Young investors should look at the credentials of the personalities they’re following and whether they’re being compensated to promote certain companies or products
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“I like them as a spark to get [young clients] to ask good questions about personal finance because financial literacy is so low in Canada,” says Kurt Rosentreter, portfolio manager and senior financial advisor with Manulife Securities in Toronto.
Financial influencers have helped develop young investors’ confidence to take charge of their finances and learn more about their personal risk tolerance, which Ms. Lee Simmons sees as positives. “There are no checks and balances and often no repercussions to what’s being said or acted upon,” she says, adding that she questions whether influencers know that they’re actually giving advice when they publicly endorse certain products or investments.
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