><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Provided By Meghan Murray In the age of social media, it\u2019s easy to find advice on just about anything \u2014 including how to manage your money. Content creators known as \u201cfinfluencers\u201d \u2014 short for financial influencers \u2014 use platforms like TikTok, YouTube and Instagram to share their takes on investing, budgeting and building wealth. Many [&hellip;]<\/p>\n","protected":false},"author":89,"featured_media":38310,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-38309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-reports"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Business Report: Should you trust a \u2018finfluencer\u2019? - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2025\/06\/business-report-should-you-trust-a-finfluencer\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: Should you trust a \u2018finfluencer\u2019? - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"Provided By Meghan Murray In the age of social media, it\u2019s easy to find advice on just about anything \u2014 including how to manage your money. 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