Industry Insight: Are 'finfluencers' taking over financial advisor roles?

The GameStop stock craze in 2021, which was fueled by Youtuber “Roaring Kitty”, or Keith Gill signified the growing power of social media in shaping financial markets. Indeed, social media platforms like YouTube, TikTok, and Instagram have become popular channels for Gen Z to seek financial insights. The younger digital natives prefer the immediacy and accessibility of online content over traditional face-to-face meetings with financial advisors. This has led to a rise in 'finfluencers' - online influencers who provide financial guidance and investment tips. How is this 'finfluencer' trend impacting the financial advisory industry? Will 'finfluencers' take over traditional roles in the industry? Louis Koay, Senior Financial Services Director, PhillipCapital, weighs in. See omnystudio.com/listener for privacy information.