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Investment advice is subject to rules
Investment advice is subject to rules
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Guest
Guest
Oct 06, 2025
3:29 AM
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Interest rates are falling, and it even seems we'll have to pay for savings. Investing in crypto is becoming increasingly attractive. This is also fueled by the rise of fin-influencers, eager to offer advice on social media and YouTube. They're not financial institutions or official advisors. So how far are they allowed to go?
No one is allowed to simply provide investment advice. A license from the AFM is required. Regular advice during birthday parties, of course, falls outside this category. If you give investment advice to a "client," you suddenly fall under AFM supervision. But when does it transition from "birthday party advice" to advice to a client? The AFM is quite strict about this. If there's a commercial interest behind it, they already consider it a situation in which advice can be given to a client.
The advice must also be personalized. This means it's focused on one or more people and their specific situation. It can be solicited or unsolicited.
Also be careful with investment recommendations
Unlike investment advice, an investment recommendation is much more general and not aimed at a specific individual. A recommendation involves a strategy for a financial instrument.
This might easily happen if you want to talk about investing. Fortunately, this isn't prohibited or subject to a license. In principle, anyone can make such a recommendation, provided certain conditions are met.
Objective and substantiated
Actually, the rules about recommendations aren't even that exciting. To most people, they'll probably even sound perfectly logical:
A recommendation must be carefully
The information must be objective
Interests must be declared
Press freedom applies to recommendations and other financial messages in the media. However, even then, care must be taken. Are you involved with a financial institution or financial product that the information pertains to, and could potentially benefit you? Then that extra freedom does not apply. Naturally, this also applies if you intend to mislead the market or influence supply and demand through such a statement.
Social Media & Influencer Marketing Advertising Code
Strictly speaking: if finfluencers adhere to the social media & influencer marketing advertising code , then they are doing well.
The relationship with the advertiser must always be disclosed, even if there's only a chance of profit, such as with an affiliate link or when you only get paid for referring a new customer.
In theory, a regular influencer can be dishonest about their opinions of a product. As a finfluencer, that's not the intention. You must be transparent and make it clear why you're providing certain information or making certain recommendations. If you have an interest in that product that could influence your opinion or give you an advantage by following your recommendation, you must disclose that. Furthermore, facts and opinions must be clearly distinguished and substantiated as best as possible with information from other sources or, for example, data.
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