How to Fix the 'Finfluencer' Problem (feat.

Рет қаралды 105,121

Күн бұрын

Today, I sit down with Richard Coffin (‪@ThePlainBagel‬) and Vince Scully form (‪@mylifesherpa‬) to discuss the nuanced world of 'Finfluencers', what should be done, and how Australia's financial regular is now combatting deceptive investing content.
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★ ★ CONTENTS ★ ★
0:00 The Finfluencer Problem
5:30 Conflicts of Interest Everywhere!
10:45 Did Australia Figure Out the Solution?
16:40 What Should Be Done?
19:40 What You Can Do
My Podcast: / theyounginvestorspodcast
Brandon van der Kolk is authorised to provide general financial product advice in Australia and is an Authorised Representative (Number 1305795) of Guideway Financial Services Pty Ltd, AFSL Number 420367. Any advice is general & does not consider your financial situation, needs or objectives so consider whether it's appropriate for you. Read Brandon's Financial Services Guide available from guideway.com.au/NewMoney.pdf. Past performance is not a reliable indicator of future investment returns.
Contact email: hello@newmoney.contact
Note: I do not have the ability to answer all emails, but know that each email is read. If enquiring about sponsorship, New Money is currently only seeking sponsorship from established brands.

Пікірлер: 249

@NewMoneyYouTube Ай бұрын

Hey guys, I'd love to hear your thoughts on fixing the finance space on social media! What do you think should be done? Also thanks again Richard and Vince for joining me on the channel! Richard's channel: www.youtube.com/@ThePlainBagel Vince's channel: www.youtube.com/@mylifesherpa

@_stokyo_ Ай бұрын

Have you seen that film idiocracy? Its where the world is heading. Being intelligent is the new stupid. Just be loud and aggressive and kick the taxman and the general population get aroused 😂. Grant Cardone should have starred in that film or south park

@ismailjankara6330 Ай бұрын

Fantastic Collab, Brandon. Please do more.

@LaszloSolti-Toth Ай бұрын

Richard discussed this topic a while ago and made a list of 'finfluencers' (or basically just decent human beings who spread real knowledge) worth to follow. Do you guys have an updated list? (Obviously you two are already on my list.)

@Shrek-is-Love Ай бұрын

The only solution to poor content is better content. The beginning of a financial journey includes failure. As a viewer, you have to learn the difference between content that is quality and trash through experience. I'm sorry, but the solution to your problem of competition with finfluencers is not government regulation, it is better content. The reason that nearly a million of us have subscribed to your channel is not that Australia banned a few clickbaiters, but is because you have made your channel a cut above the rest, and the only way to recognize that is to experience "the rest". I just want to reiterate one more time: the ONLY solution to poor speech is better speech. Government suppression is never the answer.

@matthewfarrell317 Ай бұрын

So the Australian government yet again over stepping its mark? Colour me shocked, shocked I tell you. No wonder the Australian information is so weak, and licensing is the biggest scam of all, it gatekeeps and only allows the information the government wants out to get out.

@KingOfForest22 Ай бұрын

Wow the spam bots are in the comments already smh

@NewMoneyYouTube Ай бұрын

It's so wild haha. I'm deleting them as we speak

@lakatosjuraj Ай бұрын

@@NewMoneyKZfaq i always report the ones i see. `looking to the side proudly into the camera# ... "im doing my part"

@orcwarrior. Ай бұрын

the irony

@enemy1134 Ай бұрын

@@NewMoneyKZfaq bro how you gonna make this vid when all your vids have become clickbaity bearish crap? one of the best bull runs we've had and you've been trying to scare people since the bottom of it

@rathelmmc3194 Ай бұрын

@@enemy1134 Markets are definitely overvalued from a fundamentals perspective. Bull markets are almost never caused by fundamentals. That's partly why they tell people to just buy and hold index funds.

@calvincharts Ай бұрын

Interesting insights. Being American, I didn’t know that Australia had strict certification laws. Admittedly, you’re not the only Aussie finfluencer that I follow, but now it makes sense that the average Australian content is high quality.

