As a Certified Financial Planner (CFP) and someone who edits personal finance content for a living, I’ve seen firsthand how the rise of financial content on social media has transformed how we learn about money. Almost half of Gen Zers who received financial advice in 2023 heard it from social media influencers, according to a Bankrate survey.
While platforms like TikTok, YouTube and Instagram have helped to democratize financial education, they’ve also created a Wild West of information that makes it hard to separate real advice from potentially harmful misinformation.
Scrolling through your social media feed, you’ve likely encountered personal finance influencers (or “fin-fluencers”) sharing advice about investing, managing debt or building wealth. Their appeal is understandable — they offer free, digestible advice delivered in an engaging format.
However, unlike the requirements it takes to become a CFP, there’s no standard for becoming a personal finance influencer. Anyone can position themselves as a financial expert online, regardless of their qualifications or potential conflicts of interest.
As more self-proclaimed “fin-fluencers” face accusations of promoting high-risk investments, committing scams or simply sharing unqualified advice, it’s more important than ever to develop your own filtering system.
Signs of trustworthy financial advice online
As you scroll through your various online feeds, here are some tips to keep in mind that will help you spot quality money advice.
1. Proper credentials and background
Look out for recognized credentials like CFP®, ChFC or CFA, or at minimum, lengthy professional experience in finance. While these don’t guarantee quality advice, they do indicate fin-fluencers’ level of knowledge and ethical standards.
Fiduciaries are legally obligated to act in your best interest. While many professionals follow high ethical standards, only fiduciaries have a legal requirement to recommend what’s best for you — not what’s most profitable for them.
All CFP® professionals are required to act as fiduciaries when providing financial advice.
Keep in mind:
Most financial credentials can be verified. You can verify a CFP® professional’s status through the CFP Board’s website. You can also check if an advisor is registered with the SEC or FINRA through their databases.
2. Clear disclosure of compensation and conflicts of interest
Ethical creators are transparent about how they make money and any conflicts of interest. They should disclose when they’re being paid to mention products or services and are clear about affiliate relationships.
When viewing content online, ask yourself: Is the content funded by ads, subscriptions or product sales? Are they selling courses, books or coaching services? If they are, they should disclose if and how they make money from these products or services. This insight can help you recognize if there’s a potential bias in their information.
3. Transparency about their limitations
Most financial creators may know the topics their audience is interested in, but they don’t know each follower’s entire financial situation.
Trustworthy creators should make it clear that they don’t know someone’s specific situation and that their content is educational rather than personalized advice. If you’re looking for specific advice for your circumstances, consider consulting a financial advisor.
4. Offers evidence-based recommendations
High-quality financial content often cites research, data and established financial sources rather than just personal anecdotes or opinions. They should also acknowledge both the potential benefits and risks of any financial strategy. The most trustworthy experts are comfortable saying “I don’t know” or “it depends” if they’re unsure, rather than presenting themselves as having all the answers to every money question.
If someone only talks about the upside without mentioning potential downsides, that should also be a warning sign.
5. Consistency over time
Look for creators with a track record of consistent, quality content over time rather than those who appear out of nowhere with “secret” financial strategies.
Looking for trusted voices in personal finance?
How to vet financial advice online
With these tips in mind, here’s my step-by-step process for evaluating the financial content you see online:
Is there value in financial advice on social media?
Despite the risks, social media can be a helpful starting point for financial education.
Social media has democratized access to basic financial information for people who might otherwise have no exposure to these concepts. It’s helped amplify voices that have historically been excluded from mainstream financial conversations, including women, people of color and those from different marginalized communities.
Even imperfect financial content can increase awareness about important topics like saving, investing and financial literacy, potentially motivating people to learn more.
Thanks to these benefits, I still think there’s a place for social media in the world of financial advice. To use it wisely, consider building a diverse feed of financial voices, including certified professionals, and be especially careful with advice about high-risk assets like cryptocurrencies or other alternative investments.
The bottom line
In my years as a CFP, I’ve learned that the most dangerous financial advice isn’t always obviously wrong — it’s often incomplete, oversimplified or fails to account for someone’s individual situation.
That’s why it’s always important to remember that quality financial advice prioritizes long-term financial well-being over quick fixes or what’s trending online.
The goal isn’t to find a perfect financial guru to follow blindly — it’s to develop your own financial judgment and build a knowledge base that helps you make better money decisions for yourself. And if you can’t find the answers you’re looking for online, connecting directly with a CFP® may be a route worth considering.
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