9 April 2026
Do “Finfluencers” give financial advice, or just suggestions? How consumers can be protected Research report
Advice on investing is increasingly available on social media and is often offered by financial influencers, also known as “finfluencers.” These people are sometimes professionals qualified to give financial advice, and sometimes amateurs. This state of affairs raises questions about potential risks for consumers who might rely on such advice.
This report analyzes risk indicators for consumers in relation to of the type of advice given on social media by finfluencers and on their professional qualifications. Our analysis takes into account both the current regulations and the experiences of consumers and investors. Its aim is to shed light on the real impact of the phenomenon on consumers' lives.
Our analysis has revealed a difference between the legal interpretation of advice and professional qualifications, and consumers’ and investors’ experience of these. For instance, regardless of the legal classification of the content shared, some participants accepted it as personalized advice. In fact, the participants in our focus groups put this advice into practice, with both positive and negative consequences on their returns.
Furthermore, the finfluencer's profile, whether that of a qualified professional or otherwise, seems to have had little impact on the participants' decisions, despite their assessment of their own risk profile. Moreover, not one participant in the Western Canadian focus group was able to tell us the professional qualifications of the finfluencer they followed.
This research also revealed that some finfluencers issue statements intended to exonerate them from responsibility for the advice they give, which was a cause for perplexity among certain participants.
Finally, our analysis of the terms of use of certain social media platforms and of the legislation applicable to finfluencers in certain jurisdictions pointed the way toward developing potential solutions to be implemented in Canada.