@jakobwichmann7953 Ай бұрын

Awesome with Plain Bagel 🔥 Great channel!

@hugomeza2910 Ай бұрын

Imagine Warren Buffett claiming that he’s got the keys to quick riches by trading and investing but yet he decides to become a KZfaqr and make money out of KZfaq 😂😂😂

@Gluteus.Maximus Ай бұрын

By selling courses and nft

@badyoutuber1986 Ай бұрын

😂 exactly why i don't take KZfaqrs seriously

@lesbo37 Ай бұрын

Really it's not that different to the tons of books that he's put his name to. It's just a generational difference in how he monetizes his success.

@forstuffjust7735 19 күн бұрын

@@lesbo37yes and no. Warren does not promise you that investing methods will make you rich. Especially not quickly.

@ThePapaja1996 5 күн бұрын

I saddly think that someone do a ai Warren Buffet.

@mikeulator Ай бұрын

You quickly became favorite financial channel because of your honest, low click-baity, and well discussed content. I think the biggest problem is Google and the KZfaq platform. I recently heard somewhere that financial channels are the highest paid in terms of ad revenue received. Google also created and maintains the algorithms that promote the click-bait... they literally incentivize bad behavior. But I don't absolve the creators either and I disagree with Richard in that you "can't blame the creators" for doing click-bait... it's still their choice to do it. Regardless of any other points, it's still feeding the beast. Another big thing, which I think is a scam, are the channels that constantly rehash the same content in their vidoes, host "live" webinars, and it's all just to push their paid product. They claim they will teach you something and give you the step-by-step but they don't even come close to getting detailed... the entire video/webinar is just an emotional hype train to get you jazzed about buying their course. I can't imagine ever buying from them if that's how they do business.

@Binkbinkson Ай бұрын

Low click bait? My brother all his thumbnails are textbook clickbait

@BraddPaisley Ай бұрын

I'm getting worried about the rising housing prices. It seems like it's becoming harder to afford a home these days.

@rodgertim2881 Ай бұрын

Yeah, it's a real struggle. With the rising housing prices and stagnant wages, it's becoming increasingly difficult for many to afford homes, let alone save for retirement.

@BendyChoy Ай бұрын

Absolutely. And with the fear of not being able to retire comfortably, people might be tempted to make risky investments or neglect proper financial planning, which could spell trouble for their portfolios in the long run.

@ClayneBanks Ай бұрын

And let's not forget how the global economy plays into all of this. Economic instability, inflation, and market fluctuations can further complicate matters and add to people's financial worries.

@RaphaelSafr Ай бұрын

People downplay planner’s role, until they are burnt by their mistakes. That’s why I’ve been working with expert planners like ERIC PAUL ELMER.

@LSBContractingLLC Ай бұрын

I wonder where he gets his analysis from though, I read his resume and I’m very impressed with his work. Thanks for the references.

@dennismorris7573 Ай бұрын

Excellent video - good on Australia for taking this type of financial matter more seriously than do, perhaps, other jursidictions. Keep up the great work!

@dengaz4099 Ай бұрын

discovered you among the influencers and determined your content was pretty good. not just the information but the production is great. GJ

@monkeybusiness8447 Ай бұрын

Product manager here for an investment platform in Australia. Love the quality work you and Richard do so the collaboration of 2 of my favourite KZfaq finance personalities was a pleasant surprise! Quality advice is expensive so innovative ways to bring general advice to the masses is always going to play a role in Australia. Good advisers are worth their weight but the reality is there just currently isn't enough qualified adviers in the Australian industry to meet the demand for advice

@dominiquetheeasyminimalist Ай бұрын

Great collaboration, I'm Canadian and I enjoy Richard's content as much as yours.

@CoveredCallETFInvesting Ай бұрын

Hi Dominique, good to see a regular over here as well. I’m sure most of us follow the same larger voices in this space.

@NewMoneyYouTube Ай бұрын

Thanks for the kind words, Dominique!

@dominiquetheeasyminimalist Ай бұрын

@@CoveredCallETFInvesting Hello! 🙂 It's really nice to have access to such varied and high quality content!

@Dlee45 Ай бұрын

two of my favorite no-hype channels.

