Yahoo!Finance: “4 Ways To Avoid Bad Financial Advice on Social Media”
Yahoo!Finance, Feb. 17, 2025 — Reporter Chris Adam wrote, “Financial influencers, also known as “finfluencers,” seem to be popping up more and more across most social media platforms. While they claim to offer solid financial advice, putting too much trust in strangers on social media can come with serious risks. According to some of the more recent information from the Federal Trade Commission, fake investment opportunities on social media can lead to millions of lost dollars. Those opportunities made up around $350 million in reported fraud in just the first part of 2023.”
Chris turned to Marguerita Cheng, CFP® Pro, for insights about 5 Subtly Genius Moves All Wealthy People Make With Their Money
“This is a serious problem because financial influencers are not subject to as much scrutiny or regulation as licensed professionals,” said Marguerita Cheng, a certified divorce financial analyst (CDFA) and an ambassador for the Institute for Divorce Financial Analysts (IDFA).
Click here for four ways to avoid bad financial advice on social media.