COMPLIANCE CORNER

Tools to Help Advisors Tackle Online Misinformation

By Rachel L. Sheedy, CFP ^®

In today’s always-on information environment, AI-generated content and advice from online financial influencers, or “finfluencers,” commands attention but often lacks credibility. With financial misinformation spreading quickly on social media, following the wrong guidance can lead to costly mistakes, missed opportunities and long-term harm.

And it’s not just a problem for consumers: Combating financial misinformation is a challenge for financial advisors. As CFP^® professionals build their social media presence, they face a road full of potential pitfalls, and many hesitate, unsure which direction to take. CFP^® professionals don’t have to go it alone: CFP Board has new resources designed to help CFP^® professionals tackle financial misinformation while also staying compliant with CFP Board’s Code of Ethics and Standards of Conduct.

“We know CFP^® professionals are active online and constantly come across misinformation on social media,” says CFP Board Assistant General Counsel Sara Cortes, JD, CFP^®. “We want to provide tools to help guide CFP^® professionals on appropriate ways to deal with that misinformation and share their expertise as they build their online presence.”

A Helpful Toolkit + Webinar

CFP Board has created a new toolkit, Combating Online Financial Misinformation, to help CFP^® professionals identify, address, and counter misleading financial content online. This toolkit supports ethical, accurate communication and aims to help protect the public from misinformation.

The toolkit includes:

Top 10 Forms of Financial Misinformation, with examples commonly found on social media and ideas for how to respond
Actionable guidance on proper and improper use of social media, including a “Do’s and Don’ts” guide aligned with the Code of Ethics and Standards of Conduct
Examples to help CFP^® professionals engage online with confidence and professionalism

CFP Board is hosting a companion guidance webinar on how to navigate social media on September 19. The one-hour, CE-eligible webinar will cover insights on how the Code and Standards apply to social media posts, strategies to counter misinformation that can harm the public, and practical guidance to stay compliant while building your online presence.

Your Assistance Needed

In addition to providing guidance on how to navigate social media, CFP Board also asks CFP^® professionals and other stakeholders in the financial planning community to provide examples of social media misinformation they see online. By filling out the intake form, advisors can contribute to CFP Board’s effort to protect consumers and improve the financial planning landscape. Input will help:

Highlight the types of misleading content consumers encounter
Provide insight into how misinformation spreads, including through AI
Support efforts to protect the public from inaccurate financial advice
Contribute to improving strategies that tackle financial misinformation

As the organization that sets and upholds standards for competent and ethical financial planning, CFP Board is taking practical steps to promote accurate, trustworthy information. These efforts help raise the visibility of reliable financial education materials and reduce the spread of misleading or harmful content.

The new resources expand CFP Board’s Compliance Resources library, which offers tools, case studies, and guidance for CFP^® professionals to apply the Code and Standards in their work. CFP Board continually updates this library to help CFP® professionals maintain their certification, strengthen their practice, and better serve clients. As the financial planning landscape evolves, the library’s offerings will continue to grow to meet new compliance challenges.

Rachel L. Sheedy, CFP® is Senior Communications Manager/Editor at CFP Board. A former senior editor at Military Officer magazine and former editor of Kiplinger’s Retirement Report, she has edited and written extensively on personal finance topics for two decades.

image credit: Adobe Stock Images