Latest / She's On The Money / FRIDAY DRINKS: A Finfluencers Regulation Conversation!

Transcript

FRIDAY DRINKS: A Finfluencers Regulation Conversation! · She's On The Money

• 0:00
  Speaker 1: Just before we get started, we'd like to acknowledge and
• 0:03
  Speaker 1: pay respect to Australia's Aboriginal and torrest Rate islander peoples.
• 0:07
  Speaker 1: They're the traditional custodians of the lands, the waterways and
• 0:10
  Speaker 1: the skies all across Australia. We thank you for sharing
• 0:13
  Speaker 1: and for caring for the land on which we are
• 0:16
  Speaker 1: able to learn. We pay respects to elders past and present,
• 0:19
  Speaker 1: and we share our friendship and our kindness.
• 0:22
  Speaker 2: She's on the Money, She's on the Money.
• 0:45
  Speaker 1: Hello, and welcome to She's on the Money, the podcast
• 0:48
  Speaker 1: for millennials who want financial freedom. Welcome back to another
• 0:52
  Speaker 1: one of our Friday Drinks episodes where we get to
• 0:54
  Speaker 1: celebrate the money wins from our She's on the Money community.
• 0:58
  Speaker 1: There are obviously so many great money wins and some
• 1:01
  Speaker 1: confessions sheared each and every single week in our Facebook group,
• 1:04
  Speaker 1: and we spend a very big part of our week
• 1:06
  Speaker 1: talking about you all and celebrating you in the office
• 1:09
  Speaker 1: without you being able to see.
• 1:10
  Speaker 3: So what only seems fair that we.
• 1:12
  Speaker 1: Make a pod to share it with the rest of
• 1:14
  Speaker 1: you this week, As we are every week, we are
• 1:16
  Speaker 1: celebrating you in This whole.
• 1:18
  Speaker 3: Episode is for you.
• 1:19
  Speaker 1: Friday is about celebrating the community that surrounds us and
• 1:23
  Speaker 1: having more positive and constructive conversations around money. So let's
• 1:26
  Speaker 1: jump straight into it. Jes A Grici, we have had
• 1:30
  Speaker 1: a lot of good feedback this week about our money diary.
• 1:34
  Speaker 2: What happened, Well, it made me mad. Firstly, she was lovely.
• 1:39
  Speaker 1: Why are you angry mad about the situation?
• 1:41
  Speaker 4: Yes, she is a lie, but she's currently going through
• 1:44
  Speaker 4: a workers' comp claim because she was injured in the
• 1:47
  Speaker 4: workplace due to something that was not her fault at all.
• 1:50
  Speaker 4: It was actually due to someone else not following procedure,
• 1:52
  Speaker 4: and her workplace doesn't really want to pay her, like
• 1:57
  Speaker 4: it's they don't.
• 1:57
  Speaker 1: And they're trying to fire her and they're trying to
• 1:59
  Speaker 1: push her out, and it just seems so cooked that
• 2:02
  Speaker 1: this is happening and she's having to take legal action
• 2:05
  Speaker 1: and like it's just so much she's literally had her
• 2:08
  Speaker 1: back broken.
• 2:09
  Speaker 2: Yeah, the poor thing. She's going through so much stress.
• 2:12
  Speaker 4: She's having to pay these legal fees out of her
• 2:14
  Speaker 4: own pocket, not even knowing if she'll be able to
• 2:16
  Speaker 4: recoup them, because if you know, things don't go her way,
• 2:19
  Speaker 4: that's money that she's spent trying to get something that
• 2:21
  Speaker 4: I would argue she absolutely is deserving of. And unfortunately,
• 2:25
  Speaker 4: it's not an uncommon story. It happens to a lot
• 2:27
  Speaker 4: of people. And I think that's why we got so
• 2:29
  Speaker 4: much good feedback this week is because it's not a
• 2:32
  Speaker 4: unique experience, so fortunately, which is terrible to think of,
• 2:36
  Speaker 4: particularly because those high risk jobs where you're more prone
• 2:39
  Speaker 4: to injury are really essential, Like we couldn't function without
• 2:42
  Speaker 4: those roles, and it's such a shame that those employees
• 2:45
  Speaker 4: aren't being prioritized and their safety doesn't seem to be
• 2:48
  Speaker 4: of importance to these big companies.
• 2:50
  Speaker 1: And it breaks my heart to think that she's, you know,
• 2:53
  Speaker 1: had this career that really worked for her, Like she
• 2:56
  Speaker 1: was telling us how she had this five Fox roll
• 2:58
  Speaker 1: where she'd fly in for a couple of weeks and
• 2:59
  Speaker 1: then out, so she got to spend heaps of time
• 3:01
  Speaker 1: with her family and bringing up her kids. And now
• 3:03
  Speaker 1: that's not going to be the reality because she can't
• 3:05
  Speaker 1: return to that type of work after this injury. But
• 3:08
  Speaker 1: jes she did say that this is arguably one of
• 3:10
  Speaker 1: the darkest times in her entire life and that that
• 3:14
  Speaker 1: broke me. Like I remember being like I'm so lack.
