Retirement Readiness, Episode 25: The Difference Between Social Influencers and Financial Advisors

[Key Timestamps and Topics]00:02:30 - Many social media influencers give opinions rather than advice since they have not gone through extra training or education. 00:05:12 - Tim and Katie discuss why someone should work with a financial advisor instead of curating advice from social influencers. They compare it to trying to self-diagnose symptoms through WebMD. 00:07:47 - Social media influencers make money from views and commission from product reviews.00:11:37 - Tim and Katie acknowledge that social media is a useful medium for advice, but people need to be careful with what advice they decide to take. 00:15:10 - Tim and Katie emphasize the importance of verifying the information shared by social influencers. 00:15:44 - Tim and his team encourage viewers to scrutinize TikTok and Instagram accounts before following them. [3 Key Takeaways]Social influencers giving financial advice can make money knowledge more accessible to the masses – but viewers should be wary that internet advice from non-qualified sources isn’t always correct. Some social media influencers may be receiving money for endorsing certain products or advice, while a fiduciary advisor is legally required to give objective financial advice. There are tools available to verify someone’s advisor status, such as BrokerCheck, which is regulated by the U.S.’s Financial Industry Regulatory Authority (FINRA).[Episode Description]The internet is chock-full of advice and content – but how do you know which sources are legitimate? In this week’s episode of Retirement Readiness, Tim Regan and Katie Umland discuss why social influencers aren’t always the best resources for financial advice. While registered advisors attain years of schooling prior to entering the workforce, social influencers are often motivated by likes, views and paid promotion opportunities. Similarly, social influencers aren’t held to the same regulatory standards as financial advisors – adding additional risk to your retirement plans. Watch the full episode to learn more about the differences between social influencers and financial advisors, or check out our other Retirement Readiness episodes to learn more tips and tricks for planning your future. Find Financial Advice You Can Trust with Prairie View WealthOur financial advice is built with your goals and future retirement in mind at every step of the process. Click here to connect with a member of the PrairieView Wealth team today and get started. Facebook: https://www.facebook.com/Prair....ieViewWealthPartners https://www.linkedin.com/compa....ny/prairieview-wealt https://prairieviewwealthpartners.com/