Who are some of the best finfluencers in Australia? (Source: TikTok, Instagram, TashInvests)
Company regulators are trying to tighten the leash for Australian “finfluencers” who create content that regulators thinks looks too much like actual financial advice.
As Gen Z and Millennials increasingly turn to social media for information about personal finance and investments, the Australian Securities and Investments Commission (ASIC) has stated that it is “actively seeking social media creators” to who say more than they are legally qualified to.
“ASIC is actively looking for examples of unlicensed financial advice on social media, YouTube and other online channels, and we encourage people to share examples of recurring behavior with us,” an ASIC spokesperson told Yahoo Finance.
“Under the Corporations Act, there are significant penalties for individuals or companies who conduct a financial services business without an Australian financial services license.”
“ASIC can consider action on social media [sic] when we identify any person or entity conducting a financial services business and when ASIC believes it is in the public interest to take enforcement action. “
And the price is high for anyone offering financial advice without a license: the penalty can be up to $ 133,200 and / or up to five years in prison.
Financial advice can only be provided by qualified and licensed financial advisors or financial advisors, added the spokesman.
But who are these “finfluencers”? And what content do they put online? Yahoo Finance takes a look at Australia’s top financial and investment social media content creators.
@tashinvests
Tash, 23, lists her net worth at over $ 190,000 and made headlines for buying her first apartment when she was 22.
In addition to working as a disabled person and studying occupational therapy, Tash’s mission is to “make financial discussions less taboo”.
“I believe that personal finance and investing need not be a scary topic and that financial freedom can be achieved without sacrificing the things you love,” she says on her website.
The story goes on
@investwithqueenie
Queenie Tan from Sydney is a 25 year old former marketing manager who quit her job two months ago to run her YouTube channel full time. She has several social media profiles that focus on explaining basic investment and personal finance concepts.
Tan also shares a breakdown of her net worth, encouraging people to invest early, and also shares lifestyle tips like budgeting when traveling.
“I want to prove that you don’t have to be rich [or] a genius to invest and get yourself in a good financial position, ”Tan says on her YouTube.
@brokegirlwealth
Aleks, who calls herself @brokegirlwealth, is a 26 year old lawyer who shares her journey from “broke” to nearly $ 390,000 in investment.
In addition to explaining concepts like ETFs and cryptocurrency, Aleks also focuses on helping people develop the right attitude towards money by exposing their own stumbling blocks or reassuring their followers that “you are not your money”.
@derjungeinvestor
The French-born Tiktoker Meddy Demars from Sydney describes himself in his TikTok biography as “make money and invest” and creates videos about investments and cryptocurrencies.
Demars also explains how economic factors like inflation affect saving, shares his favorite stocks, and explains how to buy crypto tailored to an Australian audience.
Justin Baldori
YouTuber Justin Baldori creates videos about investing in the stock market, but also has a special focus on cryptocurrency.
Justin Baldori has nearly 16,000 YouTube subscribers. (Source: Screenshot from YouTube / Yahoo Finance)
On his TikTok channel, Baldori also explores the advantages of various finance apps and explains his thoughts on the “best platform for absolute beginners” and advises people to take the time to research.
Many of these “finfluencers” including Queenie Tan, @tashinvests and @brokegirlwealth will speak this Friday at “MarketLit,” a live, virtual streaming conference of financial influencers and ASX-listed companies.
An ASIC representative will speak at the event and explain the rules surrounding financial advice on social media.
“Our participation in MarketLit is an opportunity to encourage retail investors to consider the potential risks and outline strategies to ensure they make informed decisions, protect themselves and take control of their financial lives,” said the ASIC spokesman .
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