• 3:17
  Speaker 1: I wish I could do more, and we're obviously in
• 3:19
  Speaker 1: the background making sure she's supported and we love her
• 3:22
  Speaker 1: and we'll keep you guys updated. I hope that this
• 3:24
  Speaker 1: is a money story where we have a really beautiful
• 3:26
  Speaker 1: update to share with you all, but I think it's
• 3:28
  Speaker 1: a money story worth sharing. But the benefit here, right,
• 3:31
  Speaker 1: this is a very selfish benefit. She went back to UNI,
• 3:34
  Speaker 1: she studied financial planning, and she wants to be a planner.
• 3:36
  Speaker 1: So like, there's more cool, strong female financial advisors that
• 3:40
  Speaker 1: I could join the industry.
• 3:41
  Speaker 3: And I'm so excited about that.
• 3:43
  Speaker 1: Because she was so kind and so intelligent and so compassionate,
• 3:46
  Speaker 1: and I was just like, oh, You're going to make
• 3:48
  Speaker 1: a great adviser. So I mean, that's the benefit that
• 3:51
  Speaker 1: I saw.
• 3:52
  Speaker 2: One thousand percent. Really good story. She got a scholarship
• 3:54
  Speaker 2: as well. But listen for all of the details, because
• 3:57
  Speaker 2: you don't think it's going to happen to you. You
• 3:59
  Speaker 2: don't think it's going to happen to someone you know,
• 4:01
  Speaker 2: and unfortunately the stats tell us that it in fact potentially.
• 4:04
  Speaker 3: Could and as an advisor.
• 4:06
  Speaker 1: The worst part about this story is she just assumed
• 4:09
  Speaker 1: she had income protection and she didn't. Oh, let's move
• 4:13
  Speaker 1: away from that jeeking On tour. Hello, ladies, it's nice
• 4:17
  Speaker 1: to see you both looking extra radiant today.
• 4:20
  Speaker 3: I love the yellow against your ten very provision Eurovision.
• 4:23
  Speaker 3: Thanks girl.
• 4:24
  Speaker 2: I guess we're talking about the Wednesday deep dive.
• 4:26
  Speaker 3: Yeah, we had a good deep dive.
• 4:27
  Speaker 2: Well, I was honored it was Glennie James, I believe.
• 4:30
  Speaker 3: Yeah, that's why it was so good. I haven't listened
• 4:32
  Speaker 3: to it, whoops, because you weren't there.
• 4:34
  Speaker 2: Because it was Glenn and we loved him.
• 4:36
  Speaker 1: So Glenn and I sat down and we had a
• 4:38
  Speaker 1: big chat about all the things that we thought were important.
• 4:41
  Speaker 1: Does get a little bit randy, does get a little
• 4:43
  Speaker 1: bit fun, does at some point get a little bit spicy?
• 4:46
  Speaker 1: But that is okay, And that is a Glenn James podcast.
• 4:48
  Speaker 1: And I'm really grateful to have like finance friends, but
• 4:51
  Speaker 1: also podcast friends where we can jump on and vibe.
• 4:54
  Speaker 1: Because we weren't able to record in it together, George,
• 4:56
  Speaker 1: so Glenn put one out of the hat for us.
• 4:59
  Speaker 3: What a legend?
• 5:00
  Speaker 2: What did you talk about?
• 5:01
  Speaker 3: Everything? And nothing?
• 5:02
  Speaker 1: We did a whole heap of listener questions and just
• 5:04
  Speaker 1: like ranting about mainly by now pay later.
• 5:06
  Speaker 2: For anyone who doesn't know. Glenn is, of course from
• 5:08
  Speaker 2: My Millennial.
• 5:08
  Speaker 1: Yes, so Glenn is the host of My Millennial Money.
• 5:11
  Speaker 1: He's an ex financial advisor and all round legend. I
• 5:14
  Speaker 1: hope he's this complimentary about me on his podcast. We're
• 5:17
  Speaker 1: just setting the expectation up there. But you know, Georgia King,
• 5:20
  Speaker 1: who else is a legend that she's on the money community.
• 5:24
  Speaker 2: Which is why we're here today.
• 5:25
  Speaker 1: And you're going to share their money wins with us
• 5:28
  Speaker 1: this week. What if you brought in some caucus as
• 5:31
  Speaker 1: per when are they not caucers? Let's be really always,
• 5:33
  Speaker 1: really good. Absolutely.
