In a recent address, the Finance Minister raised a crucial concern regarding the increasing influence of finfluencers in the online financial space. FM emphasized the need for caution when relying solely on advice from these influencers.
✒ Sharing few important points to consider before you act upon any online financial advice –
🔎 Evaluate Credibility and Expertise 🔎 – It’s important to critically assess the credibility and expertise of finfluencers. Their qualifications, certifications, and professional experience should be carefully evaluated to determine the reliability of their advice.
💡 Seek Multiple Perspectives 💡 – Relying on a single finfluencer may not provide a comprehensive understanding of complex financial matters. Consider consulting licensed professionals, trusted institutions, and reputable publications to gain a broader perspective.
⚠ Exercise Critical Thinking ⚠ – Being aware of potential conflicts of interest (sponsored), biases, and the applicability of advice to your unique circumstances is crucial. Remember, what works for one person may not work for another.
📚 Consult AMFI Registered Mutual fund distributors (MFDs) or SEBI Registered Advisors 📚 – While finfluencers can offer valuable general insights, seeking personalized advice from licensed financial professionals or advisors is highly recommended. They can provide tailored guidance based on your specific needs, helping you navigate the complexities of finance more effectively.
Stay vigilant and well-informed! Your financial well-being 💸 deserves thorough consideration and reliable guidance.
Vikas Sharma, CFP®, is a first-generation purpose-driven entrepreneur with over 19 years of experience in financial services, personal finance, and the advisory space. He is a Certified Financial Planner, an IIM Calcutta Executive Alumni, and holds an MBA in Finance and a Postgraduate qualification in Financial Planning.
Currently, Vikas is the Co-Founder & CEO of The Logical Advisor (TLA Academy Pvt. Ltd.) and Goalchi Capital Solutions LLP, where he integrates life, purpose, values, and money to create meaningful financial journeys.
He has worked with a leading Asset Management Company, mentored 1,500+ IFAs and Relationship Managers across India, and educated 10,000+ investors through Financial Wellness programs. His work has consistently focused on reshaping advisor and investor behaviour to enable sustainable success.
Vikas also coaches and mentors financial advisors nationwide, helping them build purposeful and successful careers.
