While popular personalities on social media can give you factual financial information you need to be careful they do not inadvertently give you financial advice, says Gugu Sidaki..
Subscribers can listen to this articleWhile popular personalities on social media can give you factual financial information, you need to be careful they do not inadvertently give you financial advice, saysI often scroll through social media platforms without commenting or posting – just quietly observing how a typical South African interacts with financial products, service providers and personal financial information in general.
This was confirmed in a recent survey conducted by The Collaborative Exchange and The Association of Black Securities and Investment Professionals , ASSUPOL, Momentum and Mianzo Asset Management.It revealed a range of market insights as to how black consumers are accumulating savings and their attitudes and access to financial advice – many have access to financial advice yet prefer to direct their own investments using"new age" platforms to access to shares and other investments.
A mere suggestion that someone should take up, cancel or alter a financial product or service in any way is advice, regardless of what someone’s Twitter bio says, and is in contravention of the law if not done in a specific manner by a licensed professional.There is still a lot of mistrust around financial advice. The industry has been marred by rogue and bogus operators who’ve swindled many an unsuspecting consumer.
Licensed advisers are also required to have insurance to pay out any claims, in the event that they are found to be negligent during the course of their duties. That means you, as the consumer, are always protected when dealing with a professional.If financial advice is given correctly, the process is quite involved.
Most importantly, your financial adviser will help keep your behaviour in check to ensure you stick to the plan.
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