Many Women of Color Use Social Media, Peers for Investment Advice

Many women of color are turning to social media and their peers for investment know-how instead of hiring financial advisers.

Individual investors are increasingly seeking free financial advice on platforms including TikTok, Twitter and YouTube. For women of color, nearly half say they are likely to turn to social media for financial guidance compared with 18% of white women, according to a study released in April by investment-management firm Capital Group.

The reasons for turning to their peers range from wanting free advice to a desire to manage their own portfolios, rather than outsourcing it to an adviser. Adri Saul, who is Latina, started investing in the stock market in April 2020 after she joined the HerMoney Facebook group. Ms. Saul, who is in her 30s, was attracted to the group that was founded by personal finance author Jean Chatzky to help women with their personal finances, partly because she said it was easy to get answers to money questions and it is a nonjudgmental place to learn about investing.

While she appreciates the quality of information she has seen in the group’s posts, she still does her own research. Ms. Saul now has about $5,000 invested in various stocks such as Twilio Inc. and DocuSign Inc. with an online broker.

EVERY ONE NEEDS A FINANCIAL ADVISOR TO GUIDE, ADVISE POSSIBLE GAINS, RISKS INVOLVED. ADVISOR GUIDES ABOUT INVESTMENTS, RESOURCES REQUIRED, GESTATION PERIOD, COMBINATION OF SOURCES OF FUNDS, FINANCIAL COST INVOLVED,PERIODICAL FINANCIAL COMMITMENTS,LEGAL,COMMERCIAL LAWS COMPLIANCE.

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