@sia.b6184 Ай бұрын

Look, I don't know, I am Australian too and I am very well aware that Ausrtralia loves to "regulate" and "protect" their people alot. The benefits are that it pushes up quality so that you don't consume anything that could kill you, but the downside is as you said, less competition. This is not unique to finfluencers but to pretty much everything, banks, supermarkets, supply chains here in Australia. Since barriers to entry become harder and harder, and slowly those already in the market start to advice the law makers over time it becomes a moat that is difficult for new players to come in and maybe shake up the current status quo (even when its good or needed). When its good its good, but over time as people need to protect their profits, as leaders change these things don't always work out as expected. I get that laws are trying to protect but over time it morphs and has its downsides. Hard to have a middle ground cause when you are too loose you have cowboys spouting nonsense and when you regulate to much then you just have the same voices over and over skewing ideas. Time will tell ...

@josephj6521 28 күн бұрын

Unfortunately Australia is a cesspool of regulations for all industries. Be it finance, bars, restaurants, fitness, etc. It’s the reason why so many leave as it’s damn difficult to make it big. It’s too protective. Cannot do this, cannot do that. It’s turned into a boring, soulless cesspit of apathy. I understand we need rules, but stopping people from making a buck has become a sport.

@ellinorpettersson Ай бұрын

Loved seeing you two collaborate! Great topic to cover 👍🏻👍🏻

@NewMoneyYouTube Ай бұрын

Cheers Ellinor!

@billybadass8690 Ай бұрын

The drop bear attack animation was great😂

@NATESINTERACTIVEAUTO Ай бұрын

I really appreciate the informative videos.

@NewMoneyYouTube Ай бұрын

Thanks for watching, Nate!

@chkee17 Ай бұрын

It is imperative for viewers to exercise due diligence when accessing financial information online. Always verify and validate the accuracy of the information before making any financial decisions.

@saucyrossy3698 22 күн бұрын

They think the “due diligence” is just watching the youtube video. Because theyre idiots.

@CoveredCallETFInvesting Ай бұрын

I think if you’re going to genuinely do this for the long term trust is going to be the currency of real meaningful success in this space. The people who cut corners or offer empty promises with no real message will fade over time and most likely get bored and try out some other fad. Thanks Brandon for your genuine honest take on this issue. Keep up the good work maybe we’ll talk covered call etfs one day ;)

@brath5 Ай бұрын

Love the collab with The Plain Bagel! You're both two of the BEST content providers on KZfaq in finance. Finance professional approved 👍

@homelessinvestor2000 26 күн бұрын

You and Richard both have great content, keep up the good work!

@stephaniegrehan9084 Ай бұрын

I love the drop bears taking down those finfluencers, highlight of the video! The other information was pretty interesting too :P

@GaryNichols 26 күн бұрын

Brilliant collaboration here! Cheers!

@deadlyshizzno Ай бұрын

Great video Brandon, this stuff needs to be talked about. I'm glad I started investing at an age where I was at least better able to make these types of judgements on the intentions behind the content a bit more easily than if I'd started a few years ago and maybe been more easily swayed by deceitful content. Also The Plain Bagel is fantastic. If you're not already subscribed, go do so

@hai2410 Ай бұрын

Really a well-researched, nuanced presentation of the issues around this. Might be a long wait for legislation in US to happen... but perhaps there can be some progress from consumer pressure on the platform itself. 🤷🏻‍♂️

@celsooliveira2805 Ай бұрын

I love the collab! Big fan of Plain Bagel ❤️

@billiexluxury Ай бұрын

Really enjoying your content

@mozramdonclips Ай бұрын

I really enjoy your channel as you tend to summarise the news and the facts without over prediction, but to be honest - you ARE the finluencer problem lol!

@bowelmusicreleases_DAMF Ай бұрын

excellent as always 🔥

@NewMoneyYouTube Ай бұрын

Thank you!

@JevaughnCampbell-wy7nj Ай бұрын

Love this Collab.

@detectiveofmoneypolitics Ай бұрын

Economic investigator Frank G Melbourne Australia is following this very informative content cheers Frank

@macriro00 Ай бұрын

Fanstastic duo!

