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Friends With Money #128: Beware of the finfluencer

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Did you know many Australians get their investment advice from social media finfluencers? It's a frightening fact.

A recent Australian Securities and Investment Commission (ASIC) conference determined that most of those giving financial advice online are both unqualified and unlicensed.

This week on the Friends With Money podcast, Money's Michelle Baltazar chats with Rhys Bollen, senior executive leader of ASIC's market supervision team, about the potential dangers of getting investment advice from social media.

friends with money podcast 128 beware of the finfluencer

They discuss:

  • What is ASIC?
  • What influence does social media have on investors?
  • How can you protect yourself?

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Michelle Baltazar is editor-in-chief of Money magazine and an award-winning journalist, editor and publisher. She has worked at media companies including BRW, Shares Magazine (London) and industry newspaper Financial Standard, and has written about superannuation, wealth management, investment technology and financial advice.

Dr Rhys Bollen leads the ASIC Market Supervision team and is responsible for the oversight of investment banks, market participants and issuers of complex retail products for monitoring trading activities across Australia's equities, futures, and over-the-counter markets. He has has more than 20 years' experience as a regulator, academic and public policy practitioner. Before joining ASIC, he was an executive director at the NSW State Insurance Regulatory Authority, and Assistant Commissioner for Policy and Strategy at NSW Fair Trading. He has also worked in private legal practice. Rhys has a PhD in financial services regulation and Master's degrees in both law and business.