Sep 27, 2026
Social media users are watching, liking and acting on financial advice from online creators in record numbers, even though the vast majority lack professional credentials, according to new research analyzing investment content across major digital platforms.
A study by fintech legal advisory firm Legalaes examined 1,764 English-language financial videos across YouTube Shorts, Instagram Reels, Facebook Reels and TikTok, which generated more than 692 million views and nearly 35 million likes.
Advertisement
The analysis revealed that only 2.2% of the 1,266 unique creators sampled possessed demonstrable qualifications such as Certified Financial Planner (CFP), Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA) designations.
Thanks for subscribing!
The best of Money.ca delivered weekly.
By signing up, you accept Money.ca Terms of Use, Subscription Agreement, and Privacy Policy.
What is a ‘finfluencer’
The term “finfluencer” is a combination of the words “financial” and “influencer,” and is used to describe digital content creators who publish advice, commentary and strategies on personal finance, trading and wealth management.
While traditional financial advisors are strictly regulated by authorities such as the Securities and Exchange Commission (SEC) in the United States, the Financial Conduct Authority (FCA) in the United Kingdom and provincial securities commissions in Canada, finfluencers operate in a largely unregulated online ecosystem.
Some of the most recognizable global names in the space command audience numbers rivaling major traditional media networks, including:
- Erika Kullberg: A lawyer-turned-content creator known for money hacks and personal finance breakdowns, Kullberg boasts more than 9 million followers on TikTok and over 4 million subscribers on YouTube.
- Mark Tilbury: A British entrepreneur who covers business and investing basics, Tilbury has accumulated over 7 million followers on TikTok and more than 4 million subscribers on YouTube.
- Graham Stephan: Focusing on real estate, stock market investing and budgeting, Stephan reaches over 4.5 million subscribers on his flagship YouTube channel.
- Vivian Tu (Your Rich BFF): A former Wall Street trader sharing personal finance concepts, Tu has built a following of more than 4 million on TikTok and over 2 million on Instagram.
- Humphrey Yang (Humphrey Talks): Known for visual explainers of complex economic and investing concepts, Yang commands over 3.3 million followers on TikTok and more than 1 million on Instagram.
Examining the professional backgrounds of these prominent creators shows a reliance on practical experience, corporate training or adjacent degrees rather than formal personal finance certifications.
- Kullberg holds a Juris Doctor from Georgetown Law and legal credentials, but no financial planning designations
- Tilbury built his wealth as a business owner after leaving school at 16 and has no formal higher education degrees or financial licenses
- Stephan worked as a licensed real estate agent beginning at age 18, leveraging property investment experience rather than a finance degree or advisory credentials
- Tu graduated with degrees in public policy and environmental studies before working as an equity trader at JPMorgan Chase, bringing Wall Street desk experience without individual planning certifications like a CFP
- Yang stands out as a rare exception, having worked as a licensed financial advisor holding FINRA Series 7 and Series 66 securities licenses before transitioning to full-time content creation
While these specific creators have built trusted reputations based on their real-world experience, their backgrounds illustrate how even top-tier online voices operate with varying levels of formal financial credentials — and why readers should not confuse individual popularity or business experience with regulated personal financial advice.
Must Read
- Are you paying too much for car insurance? Here are 3 clever ways to slash your monthly bill
- Here are 5 'must-haves' that Canadians constantly overpay for. How many of these are sabotaging your budget every single month?
- Here are the 5 biggest differences between rich and poor Canadians — which side do you fall on?
Join 19,000+ readers and get Money.ca’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Misleading posts drive higher viewer engagement
The study highlighted a pronounced gap between content accuracy and popularity. According to Legalaes, 29% of the sampled videos contained misleading information, which included promoting paid products, guaranteeing specific investment returns, setting rigid investment dollar amounts or distributing inaccurate advice.
Advertisement
Misleading content performed significantly better in platform algorithms than non-misleading videos. Posts flagged as misleading averaged 555,547 views per video, compared to 326,170 views for non-misleading content.
Additionally, only 11.7% of the videos analyzed contained financial disclaimers on screen or within the creator’s profile bio. Approximately 1.9% of the posts offered potentially damaging advice, while 1.1% provided factually inaccurate claims.
YouTube leads in overall risk and accurate advice
When categorized by platform, YouTube Shorts exhibited the highest concentration of risk, with 41.8% of its sampled financial videos deemed misleading. Instagram Reels ranked second at 26.8%, followed by Facebook Reels at 23.3% and TikTok at 23%.
However, YouTube also recorded the highest proportion of accurate advice, with 38.3% of its content grounded in established investment principles. Researchers attributed this paradox to YouTube hosting a higher proportion of credentialed creators (5.1%) relative to Instagram (1.6%), Facebook (1%) and TikTok (0.7%).
The study noted that qualified creators on YouTube were also far more likely to push monetization, with 32.8% promoting paid products or services.
Advertisement
Technical analysis poses greatest risk to retail investors
Risk levels varied considerably depending on the subject matter of the content. Videos focused on “Trading Tips and Technical Analysis” were identified as the riskiest category, with 40.6% flagged as misleading and just 9.8% offering accurate financial advice.
In contrast, general “Financial Literacy Education” videos carried an accuracy rate of 57.8%, while “Stock Market Basics” reached 45.4%.
The high risk in day-trading content coincided with low creator qualifications and commercial motivations. Less than 1% of creators posting short-term trading advice possessed relevant professional credentials, while 36.4% used their videos to sell premium products, software or paid community memberships.
Balancing engagement with credible advice
While popular content creators bring entertaining, accessible financial education to millions of viewers, the study highlights the importance of discerning source credibility before acting on online advice. The research does not suggest that high-profile creators are intentionally pushing misleading claims, but rather points to a broader structural issue across social media feeds where high engagement often overshadows formal qualifications.
With millions of retail investors turning to short-form video for money management strategies, financial literacy expert advice remains distinct from regulated personal financial planning.
To mitigate risk, consumers are urged to verify a creator’s background, look for transparent conflict-of-interest disclosures and consult credentialed, fiduciary professionals before making major investment decisions.
You May Also Like
- This 7-step plan from Dave Ramsey is designed to help you ditch debt, save more and build wealth — here’s how it works
- Prioritize these 4 critical investments and watch your net worth skyrocket
- Here are 8 solid money moves that could free up real cash every month — here's where to start
- Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is going
The most expensive financial mistakes are often the ones you don't see coming. Join 19,000+ Canadians who get the money moves, risks and opportunities shaping their finances — delivered free each week. Subscribe now.
Leslie Kennedy served as an editor at Thomson Reuters and for Star Media Group, followed by a number of years as a writer and editor and content manager in marketing communications, before returning to her editorial roots. She is a graduate of Humber College’s post-graduate journalism program and has been a professional writer and editor ever since.