• 5:35
  Speaker 2: Our first win of the day, Ladies is from Sarah
• 5:37
  Speaker 2: Money Win. I was running low on my everyday Foundation
• 5:41
  Speaker 2: and needed to buy a replacement. Then I saw that
• 5:43
  Speaker 2: the brand I used was part of the after pay
• 5:46
  Speaker 2: day sales. But I didn't want to have anything to
• 5:48
  Speaker 2: do with supporting an after pay collaboration if I could
• 5:51
  Speaker 2: help it, so I did.
• 5:52
  Speaker 1: A little I love her phone extra money win peace shout.
• 5:58
  Speaker 2: So I did a little extra research and an influencer
• 6:00
  Speaker 2: code that got me the same twenty percent of.
• 6:02
  Speaker 3: Oh my god, what a j.
• 6:05
  Speaker 1: She's like, I'm not having this all right. The next
• 6:09
  Speaker 1: wee here comes from Jenny Money.
• 6:11
  Speaker 2: When I was offered a promotion at work, but was
• 6:13
  Speaker 2: incredibly nervous to have the salary conversation. To my surprise,
• 6:17
  Speaker 2: I was offered a salary bump without even asking. But
• 6:20
  Speaker 2: because I had already hyped myself up and had been practicing,
• 6:23
  Speaker 2: I decided to ask if there was any wiggle room
• 6:25
  Speaker 2: for a high number anyway, And surprise, they agree. What
• 6:29
  Speaker 2: it's true, what they say. The worst that can happen
• 6:32
  Speaker 2: when you ask for a salary increase is that they say.
• 6:34
  Speaker 3: No, don't start, don't get guky.
• 6:36
  Speaker 2: Percisely good on her though, And would you guys do
• 6:39
  Speaker 2: that if they offered you an increase, would you ask
• 6:42
  Speaker 2: for a little bit more?
• 6:43
  Speaker 3: It's a bit cheeky. I would.
• 6:44
  Speaker 4: I've got a lot of audacity, though, Yeah, depends on
• 6:48
  Speaker 4: if they like if they've already asked your expectations, Like
• 6:51
  Speaker 4: if I set my expectations and they met them, I
• 6:53
  Speaker 4: probably wouldn't. But if they hadn't had that conversation, which
• 6:56
  Speaker 4: like now having worked here, I'm more if they.
• 6:59
  Speaker 2: Asked me, all of you up for failure. Sorry, anyone
• 7:04
  Speaker 2: who ever interviewed me that you're screwed like.
• 7:08
  Speaker 3: They are in a lot of trouble.
• 7:09
  Speaker 1: I mean, it's probably a good sign that Jess didn't
• 7:12
  Speaker 1: ask for more money when I gave her a pay
• 7:13
  Speaker 1: rise last year.
• 7:17
  Speaker 2: Where do you take this off line? What else on
• 7:21
  Speaker 2: our next wings? From Amanda? I'm not sure if this
• 7:23
  Speaker 2: is something I should be proud of or ashamed of?
• 7:26
  Speaker 2: In lockdown exactly, I signed up for Binge and watched
• 7:30
  Speaker 2: the whole of the Euphoria series before the end of
• 7:32
  Speaker 2: the trial period and canceled my subscription before being billed.
• 7:36
  Speaker 2: Very stoked with that money.
• 7:37
  Speaker 1: In I think she's a genius. But do you know
• 7:39
  Speaker 1: what else she needs to do? She needs to get
• 7:41
  Speaker 1: another email, sign up for another free trial period and
• 7:45
  Speaker 1: watch that below deck show that I'm obsessed with.
• 7:48
  Speaker 3: It's trash, George, you like it too, though.
• 7:51
  Speaker 2: It's really opened my eyes up to the world of soup.
• 7:54
  Speaker 2: That's my financial much to do with the world of
• 7:57
  Speaker 2: the one you can come from? Do I look like
• 8:01
  Speaker 2: I've ever been on a spacht?
• 8:03
  Speaker 1: You look like somebody would want to take you on
• 8:05
  Speaker 1: their sup for your sugar daddy?
• 8:06
  Speaker 3: Where you are? What the next we enjoy?
• 8:10
  Speaker 2: The next one is from Diet Money Win After listening
• 8:13
  Speaker 2: to Chese on the Money, I was inspired and felt
• 8:15
  Speaker 2: confident enough to ring my bank and ask for a
• 8:17
  Speaker 2: better rate on our home loan. Yes. We then visited
• 8:20
  Speaker 2: a mortgage broker who found us a much better deal.
• 8:23
  Speaker 2: By his calculations, we'll be saving about two thousand dollars
• 8:26
  Speaker 2: a year a year. And now that I see how
• 8:28
  Speaker 2: easy it is to ask and check for better rates,
• 8:30
  Speaker 2: we will definitely be doing this more in the future.
• 8:33
  Speaker 3: I love this.
• 8:34
  Speaker 1: You take note, everybody listening. It is easier than you
• 8:38
  Speaker 1: think it is.
• 8:39
  Speaker 2: There's a template on our website.
