The Double-Edged Sword: FinFluencers vs. Financial Planners

There’s been a lot of talk about the rise of “finfluencers”—finance influencers who have built an audience on social media by simplifying personal finance topics. On the other side, we have financial planners, professionals who are qualified and regulated to provide financial advice. While both have their place in the financial education space, there are clear risks and benefits on both sides.

My Story

When I worked in corporate, we would travel across the country to educate clients about their pension and provident funds. After every session, I noticed a pattern—people (especially women) would come up to me afterward with questions they weren’t comfortable asking in public. That’s why I started the Woman & Finance blog in 2017—to create a space where financial education was accessible and relatable.

Now, eight years later, I still hesitate to call myself an “influencer.” The term often refers to someone who picks up a phone, records themselves, builds an audience, and suddenly, they’re an authority. But the reality is, the work I’ve done—through my education, qualifications, and experience—has had a positive impact, and I can’t ignore that.

For context, I hold a BCom in Finance, a Postgraduate Diploma in Financial Planning, and a Postgraduate Diploma in Investment Planning. These qualifications have shaped the way I approach financial education, ensuring that everything I share is grounded in facts, not just opinions.

So, let’s talk about the conundrum: Finfluencers vs. Financial Planners.

The Appeal of Finfluencers

Finfluencers have a unique advantage—they make finance feel less intimidating. They simplify complex concepts, spark conversations, and encourage people to engage with their money. Many people are more likely to listen to a relatable person on social media than to a traditional financial planner.

But here’s where it gets tricky:

Many finfluencers get paid through brand campaigns. And let’s be honest, some will promote anything that pays well, whether or not they fully understand it.

Regulation is catching up. The Financial Sector Conduct Authority (FSCA) is starting to look into financial content creators who give financial advice without being licensed. There’s a fine line between educating and advising, and crossing it without the right credentials is dangerous.

Not all information is accurate. I’ve seen influencers push investment platforms they don’t understand. One even blocked me when I asked if they knew what a Contract for Difference (CFD) was—because the platform they were promoting was based on CFDs!

That’s why I have a rule: if I wouldn’t recommend it to my own parents and siblings, I won’t promote it.

The Role of Financial Planners

Now, let’s talk about financial planners. The industry is heavily regulated, which is great for consumer protection. But that doesn’t mean all financial planners have the client’s best interests at heart.

Many financial planners earn commission. Just like finfluencers, they have financial incentives that may influence their advice. Some push products that offer them the highest commission, rather than what’s best for the client.

The good ones aren’t always visible. The Financial Planning Institute of Southern Africa recently (in January 2025) announced that they reached 5,000 Certified Financial Planners (CFPs). A positive milestone! But most CFPs aren’t on social media breaking down personal finance in an engaging way nor do they have the time to do so!

The industry has its own skeletons. Just because financial planning is regulated doesn’t mean bad practices don’t exist. Even with regulations like Treating Customers Fairly (TCF) in place, there are still products with high fees and complex structures that I wouldn’t sell to my own mother!

Regulation and Consumer Protection

The FSCA plays a key role in ensuring both finfluencers and financial planners operate ethically.

For Finfluencers: If you’re creating financial content and giving advice, you need to be licensed under the Financial Advisory and Intermediary Services (FAIS) Act. If not, you should stick to general financial education. (Perhaps something the FSCA should explore, a body that regulates 'finfluencers' - an article for another day!)

For Financial Planners: The FSCA requires financial planners to act in their clients’ best interests. The Treating Customers Fairly (TCF) framework is meant to ensure that financial products genuinely benefit consumers—but we know enforcement isn’t always perfect.

So, Who Should You Trust?

Neither finfluencers nor financial planners are inherently bad. But as a consumer, you need to be critical:

Check credentials. If someone is advising you on investments, do they have the necessary qualifications? A CFP designation is a good sign for financial planners, and a registered FSP (Financial Services Provider) number shows they are regulated – which you can always check on the FSCA website.

Understand incentives. Whether it’s an influencer getting paid for a campaign or a financial planner earning commission, ask yourself—who benefits most from this advice?

Do your own research. No one should be making financial decisions for you without you understanding them. Take the time to read, ask questions, and seek clarity.

The Bottom Line

There’s space for both finfluencers and financial planners in personal finance education. Finfluencers help make money matters relatable, while financial planners provide in-depth expertise. But whether you’re getting information from social media or a professional, the key is to stay informed, ask questions, lots of questions!