Listen and subscribe to Decoding Retirement on Apple Podcasts, Spotify, or wherever you find your favorite podcasts.

There’s no shortage of financial advice online — but spotting bad financial guidance is a bit harder to do. There are plenty of creators and users online claiming to know what’s best, and sorting through the cacophony of opinions can be a daunting task.

Larry Sprung, wealth adviser and founder of Mitlin Financial, noted that though TikTok and other social media sites are great about starting conversations about money, "where they fail is some of these executions" and in giving specific advice.

"I think that's where you really have to understand who you're taking that advice from," Sprung said in his conversation with Robert Powell on Decoding Retirement (watch the video above or listen below). "Who is it really benefiting? And are there other people with greater credentials that you could run it by ... before you actually pull the trigger and go ahead and do it?"

Be careful when scrolling through FinTok

“FinTok,” or the financial side of TikTok, is filled with videos of so-called experts claiming to have the best hacks and methods for getting the most out of one’s money.

But, like most things on the internet, information should usually be double-checked with an expert.

“We've seen in recent years, people giving out and espousing this advice ... and two weeks later their TikTok handle is gone — evaporated — because the information they gave was wrong or hurtful to those followers,” Sprung said.

These “finfluencers” may not necessarily be sharing false information, but it’s important to double-check their qualifications before believing them.

"You have to be careful and look for those individuals or those companies that have credentials; they have a following behind them — not just a social media following, [but] a following of success in this profession," Sprung cautioned.

Sometimes, creators give genuinely good advice, but it's important to remember that financial decisions are rarely one-size-fits-all. Seeking a second (or sometimes third) opinion is never a bad move, especially before acting on financial advice found on TikTok or other social media platforms.

Similarly, turning to artificial intelligence for financial advice can have mixed results, as AI chatbots can give information with "several inaccuracies," Sprung said.

AI can have a place in a person’s personal finance journey — though it may be a better resource to generate ideas for further research and expert consultation.