• 8:41
  Speaker 3: Go download it. It's crazy easy.
• 8:43
  Speaker 2: The next win is from Brook. I scored one thousand
• 8:45
  Speaker 2: dollars worth of accommodation at a five star hotel for
• 8:48
  Speaker 2: two hundred dollars. Absolute win, Little Metal Emotion.
• 8:51
  Speaker 1: That's so expensive. Oh my gosh. Sometimes when I'm feeling
• 8:56
  Speaker 1: really bougie, I go on the internet and look how
• 8:58
  Speaker 1: much it would be to stay in an overwater bungalow
• 9:01
  Speaker 1: in Bora, Bora, and I got the no, I can't
• 9:04
  Speaker 1: can't do it. Can't do it, especially four thousand dollars
• 9:07
  Speaker 1: a day. It's like I can choose to eat for
• 9:08
  Speaker 1: the rest of my life.
• 9:10
  Speaker 2: I can pay for that bunder.
• 9:12
  Speaker 3: Yes, we're going on holiday.
• 9:15
  Speaker 2: The next wing, guys, comes from Caitlin money loss. I
• 9:18
  Speaker 2: cut a tendon in my hand so had emergency surgery today,
• 9:21
  Speaker 2: which means eight weeks off work. Oh no, that's that's sad, obviously,
• 9:25
  Speaker 2: copyre Kay Caitlin. That sounds painful and horrible. But the
• 9:28
  Speaker 2: money win the positive side. We're all about glass half
• 9:31
  Speaker 2: full here at she's on the money. I'm not allowed
• 9:32
  Speaker 2: to drive, so I won't be paying for fuel for
• 9:35
  Speaker 2: the next eight weeks. Like us help with petrol prices
• 9:38
  Speaker 2: are exactly a good time.
• 9:41
  Speaker 1: Nobody wants to pay for fuel for the next dight week.
• 9:44
  Speaker 1: I drove past my local servo on the way here,
• 9:47
  Speaker 1: so such an Australian word like tell us this is
• 9:50
  Speaker 1: Australian podcast without telling us you want to go survey?
• 9:54
  Speaker 1: Do you want me to pick you up a Beva?
• 9:56
  Speaker 1: And it was like two dollars twenty for pet true
• 10:00
  Speaker 1: two twenty five on the highway right now. I threw
• 10:03
  Speaker 1: up in my mouth a little bit as I drove
• 10:04
  Speaker 1: past it. I was going to stop there on the way.
• 10:09
  Speaker 3: I have to stop too. I just realized I got
• 10:12
  Speaker 3: the ding line.
• 10:12
  Speaker 2: Yeah, I'm sucked in. Did you guys see the meme
• 10:15
  Speaker 2: in the group last week and it was inventing Anna's
• 10:19
  Speaker 2: Anna delf I've saved it. I've saved it to put
• 10:22
  Speaker 2: it on the Instagram, so it's a picture buired you
• 10:26
  Speaker 2: the money. I will buy you the money tomorrow.
• 10:29
  Speaker 3: Don't you know who my dad is?
• 10:31
  Speaker 2: Why you're so poor?
• 10:34
  Speaker 3: Why are you.
• 10:34
  Speaker 2: Both so good at that?
• 10:36
  Speaker 3: I don't have times for you.
• 10:38
  Speaker 2: I don't have tome for your bullshit? And the Delfy Foundation.
• 10:45
  Speaker 3: Actually move on?
• 10:48
  Speaker 2: Fun lost it all right?
• 10:50
  Speaker 1: The final win of the day, guys, This one is
• 10:52
  Speaker 1: super uplifting. It is from ness money win. After six years,
• 10:55
  Speaker 1: two months, and fourteen days, I have finally paid off
• 10:59
  Speaker 1: every cent of the one one hundred and twenty thousand
• 11:01
  Speaker 1: dollars credit debt that my abuser left me with. I'm done.
• 11:05
  Speaker 1: I am now officially I'm completely debt free. And oh
• 11:08
  Speaker 1: my god, does it feel good?
• 11:10
  Speaker 3: Oh yeah, Oh.
• 11:13
  Speaker 1: My god, honey, that's so special.
• 11:15
  Speaker 4: Celebrate yourself, queen, that's incredible. I'm really sorry that that
• 11:18
  Speaker 4: happened to you. That is the wo trash. But if
• 11:21
  Speaker 4: you can pull yourself out of that, you can pretty
• 11:23
  Speaker 4: damn well do that or anything.
• 11:25
  Speaker 3: We can do anything. Oh my gosh, George, that was
• 11:28
  Speaker 3: such a good way to end that.
• 11:30
  Speaker 1: Oh now we get to go to a break and
• 11:32
  Speaker 1: when we return, we're going to be talking about how
• 11:34
  Speaker 1: ask now want financial influencers to have financial services licenses.
