M1 Finance Fine Highlights Regulators’ Move on ‘Finfluencers’
Social media platforms like TikTok have transformed into vital sources of financial information, particularly for millennials and Gen Zs, with nearly 80% of these demographics seeking advice through these channels. This shift toward these platforms has democratized access to financial knowledge, breaking down traditional barriers and fostering inclusivity. However, the rise of “finfluencers” — popular yet potentially unqualified individuals