Finfluencers growth shows ordinary folk are reaching out for financial advice 

The Financial Sector Conduct Authority’s (FSCA) crackdown on the growing legion of unregulated social media financial influencers or finfluencers can be seen as a sign that ordinary people are reaching out for financial advice, but don’t always know how to get it. 

 “The rapid rise of finfluencers on social media shows that ordinary people are seeking financial guidance. It confirms that navigating your lifestyle and money successfully through the complexities of the modern world is a bewildering task for many,” says Liberty’s head of agency and wealth advisory, Suhail Gani. 

The FSCA has warned about finfluencers providing financial advice concerning financial products, something which requires a license. 

Gani warns, though, that not all finfluencers should be regarded as amateurs, and that increasingly, many professional accredited advisers are turning to social media as a way of engaging with clients.  

“If you are following financial advice online, it’s always worth exploring that person’s qualifications and experience.  

“Financial advice is about a personal journey with your adviser. It’s your wealth and future we’re talking about here, so making decisions should be taken seriously,” he says. 

“While some finfluencers do have relevant views and qualifications, some also appear to be repackaging common financial knowledge with a dash of dramatic flair. 

“While the rise of finfluencers does arguably provide a gateway to fully fledged personal advice. It also suggests that the modern financial world is daunting for individuals looking to secure their futures, and for this reason, one-to-one human advice has never been more important than it is right now,” Gani says. 

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Sunday World