@DT-vc7hd Ай бұрын

Vast majority of "professional financial advisors" underperform the S&P

@ben.incani Ай бұрын

great breakdown on marketing 101

@bosshog36 Ай бұрын

Good video very informative

@brahsup5980 Ай бұрын

easy fix - post verified track record publicly with sharpe ratio like the pros do. its been solved by the industry ages ago...

@NewMoneyYouTube Ай бұрын

This is a really interesting idea - the crazy thing is, our financial regulator warns against doing this as by showing your portfolio you can 'imply' a buy recommendation. But it's so contradictory, because if you own the stock you're also supposed to disclose it in the content. I don't know what to do anymore haha

@leandrokataoka2435 13 күн бұрын

Just like food, people are free to choose which kind of content they want to consume. You can go for content creators that reinforce the important of consistent, balanced investment strategy or the "to the moon" stuff. In the end, you pay the price for your choices. Of course that scammers are a whole different beast altogether. I liked the video since it made view Australian content in a safer and more transparent way.

@mikeo4529 Ай бұрын

BUAHAHA!! The Koalas, man... dang that got me.

@junkequation Ай бұрын

Hmm. I think anyone selling courses is part of the problem. On KZfaq, you already get a reward for sharing information and expertise. Finance isn't that complicated for the average person. They shouldn't need to buy an online course to understand how to save their money and invest it conservatively in my opinion.

@blacktopimages Ай бұрын

One of the best youtubers I watch, is one that isn't selling anything. He's just obsessed with stocks, almost on the spectrum, IMO. He does it pretty much every day, for no other reason than he loves it. No sponsors, no products, no hidden marketing, just investing.

@mdangerstangerful Ай бұрын

Who is it?

@jroo272011 27 күн бұрын

Trust my sources bro...@mdangerstangerful

@jbrc1322 Ай бұрын

I actually think this is an area where AI will have a big impact in being able to analyze content and advise if the content is generally accepted in a positive or negative way. Obviously, there is quite a ways to go before AI can reliably be trusted to be accurate and consistent, but that is my take.

@vin101 21 күн бұрын

Love the goatee reference 🤣

@gribinvon Ай бұрын

So do they have commercials? That can influence our buying

@ismailjankara6330 Ай бұрын

OOOO, THE FINANCIAL COLLAB OF THE YEAR HAS ARRIVED!

@andyh3142 26 күн бұрын

In the uk creators can put links in for free shares for signing upto brokers .Viewer gets one and the creator if viewer signs up with the broker. I do believe this can add up to quite a lot of free shares. Most tend to do it for brokers they use themselves. Would this be allowed in Australia ?

@tHebUm18 Ай бұрын

Would also help a ton if the platforms could fix the algorithms to not put plainly trash advice at the top.

@kevinquinn7645 Ай бұрын

Damn. Those Drop Bears took at the entire Finfluencer community.

@Dr.JubairsFinance 28 күн бұрын

As a creator myself, a lot of this is relevant to the space that I am in.

@MidwestOptimist Ай бұрын

One of the requirements of being a successful investor is to not fall for charlatans. Why should people that are easily swindled by hype have a system that's idiotproof? Don't they deserve crap results for being so easily influenced?

@josephj6521 28 күн бұрын

I know! It’s interesting that Australia doesn’t ban certain pesticides which are banned in the EU, but put restrictions on finance which won’t kill you. It’s a good country to live if you want to get diseases from bad farming practices and to remain poorer.

@jonplaud 18 күн бұрын

When I think of fake Finfluencers, Tai Lopez comes to mind.

@braddeicide Ай бұрын

I thought someone made a video complaining about the two people in the thumbnail :)

@papapickett7267 Ай бұрын

Its content. People should be allowed to share their opinions about stocks but they should also be required to inform people whether or not they have any qualifications to speak about such matters.

@josephj6521 28 күн бұрын

Exactly. The worst advice I have received numerous times were from the professionals.

