Christopher Horkins has been quoted in the article “Chat is This Real? The Risks of Following Finfluencer Advice,” published by MoneySense.
Writes Samantha Kohn: “A new report from the Ontario Securities Commission (OSC) found that more Canadian investors are turning to ‘finfluencers’ for financial advice, thanks to the rise of social media…. While some finfluencers offer credible insights, others lack credentials or have hidden incentives (such as gaining followers or earning commissions), making it hard for audiences to assess the reliability of their advice.”
Says Chris: “There are definitely people out there creating trustworthy content. But it’s hard for the average person to tell who knows what they’re talking about, and who’s just getting paid to promote a product.”
Chris goes on to discuss the potential for misinformation, the rules that finfluencers have to follow, the responsibilities of issuers that engage finfluencers, and how investors can protect themselves.
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You can also read our recent Cassels Comment on this topic here: “The Rise of Finfluencers: How Social Media is Shaping the Duties of Issuers and Capital Markets Participants in the Digital Age.”