Beware of YouTube Finfluencers: Risks of Trusting Unregulated Investment Advice
August 21st, 2023
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- Followers are coached to interpret these phrases as indicators of market movements.
- Some finfluencers establish partnerships with registered analysts (RAs) or create companies to give advice under the company's name but convey it differently on social media.
- By claiming partnerships with RAs, they direct followers to subscribe to additional channels for more tips, suggesting the advice is from the finfluencer and not the registered analyst.
- Manipulated profit screenshots and deceptive practices have led to skepticism and backlash from followers.
- Investors should exercise caution and seek advice from registered professionals.
- Thorough research and critical thinking are crucial to making informed investment decisions and safeguarding financial interests.
- They use coded language and phrases like "drinking tea" or "eating fruit" to convey market predictions and recommend buying or selling actions.
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