A finfluencer is a blend of the words “financial” and “influencer.” It refers to someone - usually on social media - who shares financial tips, investment strategies, or money advice to a wide audience. 

They might not be qualified or licensed professionals, and while some share general tips or personal experiences, others cross the line into giving unlicensed financial advice - which can be illegal and risky for followers to act on.

ASIC vs. "Finfluencers"

ASIC has issued warning notices to unlicensed finfluencers as part of a global effort to crack down on social media personalities illegally dispensing financial advice. ASIC Commissioner Alan Kirkland reminds us that popularity doesn’t equal credibility. Even saying “this is not advice” isn’t a legal safe‑harbour if unlicensed guidance is influencing investment decisions.

The ACCC and Property Spruikers

There are ongoing concerns from regulators about misleading tactics used in expensive seminars and social media ads, where consumers are promised fast property gains or access to "exclusive" opportunities that rarely deliver.

AI tools like ChatGPT are great for explaining mortgage jargon or simplifying investing concepts. But they:

• Can’t legally provide personalised advice under Australian law.
  
• Are not regulated by ASIC.
  
• Don’t know your personal goals, risk profile, or tax situation.
  
• May work off outdated data and miss critical regulatory changes.
  

ASIC has highlighted compliance gaps when licensees deploy AI faster than they update their risk frameworks, warning of potential consumer harm. Money Management reports ASIC is reviewing AI use in financial services - with concerns around bias, data manipulation, or "hallucination" errors.

So yes, AI can assist - but it’s not a substitute for human insight.

Fake Credentials

Some online operators mimic business addresses, ABNs, or even fake Australian Financial Services Licence (AFSL) numbers. Their "investment materials" may look legitimate—but they're often just elaborate scams.

Biased Advice

Many finfluencers earn via affiliate links, courses, or commissions. Their advice often serves them—not your wealth.

No Accountability

If an influencer or AI misleads you, there's no recourse. But licensed professionals (like mortgage brokers and financial advisers) have fiduciary duties and can be held responsible for poor or misleading advice.

If a finfluencer appears to be giving financial advice, pause and ask: Are they actually qualified to give this advice? Many are not professionals. While they may have achieved success personally, your situation is not the same as theirs. It is unwise to mimic what someone else suggests you should or shouldn't do without proper, personalised guidance.

Also ask yourself: What’s in it for them? What are they selling? If it’s a personal consultation and they’re promoting a registered, legally structured business—great. But if not, consider what they stand to gain from sharing their 'secrets.' Are they selling a course, collecting affiliate income, or building their personal brand at your expense? Always question the motive behind the message.
If a finfluencer appears to be giving financial advice, pause and ask: Are they actually qualified to give this advice? Many are not professionals. While they may have achieved success personally, your situation is not the same as theirs. It is unwise to mimic what someone else suggests you should or shouldn't do without proper, personalised guidance.

• Families end up trapped in overpriced, underperforming properties promoted by charismatic online spruikers. Often the only winner? The guru selling the dream.
  
• Thousands have paid large sums for property seminars or subscription groups, only to find they were misled by false promises about easy deals or secret methods.
  
• Social media finfluencers often push high-risk products or strategies without fully disclosing their conflicts of interest, leading to unexpected losses for followers.
  

Real practitioners do not pressure you to make decisions on the spot. They won’t push you with phrases like "Sign up now!" or "Don’t miss out!"

Qualified advisers, brokers, and accountants take the time to understand your situation—your goals, values, and financial background. They ask questions about your life, your family, and your future.

They work with you, not on you. If something feels off, rushed, or too good to be true, pause. Trust your gut. Use your common sense.

Verify Credentials

Only trust advisers with a valid AFSL licence and RG146 qualifications. You can confirm their standing via ASIC Connect Professional Registers.

Don’t Rush

If someone urges you to act quickly—transfer funds, join exclusive groups, or sign contracts—step back. Legitimate advisers will offer time and transparency.

Meet Face‑to‑Face

For property deals: inspect the property. Meet the agent, seller, or finance professional in person.

Seek Independent Advice

Before making decisions, consult a licensed professional—whether it’s a qualified mortgage broker, licensed financial adviser, or decent accountant who truly understands your circumstances.

At Smart Business Solutions, our holistic, forward‑thinking approach means we:

• Break down complex financial decisions into clear, confident guidance.
  
• Tailor strategies that align with your unique goals.
  
• Stay proactive—anticipating legal and market shifts, not reacting to them.
  
• Act as partners—not just service providers—rooted in trusted relationships and client empowerment.