• 11:38
  Speaker 1: Don't go anywhere, gals, I got a little spicy topic
• 11:42
  Speaker 1: for us. I have been ranting about it a week.
• 11:46
  Speaker 1: You know, we are livately. I have not been publicizing this.
• 11:49
  Speaker 4: We you know, we like to get a little loose
• 11:51
  Speaker 4: on a Friday. But Assek, who, for anyone who doesn't know,
• 11:55
  Speaker 4: is the regulator of the financial services industry here in
• 11:57
  Speaker 4: Australia recently released a very comprehensive outline of what they
• 12:03
  Speaker 4: do and do not approve of within the influencer space.
• 12:08
  Speaker 4: Influencer again, for anyone not following financial influencer. Up until
• 12:12
  Speaker 4: this point, there hasn't been a lot of clarity around
• 12:15
  Speaker 4: what these people can and cannot do. She's on the money.
• 12:18
  Speaker 4: As you guys know, we play by a certain set
• 12:20
  Speaker 4: of rules because Victoria is a licensed advisor, and that
• 12:22
  Speaker 4: means that we have to be very careful because advisors
• 12:25
  Speaker 4: are regulated very heavily, as they should be, as.
• 12:28
  Speaker 3: They should be.
• 12:28
  Speaker 1: But also we then overlay on top of that a
• 12:31
  Speaker 1: set of ethics that I think we hold as a team, right,
• 12:34
  Speaker 1: we just want to do the right thing by our community.
• 12:37
  Speaker 1: And she's on the money is always about the community,
• 12:40
  Speaker 1: not about the bottom line profits. And obviously that's quite
• 12:43
  Speaker 1: biased coming from me, and you don't have to believe that.
• 12:45
  Speaker 1: But hopefully through all of the actions we've shown you
• 12:49
  Speaker 1: we don't prioritize bottom line. We always prioritize the community.
• 12:53
  Speaker 2: One thousand percent.
• 12:54
  Speaker 4: But a lot of people in the finance space and
• 12:56
  Speaker 4: it is a really growing space, which we love to
• 12:58
  Speaker 4: see because we want more people talking about and making
• 13:00
  Speaker 4: it accessible. The problem is a lot of the time
• 13:04
  Speaker 4: these people aren't regulated. They can say whatever they want
• 13:06
  Speaker 4: and there is no way for you as a consumer
• 13:09
  Speaker 4: to know whether it's accurate, whether it's good. There's just
• 13:12
  Speaker 4: there's no way of knowing right. You've got to take
• 13:14
  Speaker 4: a punt, do your research, hope for the best.
• 13:16
  Speaker 3: In it's wild.
• 13:18
  Speaker 1: So ASIG is the Australian Securities and Investment Commission, So
• 13:21
  Speaker 1: they are the guys that make sure that I, as
• 13:23
  Speaker 1: a financial advisor I am doing the right thing. And
• 13:25
  Speaker 1: they also are kind of like the corporate watchhog over
• 13:28
  Speaker 1: all of the financial services industry and anything that's going
• 13:31
  Speaker 1: on with money. So, like you know, when crypto started
• 13:33
  Speaker 1: becoming a thing, they were doing heats of research into
• 13:35
  Speaker 1: that to make sure that the community's safe and the
• 13:37
  Speaker 1: communities looked after. Like their job is to make sure
• 13:40
  Speaker 1: that the consumer is in the right position.
• 13:43
  Speaker 2: One thousand percent.
• 13:43
  Speaker 4: And their new guidelines are warning people that if they
• 13:47
  Speaker 4: do the wrong thing, they could get slapped with five
• 13:49
  Speaker 4: years in prison or.
• 13:50
  Speaker 2: A millillion dollar five And.
• 13:54
  Speaker 4: Vita, I just know that you're going to have opinions,
• 13:55
  Speaker 4: Georgie are the same. We love to talk about this stuff,
• 13:57
  Speaker 4: and I think it's really interesting because it's not going
• 14:00
  Speaker 4: to impact us as a business.
• 14:01
  Speaker 1: That's not going to change a thing, and now that
• 14:04
  Speaker 1: is that we're like, not one thing changes about our business.
• 14:06
  Speaker 1: I've actually been contacted by a few media outlets this
• 14:09
  Speaker 1: week asking from my opinion on it, and I've said no,
• 14:12
  Speaker 1: thank you, just because I think that influencers have their place.
• 14:16
  Speaker 1: I think that there is a lot of value that
• 14:17
  Speaker 1: they bring because up until now, finance has been such
• 14:21
  Speaker 1: an overwhelming topic of conversation. Right, like we we feel
• 14:26
  Speaker 1: uncomfortable with it. Yes, I'm a financial advisor and hopefully
• 14:29
  Speaker 1: I'm like one of the hip, cool ones that you
• 14:31
  Speaker 1: guys listen to. But this influencer space, from my perspective,
• 14:35
  Speaker 1: is really filling the void between the unknown and financial services.
