Before You Give or Take Financial Advice, Listen to This
It’s a new year, and with that comes a slew of advice on financial topics to tie into your resolutions. But before you listen to that influencer, click on that link, or even take guidance from a family member, there are important factors to consider. In this episode, Making Cents of Money dives deep into the topic of using caution before giving or receiving financial advice.
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Important Resources for Making Financial Decisions or Acting on Financial Advice
Prior Related Making Cents of Money Episodes
Additional References for this Episode
- American Institute of CPAs. (2024). AICPA.org. https://www.aicpa.org/
- Benson, J. (2016). Cognitive bias codex. https://upload.wikimedia.org/wikipedia/commons/6/65/Cognitive_bias_codex_en.svg
- Center for Advanced Hindsight. (2024). Resources. https://advanced-hindsight.com/resources/
- CFA Institute. (2024). CFA Institute. https://www.cfainstitute.org/
- CFP Board. (2024). Code of ethics and standards of conduct. https://www.cfp.net/ethics/code-of-ethics-and-standards-of-conduct
- Certified Financial Planner Board of Standards. (2024). CFP.net. https://www.cfp.net/
- Dictionary.com. (2021). Parasocial relationship. https://www.dictionary.com/e/tech-science/parasocial-relationship/
- Federal Trade Commission. (2019). Disclosures 101 for social media influencers. https://www.ftc.gov/business-guidance/resources/disclosures-101-social-media-influencers
- FINRA. (2024). FINRA.org. https://www.finra.org/
- Illinois Department of Financial & Professional Regulation. (2024). License lookup. https://online-dfpr.micropact.com/lookup/licenselookup.aspx
- Internal Revenue Service. (2024). Choosing a tax professional. https://www.irs.gov/tax-professionals/choosing-a-tax-professional
- Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 et seq. https://www.sec.gov/about/laws/iaa40.pdf
- Investor.gov. (2024). Check out your investment professional. https://www.investor.gov/introduction-investing/getting-started/working-investment-professional/check-out-your-investment-professional
- Klayman, J. (1995). Varieties of confirmation bias. Psychology of Learning and Motivation, 32, 385-418. https://doi.org/10.1016/S0079-7421(08)60315-1
- National Association of Personal Financial Advisors. (2024). NAPFA fiduciary standard. https://www.napfa.org/fiduciary-standard
- Pellegrini, A. (2025). Before you give or take financial advice, read this. University of Illinois Extension Blog. https://blogs.uofi.uillinois.edu/view/7550/862829868
- Securities and Exchange Commission. (2022, October 3). SEC charges Kim Kardashian for unlawfully touting crypto security [Press release]. https://www.sec.gov/newsroom/press-releases/2022-183
- The Decision Lab. (2024). Cognitive biases: A list of the most relevant biases in behavioral economics. https://thedecisionlab.com/biases
- Yakoboski, P. J., Lusardi, A., & Sticha, A. (2024). The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index). Global Financial Literacy Excellence Center (GFLEC). https://gflec.org/initiatives/personal-finance-index/
