11/20/2023 0 Comments Stacks n cracks calendar girls![]() ![]() This has been corrected to "made as much as $4,000 a month".Address: 363 West 16th Street New York NY 10011 21 Resident Of Lockeport, George Harding, tells operating It unique Xcode 4.2 For Lion Free globes is unlocked That He Will treat including For Mayor Of Lockeport In The Upcoming Election This October. "But there needs to be some level of consumer protections."Įditor's note: An earlier version of the story reported that Ms Nikolic "makes around $4,000 a month" from her social media activities. "For a country that is wealthy, and has a good superannuation system, we have really low financial literacy," she said. Marissa Broome, chairwoman of Financial Planning Association of Australia, agreed access to financial advice should be more accessible, but she said they should have a level of qualification. “The young generation love investing, but they are hungry for knowledge.” "The Financial Services Council recently estimated the cost of producing advice to be over $5,000," Ms Zhong said. Ms Zhong said young people flocked to finfluencers because of the high cost of obtaining advice from a licensed financial adviser. ![]() The popularity of finfluencers has coincided with a boom in millennials investing in shares. In terms of stock broking and investment advice, you're also subject to the market integrity rules.” Where to from here "If you are dealing with a licensed financial adviser, you have access to the Australian Financial Complaints Authority, ASIC, the regulator will be keeping an eye on things. Mr Yanco acknowledged ASIC could not tell finfluencers to stop talking about cryptocurrency because it was unregulated and not a registered financial product. Of these, 4,730 were investment scam reports with $99 million lost. In 2021 the ACCC received 10,412 reports to Scamwatch that mentioned ‘Cryptocurrency’ with $129 million in losses. Once the price increases, scammers sell the shares at an inflated price. It's when someone artificially inflates the share price of a stock or cryptocurrency by really talking it up in order to increase trading. There is a big hole in ASIC's new guidelines - they don't cover cryptocurrency or property.ĪSIC has previously raised concerns about "pump and dump" crypto scams on social media. “It is a little odd that this spotlight has been placed on financial content creators when ostensibly books about investing, shareholders conferences, and even TV shows are giving far more prescriptive money advice and investment advice without a licence.” ASIC rules don't cover crypto She says the laws should apply to everyone. Ms Nikolic has questioned why ASIC’s guidelines focused on social media content creators. “I don't think it will be the death of the influencer, I think it will be a change, and a number of people, myself included, will look to, potentially, if they want to continue operating, either getting a licence just to make sure that they are beyond reproach of the regulator,” she says. She is one of the many finfluencers to have removed online posts from her social media pages as a precaution. However, she said none of that money was through advertisements or affiliates with financial products. It was a view that was dismissed by Financial Services Minister Jane Hume, who said finfluencers were no different from those who shared advice and money tips at the pub.ĪSIC has now released guidelines that make it clear that unlicensed finfluencers could face five years' jail time or fines of more than $1 million if they talk about stocks, investment funds or financial products.įinfluencer Aleks Nikolic, is a full-time corporate lawyer, but has also made as much as $4,000 a month from her Broke Girl Wealth Instagram and TikTok accounts, which have a combined following of around 70,000. Last year the ABC reported on concerns that some finfluencers were breaking the law by providing unlicensed financial advice. Of those who follow a finfluencer, almost two-thirds (64 per cent) reported having changed at least one of their financial behaviours as a result. In 2021, 28 per cent of young people said they followed at least one finfluencer on social media. ![]() The corporate watchdog ASIC's crackdown on unlicensed financial advice has seen finfluencers scramble to take down posts, but there are concerns the new guidelines don't go far enough to protect consumers. Most do not have a financial services licence. Finfluencers are social media content creators who talk about money, budgeting and investing. ![]()
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