• 14:39
  Speaker 1: Like it's like there's never been this gray area where
• 14:42
  Speaker 1: we can have conversations. And there are some really beautiful
• 14:45
  Speaker 1: people that I would categorize as finfluencers who I think
• 14:49
  Speaker 1: are doing a really good job, Like Emma from the
• 14:51
  Speaker 1: Broke Generation is gorgeous and so ethical and does the
• 14:55
  Speaker 1: right thing always and really knows her lane. She talks
• 14:59
  Speaker 1: about budget and cash flower money values, but you hardly
• 15:02
  Speaker 1: ever see her talking about shares and investments because that's
• 15:06
  Speaker 1: not her power spot, Like that's not where she's thriving.
• 15:09
  Speaker 1: And I really respect seeing financial influencers kind of staying
• 15:13
  Speaker 1: within the bounds of their knowledge and staying within the
• 15:16
  Speaker 1: bounds of what is fair and reasonable for the community.
• 15:19
  Speaker 3: But over the last twelve months.
• 15:20
  Speaker 1: I've just seen it get murkier and murkier with finfluencers
• 15:24
  Speaker 1: promoting different products saying this is how I invest, this
• 15:28
  Speaker 1: is how you should invest, And at the end of
• 15:30
  Speaker 1: the day, an influencer is somebody who carries significant weight
• 15:35
  Speaker 1: such that if you saw their content, you are probably
• 15:38
  Speaker 1: going to be influenced by their opinion. And when you
• 15:40
  Speaker 1: get to that position, I believe that there's a lot
• 15:43
  Speaker 1: of responsibility. There's a lot of responsibility to make sure
• 15:46
  Speaker 1: that your community is safe and cared for and looked after.
• 15:49
  Speaker 1: And how do you do that if one you don't
• 15:52
  Speaker 1: actually have a deep understanding of the products you're promoting,
• 15:55
  Speaker 1: but two, you are being paid a commission for every
• 15:59
  Speaker 1: single person who converts, so you are being individually financially
• 16:04
  Speaker 1: motivated by the volume of people that sign up. And Jess,
• 16:08
  Speaker 1: you and I were talking about this before and we
• 16:10
  Speaker 1: said we need to cover this referral idea in this
• 16:13
  Speaker 1: segment when we talk about it because as much as
• 16:16
  Speaker 1: she's on the money as a business, yes, we generate
• 16:18
  Speaker 1: a profit. If you ever ever ever hear an advertiser
• 16:22
  Speaker 1: on our podcast, they have paid our advertising fee.
• 16:25
  Speaker 3: It is a flat fee that they.
• 16:27
  Speaker 1: Pay to be on our podcast, and it has nothing
• 16:30
  Speaker 1: to do with the conversion of people onto their platforms.
• 16:33
  Speaker 1: If you ever see a discount code or the you know,
• 16:36
  Speaker 1: the Shares's SotM code, we make nothing from that except
• 16:40
  Speaker 1: for bringing value to our community. You guys went wild
• 16:43
  Speaker 1: when we gave you the ten dollar up bank code.
• 16:46
  Speaker 1: And the reason our ten dollar up bank code was
• 16:49
  Speaker 1: ten dollars instead of the usual five is because we
• 16:51
  Speaker 1: said to our bank, please don't give us the referral.
• 16:54
  Speaker 1: Doesn't feel right. How about whenever someone from our community
• 16:58
  Speaker 1: signs up, you just give them double give both. So
• 17:01
  Speaker 1: I think it's really important for you guys to understand
• 17:03
  Speaker 1: where She's on the money stands on this issue, because
• 17:06
  Speaker 1: as much as we agree that there needs to be
• 17:08
  Speaker 1: more regulation, I think that this is probably going to
• 17:12
  Speaker 1: scare a lot of people away from creating really necessary
• 17:15
  Speaker 1: finance content.
• 17:16
  Speaker 4: Yeah, to put it, I guess into Layman's terms for
• 17:18
  Speaker 4: anyone who doesn't work in the marketing space, because we
• 17:20
  Speaker 4: don't expect you to know things that aren't your area
• 17:23
  Speaker 4: of expertise. Who would And this is a question that
• 17:25
  Speaker 4: we do get from time to time.
• 17:27
  Speaker 1: And are fair, you guys can ask us anything. Were
• 17:29
  Speaker 1: really open book, We absolutely are.
• 17:32
  Speaker 4: And I guess the way that I would say to
• 17:34
  Speaker 4: think about it is referrals. You're paying per person, as
• 17:37
  Speaker 4: you said, VI per conversion. It's like if I send
• 17:40
  Speaker 4: one person, I get ten dollars. If I send two people,
• 17:42
  Speaker 4: I get twenty. So people are incentivized to send as
• 17:45
  Speaker 4: many people as possible.
