High-net-worth (HNW) millennials are more likely to turn to social media and finfluencers for investment guidance when they inherit (27%), than to financial advisers (18%).

A global crackdown on rogue 'finfluencers' (social media influencers) has been launched this week by nine regulators and is being spearheaded by the UK's Financial Conduct Authority.

The FCA is interviewing 20 finfluencers under caution as part of a “targeted action” against illegal financial influencers.