Financial Advice on Social Media Is Growing. And Risky.
In Britain and the United States, most people who dispense financial advice or sell investment products professionally must be licensed. [Until the new president changes the law. ]
...
Regulators in Britain and the United States are warning consumers that financial advice on social media often comes with ulterior motives. The U.S. Securities and Exchange Commission has pursued celebrities like Kim Kardashian and firms that hire them for failing to properly disclose compensation. (Ms. Kardashian paid $1.26 million in 2022 to settle the case but did not admit wrongdoing.)
“Making investment decisions based solely on information from finfluencers, social media and celebrities may not be a great idea,” an S.E.C. official wrote in a brief.
If it sounds too good to be true, it is. Do a little research on the savings and loan crisis of the 1980s. In the East Tennessee region, there was a S&L/Thrift financial institution giving 15% interest rates, not FDIC insured. Many local citizens lost everything when the S&L failed and shutdown.
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