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Exercise Caution with Social Media 'Fin-Fluencers'
Summary:
As a dental practice owner managing both business and personal wealth, you may have noticed the rise of financial influencers—"fin-fluencers"—on social media platforms offering investment advice. These online personalities are increasingly trying to influence how dental professionals and business owners manage their wealth.
As a dental practice owner managing both business and personal wealth, you may have noticed the rise of financial influencers—"fin-fluencers"—on social media platforms offering investment advice. These online personalities are increasingly trying to influence how dental professionals and business owners manage their wealth.
Consider these striking statistics:
- Most Millennials and Gen Zers, including many young dentists and dental staff members, get their investment information from social media rather than from brokerages or financial advisors, according to the North American Securities Administrators Association.*
- CEG Insights research shows that personal finance advice is one of the top reasons people follow fin-fluencers.**
As a dental entrepreneur managing significant assets—from practice real estate to retirement accounts—you should be particularly aware of this trend, especially since it may influence your associates, staff, family members and even your patients.
Pros and Cons of Fin-fluencers for Dental Professionals
There are some positives to fin-fluencers' approach: they make financial concepts accessible and present them in engaging formats (well-produced videos, social media posts, podcasts) that might encourage dental professionals to pay attention to important financial topics they might otherwise overlook.
However, for dental practice owners who often juggle complex financial decisions—from practice expansion to retirement planning—the risks of following fin-fluencers' advice can be particularly high. Here are key concerns to consider:
- Lack of expertise. Anyone can post financial advice on social media without understanding the unique financial challenges dental practice owners face. While some fin-fluencers may have financial industry experience, they rarely understand the specific needs of dental entrepreneurs—such as practice valuation, equipment financing, or dental-specific retirement plans. Many lack any industry credentials or experience altogether.
- Conflicts of interest. Fin-fluencers promoting certain investments or financial products may be compensated by companies targeting healthcare professionals or practice owners. These hidden arrangements could lead to biased recommendations that don't serve your best interests as a dental entrepreneur.
- Lack of regulation. Unlike registered financial advisors who must follow strict regulations when advising healthcare professionals, fin-fluencers operate without oversight. They're not required to disclose conflicts of interest or verify their expertise in dental practice finance.
- Popularity over quality. Fin-fluencers prioritize growing their audience to generate ad revenue. This can result in oversimplified or sensational advice that fails to address the complex financial needs of dental practice owners.
While not all fin-fluencers are untrustworthy, dental practice owners should be especially cautious. Here are specific steps to evaluate financial advice from social media:.
ASSESSING FIN-FLUENCERS AS A DENTAL ENTREPRENEUR
- Check credentials. Beyond basic financial credentials, do these fin-fluencers understand healthcare business finances? Have they worked with dental practices? Someone offering "common sense" advice about practice management or dental investment strategies may lack the specialized knowledge needed to guide dental entrepreneurs effectively.
- Watch for red-flag words and phrases. Be particularly wary of fin-fluencers promising "guaranteed" returns on dental practice investments or claiming to have "secret" strategies for healthcare professionals. Similarly, avoid those creating artificial urgency—such as claiming you must invest in certain dental equipment or technology immediately or miss out. Be skeptical of fin-fluencers who dismiss traditional financial advisors with dental industry expertise while claiming to have special insights available only through their social media channels.
- Dig into their performance history. When fin-fluencers showcase successful investment recommendations, investigate thoroughly. For example, if they're promoting particular dental practice management strategies or investment approaches, look beyond short-term results to understand long-term implications. Research their track record of advice specifically related to healthcare or practice ownership.
- Know what you're being pitched. Some fin-fluencers discuss general topics like practice financial management or debt reduction strategies. Others may promote specific investments or products targeting healthcare professionals. Evaluate whether they're truly educating you or simply selling something to dental practice owners.
- Focus on information, not personality. While fin-fluencers might share compelling stories about achieving financial success in healthcare or practice ownership, focus on the quality of their advice rather than their personal appeal. Don't let their charisma override your professional judgment about financial decisions affecting your practice and personal wealth.
Remember, the best financial advice for dental entrepreneurs must consider your specific situation—including practice size, specialty, market conditions, growth goals, and personal financial objectives. Fin-fluencers creating content for general audiences can't provide the tailored guidance needed for dental practice success. While they might introduce interesting concepts, approach their ideas with healthy skepticism and always conduct thorough research before making any financial decisions affecting your practice or personal wealth.
Tim McNeely
Advisor to Dental Entrepueriers
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This material is intended to be used for educational purposes and does not constitute a solicitation to purchase a security or investment advisory services. Some material on this site has been researched and prepared by BSW Inner Circle and its affiliates, CEG Worldwide, LLC and AES Nation, LLC. Timothy J McNeely has retained AES Nation to conduct research and prepare informational materials for his use. Mr. McNeely is a member of CEG Roundtable and pays an annual fee for these services. Mr. McNeely is involved in these activities through The LifeStone Companies.
Some materials is published by the VFO Inner Circle, a global financial concierge group working with affluent individuals and families and is distributed with its permission. Copyright by AES Nation, LLC. This report is intended to be used for educational purposes only and does not constitute a solicitation to purchase any security or advisory services. Past performance is no guarantee of future results. An investment in any security involves significant risks and any investment may lose value. Refer to all risk disclosures related to each security product carefully before investing..
*Timothy J McNeely is an Investment Advisor Representative. All investment advisory services are offered through a RIA. The LifeStone Companies are not owned or legally affiliated with RIA and the activities conducted by Mr. McNeely under The LifeStone Companies are considered educational activities and are separate outside business activities.
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