Sather said clients should ensure they’re working with someone, such as a certified financial planner, who is accredited. They can see if a finfluencer is accredited by checking the Financial Planners Standards Council (FP Canada) and Investment Industry Regulatory Organization of Canada (IIROC)’s websites.
“The value of having an advisor is being able to send a quick text message or email, saying, ‘hey, what do you think about this? Does it fit for me?’ And advisors should be willing to give their input.”
But, Sather recognized that some younger people may not have an advisor or distrust them because of some reported issues. He’s even had some millennial clients heed online information, particularly about GameStop and Reddit. He recalled giving one third-party resources, such as online financial magazines and academic papers, to challenge some of the ideas that he was gleaning online.
“We were able to talk, and I could say, ‘even if you do invest, make sure it’s not a lot of money and it’s money that you would be comfortable never having again,’” recalled Sather.
Like NASAA, Sather also encourages his clients and the younger people he knows to check whether the finfluencers’ are paid by a company who might be influencing their recommendations.