• 17:46
  Speaker 1: To post more regularly, and to look more into that
• 17:50
  Speaker 1: platform than maybe they are because there's obviously financial remuneration.
• 17:54
  Speaker 4: Whereas the advertising fee that you're talking about, as you said,
• 17:57
  Speaker 4: it's a flat rate. It doesn't change. And I would
• 17:59
  Speaker 4: say to people listening, think of that as like a
• 18:01
  Speaker 4: radio advertisement or a TV advertisement, where.
• 18:04
  Speaker 3: They're paying for that slot.
• 18:05
  Speaker 4: Yeah, they're paying for that position on that platform, and
• 18:09
  Speaker 4: whether one person goes across or ten thousand people go across,
• 18:13
  Speaker 4: it actually doesn't make a difference. So that's just how
• 18:15
  Speaker 4: I would kind of break it down if you're not
• 18:17
  Speaker 4: as familiar with those kinds of things.
• 18:18
  Speaker 1: And it's important to understand. And the other thing I
• 18:21
  Speaker 1: want people to know. And I guess this isn't necessarily
• 18:25
  Speaker 1: important when it comes to the topic at hand, But Jess,
• 18:28
  Speaker 1: you run our partnerships and you talk to our clients
• 18:30
  Speaker 1: all the time, and I think we have really good
• 18:33
  Speaker 1: relationships with our clients. Like I adore the tab at
• 18:36
  Speaker 1: shot back, Like I cannot tell you how highly I
• 18:38
  Speaker 1: speak of the teammate shares is and everybody else we
• 18:41
  Speaker 1: talk to, they literally become like friends. But that doesn't
• 18:45
  Speaker 1: mean that everybody who knocks on our door just gets
• 18:48
  Speaker 1: an advertising slot. So, Jess, the reason I'm bringing up
• 18:51
  Speaker 1: your role is you literally end up saying no to
• 18:54
  Speaker 1: far more than we say yes to. And we would
• 18:57
  Speaker 1: much prefer to have less relationships, but really good, solid
• 19:01
  Speaker 1: ones with companies that we know, you know and love,
• 19:04
  Speaker 1: compared to consistently promoting a new product each and every
• 19:07
  Speaker 1: single week that might not make sense for you and
• 19:09
  Speaker 1: doesn't potentially put you in the best possible position that
• 19:12
  Speaker 1: you could be in. So yes, they are buying advertising.
• 19:14
  Speaker 1: That's the thing that pays justice salary. It pays George's salary.
• 19:17
  Speaker 1: It makes sure that our producer can put a roof
• 19:20
  Speaker 1: over her head. Like, those things are really important, and
• 19:23
  Speaker 1: the importance of us being paid for the work we
• 19:26
  Speaker 1: do means we can continue to create free content that
• 19:30
  Speaker 1: benefits the community.
• 19:31
  Speaker 2: Can I ask, guys, what do you make of the penalty?
• 19:37
  Speaker 2: So five years imprisonment or a one million dollar fine,
• 19:40
  Speaker 2: that's hefty.
• 19:41
  Speaker 3: It's hefty.
• 19:42
  Speaker 1: I'm not surprised, right, Like, it sounds like a lot
• 19:44
  Speaker 1: of money, and I know that you know before I
• 19:46
  Speaker 1: was like a million, like, that's already applicable to me,
• 19:49
  Speaker 1: Like those things are part of my responsibility as a
• 19:53
  Speaker 1: financial adviser. It's why I'm so specific about the difference
• 19:57
  Speaker 1: between personal and general advice. It's why when you guys
• 20:00
  Speaker 1: have slipped into my DMS and said, hey, v I
• 20:02
  Speaker 1: just have a quick question. I'm changing super funds, like
• 20:05
  Speaker 1: which one do you like? I can't answer that. It's
• 20:08
  Speaker 1: not only unethical, but it's not the right thing to do.
• 20:11
  Speaker 1: I could quite literally end up in jail for that,
• 20:13
  Speaker 1: and financial advisors have ended up in jail for that.
• 20:17
  Speaker 1: It's not just this empty threat where they're like, oh,
• 20:19
  Speaker 1: if you get caught. People get caught, they go to jail,
• 20:22
  Speaker 1: they do their time, and they come back out and
• 20:24
  Speaker 1: it's terrifying.
• 20:25
  Speaker 4: I would also assume that there is a sliding scale
• 20:29
  Speaker 4: of you know, depending on the severity, not just one
• 20:32
  Speaker 4: wrong post. Yeah, there would probably be some level of
• 20:35
  Speaker 4: transition where they go. People are going, it's tough to
• 20:37
  Speaker 4: use their new footing. Anyone who's been in the financial space,
• 20:40
  Speaker 4: my personal opinion is get some legal advice if you're
• 20:43
  Speaker 4: not sure. Obviously, we have a team that we work
• 20:45
  Speaker 4: with that we always use to make sure that we're
• 20:46
  Speaker 4: above board.