@Pyramidalist Ай бұрын

Financial advisors, like all advisors, are professionals who earn money through their advisory services. Since a one-eyed person is king among the blind, and people trust kings because clothes make the man, the people are often taken advantage of, just like in real life. The quality of advice is never guaranteed, and it is only embellished with past data to create a Potemkin village. Therefore, investing any money in advisors is (almost) always throwing pearls before swine.Consequently, instead of wasting money, people try to educate themselves... and end up sitting in front of charlatans again

@NA-lp2re 20 күн бұрын

Now we only get bad advice from scammers that can afford licenses.

@Snootz123 Ай бұрын

Was not expecting the drop bears.

@NewMoneyYouTube Ай бұрын

They'll get you when you least expect it 🤣

@zezuntxiduntxi Ай бұрын

❤best collab

@TuoDev 22 күн бұрын

I like to watch real finance info. With the name "New Money", I thought you were one of "those" finfluencers, but as someone who regularly watches @ThePlainBagel, I decided to give this a view, and it was good. Now, I'll go watch a few others of yours and see if I'll be adding your channel to my viewings.

@henrymichal8522 Ай бұрын

Great video Brandon. my answer, keep it simple. Follow Buffett, Rule One Investing with Phil Town. Mohnish Prabai etc. That covers enough things to gain some knowledge. Brandon, Hamish and Tom from NZ also have some great content. Now Brandon, Re: Tesla, how is the car doing? They're getting bad press lately, low resale value and over-stoccked.

@citizenoftheyearCC Ай бұрын

As you said in the video, hard to want to make videos of actually teaching people investing fundamentals when they only want to watch the videos about 10x money by next month.

@BaileyMxX Ай бұрын

Did no one learn from 2021 😂🙄

@pnrc83 Ай бұрын

It's true. 90% of channels that I follow have 3 years or more. I usually try to add new channels but some videos later I unfollow them.

@MrObeesho 18 күн бұрын

I think that its better to just let the cess pool be a cess pool. Easier to detect the stench and stay clear. In America the ruling principle is "buyer beware". Its up to individuals to exercise their agency with care.

@Kevin-sr8yx Ай бұрын

Today I read that a majority of people feel closer to a YTer that they follow than their IRL friends. If there’s a YTer that is encouraging them to work hard and get rich, whether it’s legit or not, that is the appeal of finfluencing.

@MegaMultiAnonymous 18 күн бұрын

advice doesn't get more accessible than: live within your means

@HeritageWealthPlanning 14 күн бұрын

Literally thought this was Josh Homme from Kyuss in the thumbnail

@lokyinphotography Ай бұрын

I think there's a lot to do with the viewers education as well. Some of these finfluencer are logically don't make any sense if you have some decent understanding in world view, world market and finance.

@SunsetRider1337 Ай бұрын

I think monetization of social media has clearly shown the most ugly side of humanity--unfortunately.

@choppergirl Ай бұрын

Since when is 90%... a few bad apples?

@HarukaMizune Ай бұрын

New Money, Plain Bagel and Sven Carlin are the goats.

@NewMoneyYouTube 29 күн бұрын

High praise!

@trevonlynum2785 6 күн бұрын

Koala bears taking down bad guys.😂

@TheEarlVix Ай бұрын

No need to fix anything. My entry point is their followers' stop-loss.

@hlooi7665 13 күн бұрын

can't help noticing the email sender.....prince brandon van der thief hahaha

@HeritageWealthPlanning 14 күн бұрын

17:00 incumbents like more regulation to minimize competition? No way!

@MikeGaruccio 26 күн бұрын

From a US lens the idea that you can’t provide your opinions online is kind of horrifying. Disclosure requirements obviously make sense, but requiring a license is kind of absurd.

@JamesBond15 Ай бұрын

I may not be the typical viewer that you’re trying to protect with these policies. But personally I prefer no regulation and let me filter what’s relevant. I prefer when a finfulencer draws my attention to a company and walks me through their analysis. Love your content and think it is well done, but your regulator is holding you back. 90% of the time I’ve already watched the Munger, Buffet, Marks or Dimon clip that you are summarizing. And Plain Bagel often tries a little too hard to be balanced (see softball interview with Trudeau). I would love to hear his honest opinion on the success of Trudeau’s policies, and defend it. I gain more from listening to a well reasoned opinion that takes a position and defends it.

