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Is the Internet your new financial adviser?

Has the power and scope of the Internet continues to grow every day more and more information is being fed to consumers around the world in a variety of different sectors. One sector which has attracted significant interest from online operators is the financial sector with literally millions of websites around the world reporting on financial issues, financial advice and financial markets. But is the Internet really your new financial adviser?

While there is no doubt that information available to the public has increased substantially over the last few years, via the online superhighway, it is dangerous to rely totally on information you read online. The financial sector and investment markets around the world move at a lightning quick pace so any advice you read about tomorrow, next month or next year could be out of date. Basing your investment decisions or your financial targets on information which could be out of date is a very risky strategy indeed.

At the end of the day, while professional financial advisers will charge you a fee for their services they come with certain guarantees and certain qualifications. You know who you're dealing with, you know they are qualified and if they do give you incorrect information or advice then you have recourse for compensation. If you make your own decisions using information gleaned from the Internet then quite literally you are on your own.

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