Finfluencers will not replace advisors

A greater appetite for financial guidance means advisors must adapt to the role of trusted interpreter and decision partner

By Angélique Bernabé, Director of research, Securities and Investment Management Association

Financial advisors understandably worry about finfluencers — social media personalities sharing advice on index funds, options trading and hot tips. Some are independent commentators, others are paid promoters and a few are licensed professionals building their practice online. What they have in common is broad reach and the potential to draw millions of investors away from credentialed professionals.

Yet recent research from the Securities and Investment Management Association (SIMA) paints a nuanced picture: younger investors aren’t abandoning advisors altogether. Instead, in the noisy digital environment we live in, they are blending professional guidance with informal sources, reshaping how trust and advice work.

SIMA’s 2025 national survey reveals that 71% of Canadian investors still rely on financial advisors. That core relationship endures. But the old model of relying solely on formal advice seems to be fading. Nearly two-thirds of investors combine formal channels (advisors and institutional research) with informal ones (friends, family, social media and finfluencers). Only about one-third stick to professional advice alone.​

This multi-sourcing isn’t just a generational trend. While over 80% of Gen Zs and Millennials mix sources, 40% of boomers do too. This highlights a broad shift in how people seek financial information. Younger cohorts give informal voices more weight, reflecting their comfort with endless online options.​

The either-or myth

Industry debates often pit finfluencers against advisors like a zero-sum battle, with one side winning and the other losing. Investors rarely choose sides that way. While 22% of respondents said they use both an advisor and one or more finfluencers, just 10% said they rely solely on finfluencers.

Share of investors using advisors and/or finfluencers

Among older investors, relying solely on advisors remains the norm. That pattern weakens across younger generations: Gen Z investors are more likely to combine channels than rely exclusively on advisors, layering social media insights with professional advice.

Picture a young client scrolling TikTok for dividend tips, polling friends on Reddit and then calling their advisor. This does not sideline the professional advisor but instead gives them an opportunity to add crucial context.

This expanding appetite for financial guidance means advisors must adapt from being the primary source of information to trusted interpreters and decision partners.

Advisors can’t win a content race against viral finfluencers — nor should they try. Their real edge lies in engagement. When a client mentions a YouTube video they have seen, use that opportunity to discuss how the video content applies to their situation and goals.

Dismissing it erodes trust. Acknowledging it and weaving it in forges a deeper bond.​

Professional advisors excel where finfluencers cannot: personalization. Anyone can hype an ETF on Instagram, but only an advisor has a grasp of the client’s full portfolio, risk profile and tax situation. The advisor bears accountability if markets turn. That judgment is irreplaceable.​

Demonstrate value

The Canadian Securities Administrators 2024 Investor Index does signal trouble, with the use of advisors dipping among young investors with modest portfolios. Because early habits tend to get locked in, investors building their wealth via social media alone may skip professional advice in the long term. The industry has a window, even if it’s closing, to demonstrate solid value to this cohort.​

It’s important to see that finfluencers are not the enemy and that clients using multiple sources represent the new normal. But success hinges on relevance and seizing the opportunity to meet investors where they are. Those advisors who choose to own the personalized moment when the scrolling stops can secure their role in tomorrow’s financial world.