Carey Group Quarterly Newsletter

Finfluencer Warning: Protect Yourself from Unlicensed Financial Advice

The Tax Practitioners Board (TPB) has issued a timely warning about the growing influence of so-called “finfluencers”—social media personalities who offer financial and tax advice without the proper qualifications or licensing.

As more Australians turn to platforms like Instagram, TikTok, and YouTube for financial tips, the risk of receiving misleading or incorrect advice has increased significantly. While some content may appear helpful or well-intentioned, it can often lead to poor financial decisions or even compliance issues with the ATO.

What Is a Finfluencer?

A finfluencer is someone who shares financial content online, often in the form of:

• Budgeting tips
• Investment strategies
• Tax-saving hacks
• Product endorsements (e.g. credit cards, trading platforms, crypto apps)

While some may have genuine experience or interest in finance, many are not registered or qualified to provide financial or tax advice under Australian law.

Why It’s a Problem

The TPB and ASIC have raised concerns that:

• Finfluencers may be paid by companies to promote financial products, without disclosing conflicts of interest.
• They often lack the training or licensing required to give personal financial or tax advice.
• Their content may omit important disclaimers, leading viewers to act on incomplete or incorrect information.

This can result in:

• Poor investment decisions
• Missed tax obligations or incorrect claims
• Exposure to scams or high-risk products

How to Protect Yourself

Before acting on any financial advice you see online:

• Check the source: Is the person registered with the TPB or ASIC? You can search the TPB Register to confirm.
• Be cautious of product promotions: If someone is promoting a financial product, ask yourself who benefits.
• Seek professional advice: For anything involving your tax, superannuation, or investments, speak to a licensed accountant or financial adviser.

What This Means for Our Clients

We encourage all clients to be cautious when consuming financial content online. While social media can be a great source of general education, it should never replace personalised, professional advice – especially when it comes to your tax obligations or financial future.

If you’ve received advice online and are unsure whether it’s appropriate for your situation, we’re here to help. Our team is fully qualified and registered to provide accurate, tailored guidance.

We can help you navigate the rules and optimise your deductions. 07 4760 5900 or email info@careygroup.com.au