– The dangers of. . .
I was featured in the Personal Finance Section, again, this August.
NOT LICENSED TO ADVISE
Financial planner and owner of InSync Financial Services, Sonja Linde, has seen this movie before. “I recently had a client who bought some Bitcoin based on information provided by a friend. Unfortunately the client lost close to R100 000,” she says. With the proliferation of TikTok, anyone can be a content creator. Anyone can make an advice video about any topic.
Taking advice from a social media personality is as good as following the recommendation of a friend. Just as there’s little regulation on older platforms such as Facebook, Twitter and Instagram, TikTok’s content is not vetted for sound advice. “Users give opinions on areas of finance from their own experiences, but remember that just because they have the product or service in their own portfolio does not make them an expert on the topic,” says Linde.
