SIMA's finfluencer research reveals risks and opportunities for investment industry and investors

TORONTO, May 5, 2026 /CNW/ - A new research paper on financial influencers, or "finfluencers," released today by the Securities and Investment Management Association (SIMA), outlines the evolving relationship of investors with finfluencers, as well as opportunities for the investment industry. The paper also warns that the growth of unregulated online voices is creating new risks of misinformation, conflicts of interest, and investor harm.

"As more Canadians turn to digital sources for financial information, our industry must adapt to protect investors and strengthen market integrity," said Andy Mitchell, President and CEO, SIMA. "While our research and analysis show that trust in financial advisors remains strong, we encourage efforts to modernize the future of advice for the benefit of all Canadians." 

The paper, titled The Shifting Landscape of Financial Influence: Finfluencers, Advisors, and Digital Trust, was produced in collaboration with industry stakeholders, including national and provincial regulators, investor advocacy groups, and a Canadian finfluencer. 

Finfluencer content by its nature is general and not tailored to individual circumstances, while registered advisors remain trusted for personalized, accountable advice aligned with clients' goals and risk tolerance.

For many younger Canadians, finfluencer content supplements rather than replaces professional advice. But the research raises concerns about the quality and reliability of online financial content, noting that speculative topics such as cryptocurrency can carry heightened risks, including fraud and misinformation.

"Financial literacy today means teaching Canadians not just what to know, but how to judge what they see online," said Mitchell.

Key findings 

• Younger, self-directed (DIY) investors, and those who see themselves as financially knowledgeable are the most reliant on finfluencers. 
• Finfluencer use is stronger among higher-income, educated Canadian investors, rather than less inexperienced investors, suggesting finfluencers are reaching a broader audience than often assumed. 
• Investors who use finfluencers range from confident DIY investors seeking new ideas to younger investors seeking accessible entry points.  
• Younger investors tend to combine professional advice with digital tools and social media while older investors typically rely more on traditional channels.    
• Investor satisfaction with advisors is high across all age groups. 
• Professional advisors can use digital tools to complement social media influence by filling in crucial gaps in the ecosystem. 

In addition, the paper lays out practical considerations for regulators, industry participants, educators, digital platforms, and investor-protection stakeholders: 

• Continue to drive regulatory innovation and harmonization 
• Modernize internal processes within firms to support digital engagement and responsiveness 
• Enhance investor protection through education, cognitive security training, and alerts and warnings 

Rather than competing with finfluencers, the industry should prioritize building a financial-information system that is transparent, resilient, and anchored in trusted and regulated advice, SIMA says.  In addition, advisors who embrace digital engagement and hybrid advice models will be better positioned to serve today's investors.

About SIMA
The Securities and Investment Management Association empowers Canada's investment industry.  The association is the leading voice for the securities and investment management industry, which oversees approximately $4 trillion in assets for over 20 million investors and the Canadian capital markets. Our members--including investment fund managers, investment and mutual fund dealers, capital markets participants, and professional service providers--are committed to creating a resilient, innovative investment sector that fuels long-term economic growth and creates opportunities for all Canadians.

SOURCE Securities and Investment Management Association

For more information: Christine Harminc, Director, Communications and Public Affairs, [email protected], 416-309-2313