Investment advice on YouTube, portfolio experts on Instagram: Finfluencers are promising rapid returns all over social media. But not all of them are financial experts. — dpaInvestment advice on YouTube, portfolio experts on Instagram: Finfluencers are promising rapid returns all over social media. But not all of them are financial experts.
Annabel Oelmann, director of a German consumer advice centre, considers reputable finfluencers to be a good addition when researching investment options, but she also urges caution.Anyone with a social media account can publish advice – regardless of their actual level of expertise, she says. The phenomenon is not new, he says: Self-styled financial experts have always attracted those hungry for investment tips."In bad stock exchange periods their promises are particularly effective. When the portfolio is in the red, some investors hope for a hot tip and stop trusting their own decisions," Tüngler says.
Alarm bells should also ring if a finfluencer is pushing a certain stock or cryptocurrency – perhaps while claiming it’s a secret tip.Oelmann advises following your gut instinct and also paying attention to any disclaimers.