May 28, 2026 · 4 min · 8 segments
Why good advice matters There’s an over-saturation of financial advice available in our digitally-focused world – from influencers to family and friends. So how do you know who to trust? Milford…
Nicky ReidGuestTonyHostJaseHostSamHostWe're about to chat with Nikki Reid from Milford Asset Man- uh, Management.
This segment is educational only and should not be considered financial advice.
Morning, Nikki.
So what are the dangers of influencers or unqualified people giving advice with our finances?
There's no obligation to have qualifications or experience to disclose if you're getting paid for what you're telling people.
Um, and these are all really important things as things like the finance companies falling over and the GFC and even the '87 crash, for those who remember that.
How, why is there not, Nikki? When you think about how, um, on Instagram, for example, people have got to put paid partnerships and things, and yet they can just dish out financial advice willy-nilly?
Yeah, look, it, it is a, it's an area that the FMA, our regulator, is looking at-
Mm
Yes, sure
You know, I think being engaged in your finances is really important and should be encouraged, but thinking about, you know, the advice that you might see online, what you might see on YouTube, which is sometimes [laughs] what I get links sent to me from people seeing things on YouTube.
Um, you know, the, where you're getting your sources of information and financial advice is really important.
It should be from somebody who is qualified, and know how they are being paid for what they are telling you.
Uh, everybody should be, if you are a financial advisor, you can only provide advice legally around the things that you're expert in.
So for example, I can only give advice on Milford investments because that is the scope of my financial advice.
So it, I just wanted to, you know, touch on that because I think it's something that's becoming more and more prevalent.
Oh, it's very inviting.
I, I see some things online, you, you know, these people giving tips on stocks and stuff, and you're like, "I'm in.
We're about to chat with Nikki Reid from Milford Asset Man- uh, Management.
This segment is educational only and should not be considered financial advice.
Morning, Nikki.
So what are the dangers of influencers or unqualified people giving advice with our finances?
There's no obligation to have qualifications or experience to disclose if you're getting paid for what you're telling people.
Um, and these are all really important things as things like the finance companies falling over and the GFC and even the '87 crash, for those who remember that.
How, why is there not, Nikki? When you think about how, um, on Instagram, for example, people have got to put paid partnerships and things, and yet they can just dish out financial advice willy-nilly?
Yeah, look, it, it is a, it's an area that the FMA, our regulator, is looking at-
Mm
Yes, sure
You know, I think being engaged in your finances is really important and should be encouraged, but thinking about, you know, the advice that you might see online, what you might see on YouTube, which is sometimes [laughs] what I get links sent to me from people seeing things on YouTube.
Um, you know, the, where you're getting your sources of information and financial advice is really important.
It should be from somebody who is qualified, and know how they are being paid for what they are telling you.
Uh, everybody should be, if you are a financial advisor, you can only provide advice legally around the things that you're expert in.
So for example, I can only give advice on Milford investments because that is the scope of my financial advice.
So it, I just wanted to, you know, touch on that because I think it's something that's becoming more and more prevalent.
Oh, it's very inviting.
I, I see some things online, you, you know, these people giving tips on stocks and stuff, and you're like, "I'm in.
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