Not long ago, learning the basics of investing felt like picking up a new language — one largely reserved for those with financial advisor. It was a world filled with jargon, confusing acronyms, and complex charts that seemed like they belonged in a boardroom.
Not anymore. Social media and investing apps have changed the landscape. Financial information is now more accessible than ever, with lessons, instructions and tutorials – which even go viral. Today, learning about Management Expense Ratios, jumping into the latest crypto trend, or finding a “stock tip” is just a couple of swipes away.
With DIY investing on the rise, many millennials and Gen Z investors turn to social media for advice. According to the Canadian Securities Administrators’ (CSA) 2024 Investor Index, a growing number of young Canadians rely on these platforms as their primary source of financial information.
Welcome to the era of the finfluencer — where content creators double as financial influencers, offering a steady stream of advice that ranges from helpful to questionable and potentially harmful. The appeal? They are often packaged into short, relatable, and easy-to-digest videos. But here’s the catch: just because the advice is easy to understand and appears simple to implement, doesn’t mean it’s safe to follow or that it’s right for your financial goals. In some cases, this advice could even be breaking investment laws.
Jayconomics case study: How an Albertan finfluencer broke Alberta Securities law
In April 2025, the Alberta Securities Commission (ASC) found that James Domenic Floreani, a Canmore-based content creator known as Jayconomics, had violated Alberta securities laws. He did this by promoting investments without disclosing that he was posting on behalf of those companies.
The case dates back to sometime between 2020 and 2022, shortly after Floreani launched his digital brand, Jayconomics. Marketing himself as specializing in educational finance content, he built a following on YouTube, Twitter (now X), and Patreon, where audiences viewed him as a source of investment insight. However, during that time, he was paid $89,000 in cash and 20,000 restricted shares in promotional fees from four Alberta-based companies, in exchange for featuring them on his channels.
The issue? Floreani failed to clearly disclose that these videos and posts were made on behalf of the companies whose stocks he was promoting. In doing so, Jayconomics wasn’t just breaking securities law. According to comments on his YouTube videos, his followers lost real money acting on his recommendations.
Evidence presented by the ASC included comments from video posts in April and September 2022 that further supported this. In one case, an individual wrote, “Many of your viewers got burnt on your stock recommendations….”
How an unregistered finfluencer can put your money at risk
Despite presenting himself as an investing expert, Floreani’s financial education was limited to a single introductory university course and some online learning. During his interview, he admitted that Jayconomics was inspired by other content creators and that he often used clickbait-style titles like “This Stock EXPLODED to the NASDAQ, Dip Expected. Peak Fintech UPDATE & FULL ANALYSIS.”
As Floreani explained, “You have to make your titles pop out, and you have to make your captions pop out; otherwise, people are not going to click.”
With the first phase of the proceeding, which found that Jayconomics broke securities law, now complete and the decision public, the case will move into the next phase: determining the penalties Floreani should face for his actions.
5 red flags to watch for when following investing advice online
The next time you’re on FinTok or scrolling investment content, here’s what you should keep in mind:
- No mention of credentials or registration: Generally, in Canada, anyone offering investment advice must be registered with a securities regulator — like the Alberta Securities Commission. If a finfluencer never mentions credentials or only references vague experience, proceed with caution.
If you’re looking for financial advice, speak to a registered financial advisor. They are licensed and regulated, and under the CSA’s Client Focused Reforms, are required to put the client’s interests first. You can verify someone’s registration status anytime at CheckFirst.ca/Check-Reg. - Get-rich-quick promises: Be cautious of content that guarantees fast or unrealistic returns. Clickbait titles like “Double your money in a week” or “This stock will 10x” are designed to lure you.
- No disclosure of sponsorships or paid partnerships: In Alberta, anyone, including content creators, who promote the buying or selling of investments must be upfront and disclose if they’re doing so on behalf of a company and if they’re being paid to post. If the content sounds like an ad but doesn’t say it’s sponsored, that’s a warning sign.
- Charts with no context or unverifiable claims: Charts and graphs are often used to make content look credible. But without a clear source or explanation, the data could be misleading or cherry-picked to suit the influencer’s message.
Always do your own research. A great place to start is looking for information beyond what is shared by the finfluencer, like publicly available financial and annual reports. - Urgency tactics like “Act now before it’s too late!”: Creating a sense of FOMO is a common tactic used to pressure you into hasty decisions. Scammers rely on this. A well-developed investment strategy focuses on your goals as an investor, understanding your risk tolerance, time horizon and making informed decisions—not reacting emotionally.
While it may be impossible to avoid investing content online, recognizing red flags and examples like Jayconomics can help you avoid a risky or potentially costly decision in the future.
That is why, last month, the ASC joined other securities regulators for the Global Week of Action Against Unlawful Finfluencers. The initiative combined education for finfluencers on the rules they need to follow, together with public awareness about the risks of online investment content.
Before you invest, CheckFirst
Wherever you are in your investing journey, remember: one video or post should never drive a major financial decision. Even well-meaning creators can unknowingly give harmful or illegal advice.
Before following any financial content online:
- Verify the source and their expertise.
- Check for registration.
- Check if it fits your goals and risk tolerance.
- Ask yourself if there’s a financial motive behind the advice.
Your hard-earned money deserves more than hype. Pause. Ask questions. And always CheckFirst.