@eternalv10killa Ай бұрын

The goatees is fuxking hilarious

@daniels-mo9ol Ай бұрын

Isn't market manipulation illegal?

@AlanMitchellAustralia Ай бұрын

02:02 "The poor man must walk to get meat for his stomach, the rich man to get a stomach to his meat." - Benjamin Franklin

@JayRappa Ай бұрын

In a world of outrageous materialism and gaudy wealth, the world of influencers promising insane returns is still booming. It’s as if we are in the golden age of fraud and I say if someone is naive enough to believe them, let them. On the contrary I’m sorry they are affecting the real channels offering good content like yourself. I always look forward to your videos so thank you

@i_i8924 Ай бұрын

I need a money calculator 🤣

@unknown1859 Ай бұрын

The influencers are reuining people's life

@erictrott6553 Ай бұрын

Does that mean that parents can get in trouble? A lot of them offer financial advice and are not licensed.

@mrtony1985 Ай бұрын

15:55 DROP BEARS!!!

@Compulsive_LARPer Ай бұрын

15:54 THE DROPBEARS ARE COMING

@ryanDunn721 Ай бұрын

Why you deleting legit post counter arguing your point on some investors your talking about

@Legofps123 Ай бұрын

Very easy fix - Personal responsability. If you let yourself be influenced, it's a you problem

@ML-qh2sz Ай бұрын

Brandon, you're obviously twitching your leg because your mice is vibrating 😂

@BaileyMxX Ай бұрын

$600 for a short introductory course does kinda scream cash grab in the current YT space TBF

@a9503128 Ай бұрын

No AFSL registration then the video needs a banner says this is likely BS

@ravvaganapathi3413 Ай бұрын

Interesting, but this video forgot to mention the most powerful project - UNIMANTIC PROTOCOL

@kristiankastberg1748 Ай бұрын

Prince Brandon van der theif was genius to bad it was only on the screen for a second the fake fake e-mail was comedy.

@javagold1162 Ай бұрын

I lost a lot of money on Jeremy’s financial education channel. I learned. Not blaming him but myself . He talks and I got persuaded. Most of his stocks tanked and bankrupted . Now I know where to go for some good content, like this channel. I know they always say don’t follow the channel but a lot of us do . Now I do my own research and I am slowly regaining money I lost with clown Jeremy .

@ATNBusiness Ай бұрын

Can’t blame anyone but your self buddy 🤣 his risk is not Your risk tolerance

@CurieBohr Ай бұрын

I only watch finfluencers for entertainment and because the more I’m thinking about investing, the more I invest and skip frivolous purchases.

@lesbo37 Ай бұрын

Of course it's Australia with the nanny state extremes. It always is. We're always going to the extreme to restrict personal freedoms on individuals. The idea of personal responsibility is just an entirely foreign concept at this point.

@RcottR 22 күн бұрын

I guess I can add the word Doctor to my name. #freedom

@ramonburchell6366 Ай бұрын

Sometimes the only way for people to stop following the rubbish KZfaqrs is through experience from getting burnt themselves ,, I found out the hard way & consider a good portion ie 90% of the content out there questionable , im glad I pulled through the other side & every loss was a lesson

@jan2000nl Ай бұрын

Finfluencers are small fry. Take a look at the fees charged by banks for consistently under performing funds. That’s pro level client skimming.

@adamgriffith768 Ай бұрын

Patrick & Richard are the two best Financial KZfaqrs in America.

@NewMoneyYouTube Ай бұрын

(or Canada), but yes, I agree! These guys are so good.

@RaechelMaelstrom Ай бұрын

Love the evil goatees.

@kt6332 Ай бұрын

I’m glad I’m a suspicious person. I can’t stand click bait and just stay away. It all sounds too good to be true and we would all be at least millionaires if it were true!

@emmanuelminet1233 23 күн бұрын

Over-regulation only serves to protect the financial lobby. Most professional analysts are full of cr.p and not worth their fee. At the end of the day people should just do their home work.