Retail investors account for a larger share of the stock market overall. A large proportion of them receive financial advice through social media platforms such as Instagram, LinkedIn, TikTok and YouTube.

A current study by the FINRA Foundation and the CFA Institute found that about half (48%) of Generation Z investors learn about investing and finance primarily through social media. And Coherent market insights predicts that the “global creator economy” market will grow to $528.4 billion from 2023 to 2030 at an annualized growth rate of 22.5%.

Given this growth, regulators such as the SEC and FINRA have this year stepped up their warnings to the industry as well as their enforcement actions against companies they believe have misled investors through social media posts.

Regardless of the platform, “fraud is fraud. Don’t mislead the public,” SEC Chairman Gary Gensler said during a June 6 SEC Investor Advisory Committee meeting. “In addition, if you accept money to promote a security, you must disclose that you received something in return and how much that consideration was.”

READ MORE: SEC raises concerns about influencers like Roaring Kitty and conflicts with AI

Nevertheless, most private investors on social media tend to be members of the younger generation, who have large wealth transfer – in other words, the people that most consultants want to attract to grow their business.

“You have to find people where they are. You don’t have to be on TikTok doing your TikTok dance and having a conversation about term life insurance versus cash value,” said Jordan Hutchison, vice president of technology and operations at RFG Advisory. “But you do have to have some form of presence on the internet. And I think having a presence there adds a lot of value.”

Consultants, regulators and communications experts shared key tips for engaging on social media. Here are their pointers:

READ MORE: Do your research before you post: How advisors can use social media without attracting the wrath of regulators