Flourish - eMag - Feb 25 - Flipbook - Page 59
POTENTIAL PITFALLS
Despite their appeal, relying solely on 昀椀n昀氀uencers carries risks:
•
Lack of Regulation: Not all 昀椀n昀氀uencers are licensed 昀椀nancial
advisors, raising concerns about the accuracy and legality of their
advice.
•
Con昀氀icts of Interest: Some may promote products or services for
personal gain, potentially leading to biased recommendations.
•
Oversimpli昀椀cation: Complex 昀椀nancial matters may be
oversimpli昀椀ed, omitting crucial details necessary for informed
decision-making.
REGULATORY ACTIONS
Regulators are increasingly scrutinising 昀椀n昀氀uencers. In March 2022, ASIC
warned that unlicensed individuals providing 昀椀nancial advice could face
penalties, including 昀椀nes and imprisonment.
SOUND ALTERNATIVES
FOR FINANCIAL ADVICE
To ensure reliable guidance, consider the following options:
•
Licensed Financial Advisors: Professionals with the necessary
quali昀椀cations and licences can offer personalised advice tailored to your
昀椀nancial situation.
•
Government Resources: Websites like Moneysmart provide unbiased
information on various 昀椀nancial topics.
•
Educational Workshops: Many institutions offer workshops and
seminars to enhance 昀椀nancial literacy.
