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Know your source: How to navigate through the sea of “finfluencers”
Know your source: How to navigate through the sea of “finfluencers”
Social media is flooded with “financial experts” who often sound convincing and confident about their expertise and the secrets to financial success they share with their audiences. But how do you know who you can trust? Is their advice truly right for you? And how can you identify the most relevant and impactful guidance for your unique stage in life?
These are challenging questions, especially for those just starting their financial education. Fortunately, we’re here to provide some clarity.
Who should you trust?
When seeking financial advice, it’s crucial to consider the credibility and qualifications of your source. This can be difficult to determine online, where looking at someone’s social media profile may not reveal enough information to make an informed judgment.
A common red flag is advice framed as secretive or implying that you’re being let in on something banks don’t want you to know. It’s essential to recognize that banks don’t operate this way. At Wintrust Community Banks, for example, we believe that the more financially literate our communities are, the better it is for everyone.
Additionally, financial advisors at banks are legally required to act as fiduciaries, meaning they must prioritize your best interests, not those of the bank or any other entity. Online influencers are not held to this same standard.
“I try to advise people the way I would want to be advised,” says Josh Hudek, assistant branch manager for Wintrust’s Crystal Lake Bank & Trust. Hudek discusses everything from building credit to loan options to fraud prevention with customers, helping them make the most informed decisions for themselves. This commitment to ethical advice is at the core of our approach at Wintrust, ensuring you always receive trustworthy guidance.
Getting the right advice
One issue with financial advice on social media is that content creators often aim to reach the broadest audience possible. They are also trying to maximize the number of views, reposts, and likes, which may emphasize what is most popular or exaggerated, but not necessarily the advice tailored to your specific needs.
At Wintrust, we take the opposite approach. We understand that everyone’s financial situation is unique, and we believe that financial advice should be personalized to your specific needs. Providing trusted financial guidance that aligns with where you are on your financial journey is our priority, ensuring you feel understood and supported.
Our experts have years of experience helping individuals navigate their finances through various life stages, from going to college and starting their first job to getting married and buying a home. Each of these milestones requires a different financial strategy. Wintrust advisors have seen it all and are well-equipped to understand the nuances of each individual’s economic situation.
“It doesn’t matter where you are in your financial journey. Wintrust is here to listen, learn, and help,” says Hudek.
I’m young, don’t make much money, and have never met with a banker
That’s perfectly fine! You’re in a great position to start your financial journey. The earlier you begin your financial education with a professional advisor, the better prepared you will be for the future. At Wintrust, we encourage young people to talk with their local banker about budgeting, saving, and understanding financial basics like checking accounts. Since standardized financial education isn’t widely taught in schools, learning from an expert is one of the best ways to gain trusted advice tailored to your unique situation.
No matter where you are on your financial journey, you deserve a trusted advisor who understands your story, position, and goals. Visit your local branch to see for yourself — we’re here to listen and help wherever you’re starting from.
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