Shifting Away from Finfluencers:
Finfluencers' Reach Declining: Interest in financial advice from social media influencers is decreasing, especially among Gen Z and millennial investors.
Celebrity Influence Wanes: Investors are less influenced by celebrities' investment discussions.
Renewed Trust in Professionals: More investors now consult financial advisers and professional fund managers (a 58% increase).
Reasons for Change:
Need for Expertise: Investors recognize their knowledge limitations in navigating volatile markets (87% admit this).
Desire for Proactive Management: Despite wanting control over their investments (80% agree), investors prioritize getting professional support for effective portfolio management.
Implications:
Traditional Advisers' Rise: Demand for qualified financial advisers is likely to increase as investors seek informed guidance.
Finfluencer Responsibility: The article links to the FCA's warning, highlighting the need for responsible and regulated financial advice on social media.
Adapting to New Rules: Both traditional advice firms and finfluencers will need to comply with tighter regulations on financial promotion.
Overall: This trend signals a shift back towards valuing professional expertise and understanding the risks of relying on unqualified financial advice commonly found on social media.
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