Finance firms have long struggled to reach young and new customers — until now.
At first no one could explain why business was picking up at Betterment, a robo adviser aimed at newbie investors. There were about 10,000 signups in one day.
Then came the answer: A 25-year-old TikToker from Tennessee was posting videos describing how to retire a millionaire by using the platform.
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His name is Austin Hankwitz, and he’s managed to land one of the hottest new gigs: full-time “finfluencer.”
“We were, like, where is this increased activity coming from?” Betterment’s director of communications, Arielle Sobel, said of the sudden increase in customer inquiries. “It was not sponsored by us, so we had no clue.”
Smash that like button, Wall Street: The teens and 20-somethings who steer online conversation — about life hacks, beauty products, Hollywood blockbusters, you name it — are now blazing their way into finance. Influencers like Hankwitz can translate concepts like passive investing or tax harvesting into digestible social media videos using playful twists, music and colorful captions, making investment products and the like feel accessible to millennials and Gen Z-ers.
For the finance industry, partnering with those influencers can be a no-brainer: There’s never been faster and more direct access to that demographic,...
Read Full Story: https://www.bloomberg.com/news/articles/2021-09-17/social-media-influencers-income-advertising-wall-street-products
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