Investors between 18 and 34 years old turn to various sources for investment advice — and advice from an actual financial advisor is low on the list, according to a recent survey.
Only 7% of investors in that age group get their investment advice directly from a broker or financial advisor, CNBC said, citing findings of a poll conducted earlier this month among a national sample of 5,530 adults.
Around 35% of those younger investors surveyed said they use social media to do their investment research, according to CNBC.
Around 25% of those younger investors surveyed tap their family and friends for investment advice, and 24% rely on “financial guidance” or turn to investment websites, the survey showed.
Meanwhile, only 15% of investors in the 35- to 64-year-old age group and just 4% of those 65 and up said they tap social media for investment advice, CNBC wrote.
As with previous reports on the rising use of social media for financial advice, experts warn investors to do due diligence.
“On social media, everybody can jump in, regardless of who they are, what their background is, what their experiences are,” Winnie Sun, co-founder and managing director of Irvine, California-based Sun Group Wealth Partners and a member of the CNBC Financial Advisor Council, said, according to CNBC. “If you’re gathering your investment advice on social media, there’s a good chance that person isn’t regulated, isn’t licensed.”
Sun added that investors should take advice on social media with a...
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