What Advisers Can Learn From ‘Finfluencers’

Social media and “finfluencers”—social media influencers who give financial advice and education—are informing some investment decisions in all age groups, but younger investors are leading the trend. Of all retail investors surveyed by the Financial Industry Regulatory Authority in 2024, 29% reported using social media for investment decisions. Among adults younger than 35, however, that proportion rose to 60%.

FINRA’s brief, “Finfluencer Followers and Social Media Scrollers: The Profile, Patterns and Pitfalls of Social-Media-Informed Retail Investors,” found that 60% of surveyed investors aged 18 to 34 reported using social media for investment ideas, and 61% of the same group said they “frequently” or “sometimes” made investment decisions based specifically on finfluencer recommendations, which the reports termed “following finfluencers.

Engagement with social media and finfluencers was lower among older investors. Among surveyed adults age 35 to 54, 37% reported using social media for investment ideas, and 31% said they “followed” finfluencers. Investors at least 55 years old had the lowest levels of engagement, with only 6% “following” finfluencers and 9% relying on social media.

While industry experts warn that finfluencers present many trustworthiness concerns—including the absence of required training or regulations—they say retirement plan advisers can benefit from studying why these content creators appeal to incoming and young retail investors.

Understanding Finfluencer Appeal

One of the positive effects of the rise of financial social media and finfluencer engagement, according to Alex Assaley, managing director of Hub International’s retirement and wealth division, is increased interest among younger professionals in their finances and investments.

“Younger investors and savers are more engaged than they have ever been,” Assaley says. “To some degree, the conventional wisdom is, ‘Oh, younger professionals aren’t going to engage with financial advisers,’ or they’re not interested, but they really are. … They’re asking questions about their 401(k) plan and their financial picture that, frankly, people 10 years ago never thought to ask.”

One of the primary reasons finfluencers gain traction is their willingness to show up consistently and speak directly to audiences without hesitation, according to Laura Garfield, co-founder of video marketing agency Idea Decanter and author of “Find Your #Finfluence: A Financial Advisor’s Guide to Stand Out & Succeed with Video.” This direct approach contrasts with many financial professionals, who delay or avoid content creation altogether.

“Finfluencers have no hesitation about hitting ‘record’ and posting their videos,” Garfield says.

Garfield also notes that the advisers with whom she’s worked use social media to engage with audiences, rather than to become focused on content full-time: “The advisers that we work with aren’t trying to go viral; they are trying to be visible,” she says.

Advisers who share their knowledge on social media also have the potential to reach young investors maturing into the client pool, according to Garfield.

“There is a lot of noise [on social media], and folks in the plan space need to realize: … ‘I can stay silent and not have an impact at all and just let … people who know nothing run wild, or I can add my educated voice to the fray here,’” she says.

Social media users’ interest in investments is echoed in another study of retirement plan participants by Transamerica, in which finfluencers’ appeal beat out traditional media.

According to “Life and Money: Retirement Security in the USA,” the 26th annual Transamerica Retirement Survey, when 10,015 U.S. adults were asked what sources of information they used for personal financial matters, 19% of respondents said they relied on social media platforms, a few percentage points behind financial websites (22%) and a bigger share than financial apps (16%) and traditional media such as newspapers, magazines, journals or books (14%). Specifically, 11% said they rely on personal finance influencers, a similar percentage as those who used artificial intelligence apps or chatbots (11%) and more than those who learned from television or radio programs (10%).

Nevertheless, the most popular sources were family and friends (33%), financial services institutions (30%) and professional financial advisers (26%), showing that trust and know-how remain important to consumers.

Outreach Opportunity

The interest in digital tools for personal finance information highlights the opportunity social media use presents for advisers.

“It’s a huge outreach opportunity and probably the biggest that our industry has ever had,” Assaley says. “I can post a two-minute

on LinkedIn and reach thousands of plan sponsors and retirement committee members and employees who might never attend a workshop or read a white paper.”

Assaley also recommends that advisers keep an open mind to the possibilities finfluencers present.

“[Advisers can] build on the interests around this sort of influencer social platform … with meaningful professional guidance and advice,” Assaley says.

FINRA’s study findings were based on data from the 2021 and 2024 NFCS Investor Survey, which had 2,824 and 2,861 respondents, respectively. The surveys were taken online from July through December of their respective years.

Transamerica’s study was based on an online survey conducted by The Harris Poll on behalf of the Transamerica Center for Retirement Studies between September 16 and October 17, 2025.