As Asher Rogovy, CIO of Magnifina, noted, “you don’t know if the person behind the username is a smart investor, a lonely widow, a company insider or a bored teenager.”
I've never heard of anyone getting rich from online stock tips. And this goes back almost 30 years.
During the 90s dot-com bubble, my aunt would invest in stocks based on what she read on Yahoo message boards. She wouldn't even know how the business worked, only the ticker symbol. It didn't go well.
Here's a great article about that: https://finance.yahoo.com/news/before-wall-street-bets-a-history-of-online-message-boards-and-stonks-134818361.html
With social media, you don't know if the person behind the username is a smart investor, a lonely widow, a company insider, or a bored teenager. Anyone who is not regulated by the SEC or state authorities has little to fear from giving bad recommendations. Only true fiduciaries are required to act in your best interest. This includes disclosing any conflicts of interest.
The terms "financial advisor", "financial planner", and many more are not regulated and have no legal significance. Only representatives of a "Registered Investment Adviser" (RIA) firm have fiduciary obligations to individual clients. Stockbrokers, bankers, and insurance agents may conduct business under a lesser standard.