The stock market is changing. Being an investor no longer conjures the same images of banker collars and downtown Manhattan; it doesn’t even conjure a slightly drab office in the local strip mall. Instead, a new generation of younger and more diverse investors are participating in the markets from the palm of their hands. These new investors have been making their voices heard in the markets, but what are those new investors saying to regulators? The Financial Industry Regulation Authority (FINRA) received new insight in response to its request for comment on effective methods to educate newer investors.

FINRA’s request was inspired by the unprecedented increase in retail investors over the past 18 months; the investors who recently have opened brokerage accounts have been younger, less wealthy, and more diverse than those who previously invested in stocks. Recognizing that newer retail investors “have markedly different attitudes, characteristics and behaviors,” FINRA sought to understand more about the best route for educating newer investors by asking about the best methods of education, appropriate metrics of success, and the experiences of investors and the industry alike.

FINRA received comments from academics, trade associations, and broker‐​dealers, but most of the comments it received came from individuals. Two common themes emerged, and echoed strongly, throughout the comments: (1) investing is best learned through experience and (2) social media has the power to be a force for good in financial education.

The commenters clearly recognized the power of experience. One commenter noted, “Investment education must be paired with the act of real‐​life investing” because, in the words of another commenter, “people rarely learn about investing through everyday activities––like reading articles, watching videos, or playing games––they learn investing by investing.”

By putting ideas into practice, experience teaches investors what really matters. And by allowing investors to revel in the joys of success and feel the pains of defeat, experience creates lasting knowledge. It’s time for financial regulators to recognize that there is no substitute for experience.

But experience alone is not a panacea: traditional educational efforts can still have value. Many of the commenters called on FINRA to have a greater social media presence and bring resources to where the new investors are. New investors, including younger and more diverse investors, often use social media to research investment ideas, and many young investors are learning to invest directly from social media. While textbooks, manual‐​like disclosures, and lectures may still have their place in the market, new investors are more likely to be introduced to the market through TikTok, Twitter, Reddit, or YouTube.

While regulators, including the Securities and Exchange Commission, prepare to take aim at app‐​based trading and question the impact of social media on our capital markets, they would do well to heed the voices that responded to FINRA’s request. Investors clearly value access to the markets and are finding helpful information about investing on social media. A new generation of investors finding its way to the markets should be cause for celebration. Regulators must not push them back out of the market by refusing to recognize their preferences and clinging to outdated views.