• 20:47
  Speaker 1: And if you're of influencer listening to this and you
• 20:49
  Speaker 1: want a hand negotiating this, please just pick up the
• 20:51
  Speaker 1: phone text fee, I will sit down with you. I
• 20:54
  Speaker 1: want this industry to be safe. I want it to
• 20:56
  Speaker 1: be secure, like she's on the money as much as
• 20:59
  Speaker 1: were licensed. We don't think we're better than anybody else,
• 21:01
  Speaker 1: like we are one team or working towards better levels
• 21:04
  Speaker 1: of financial literacy. And if you're part of that journey,
• 21:07
  Speaker 1: like you're on our team, So reach out and have
• 21:10
  Speaker 1: a conversation with us and we'll just point you in
• 21:12
  Speaker 1: the right direction. I can't give you advice, I can't
• 21:15
  Speaker 1: help in any way, but I do have the right connections.
• 21:18
  Speaker 2: Will you guys know that I'm not down with the
• 21:20
  Speaker 2: instagrams that much. Are they like specific people or influencers
• 21:24
  Speaker 2: that they're targeting.
• 21:25
  Speaker 1: Look, they haven't called that out. I'm super pervy, so
• 21:28
  Speaker 1: I would love to know that information, but I very
• 21:31
  Speaker 1: much doubt they'll ever make that information publicly available. But
• 21:35
  Speaker 1: from what I understand, there are actually some influences that
• 21:38
  Speaker 1: are under very close watch from ASEK because they've disclosed
• 21:42
  Speaker 1: online that they're making even five or even six figure
• 21:46
  Speaker 1: salaries from promotional deals that are with licensed brokerages or
• 21:50
  Speaker 1: with licensed financial advice firms like share market and foreign
• 21:54
  Speaker 1: exchange brokers, and even investing platforms or fees that their
• 21:58
  Speaker 1: subscribers are paid to follow them. This is to me
• 22:02
  Speaker 1: a bit wild because I have looked at it and like, wow,
• 22:05
  Speaker 1: like a subscription model. That seems crazy. You're not even
• 22:08
  Speaker 1: an advisor. So I think it would be interesting to
• 22:10
  Speaker 1: see how this falls out. But from my perspective, this
• 22:14
  Speaker 1: is a very good step in the right direction. As
• 22:16
  Speaker 1: much as I'm saying, look, I think that there's a
• 22:18
  Speaker 1: really good place for them, I also think that the
• 22:20
  Speaker 1: community needs to be looked after, and there needs to
• 22:23
  Speaker 1: be regulation in this space, and we need to be
• 22:25
  Speaker 1: talking about it more because at the end of the day,
• 22:28
  Speaker 1: they're giving you advice on your financial life, and that
• 22:31
  Speaker 1: could make or break your future. Like if you've got
• 22:33
  Speaker 1: the wrong advice and just joined up to a platform
• 22:36
  Speaker 1: because you're like, oh, well, this particular influencer was promoting it,
• 22:39
  Speaker 1: so it must be good. I trust their opinion, and
• 22:42
  Speaker 1: then a few years from now you realize that wasn't
• 22:44
  Speaker 1: the right decision, Like you've missed out on a whole
• 22:46
  Speaker 1: heap of compound interest. You've missed out on making the
• 22:49
  Speaker 1: right decisions early. Like it's just there's such a cost involved.
• 22:52
  Speaker 1: It's not like influences promoting skincare, where you buy a
• 22:56
  Speaker 1: cleanser and you're like, yeah, I don't like the smell.
• 22:58
  Speaker 1: Like it's you and you'll financial future and you're investing
• 23:01
  Speaker 1: for the future, and there's such significant ramifications.
• 23:05
  Speaker 3: If it's not done properly, it's.
• 23:06
  Speaker 2: Like unqualified people on the socials talking about how to
• 23:10
  Speaker 2: get slim and like all of that stuff, and it's
• 23:14
  Speaker 2: leave that to the professionals guts.
• 23:17
  Speaker 1: Exactly, and it ends up being quite toxic. And I
• 23:20
  Speaker 1: feel like the community after seeing this is going to
• 23:22
  Speaker 1: be a little bit more apprehensive as they should be,
• 23:25
  Speaker 1: because they haven't really been exposed to the fact that
• 23:27
  Speaker 1: maybe these guys don't know what they're talking about.
• 23:30
  Speaker 4: I personally am really interested to see because obviously we're
• 23:34
  Speaker 4: all in the finance space, we all see other people,
• 23:36
  Speaker 4: we have a lot of friends. I'm really interested to
• 23:38
  Speaker 4: see there are certain platforms that you see being recommended
• 23:42
  Speaker 4: really regularly, and I personally know that this is because
• 23:47
  Speaker 4: these platforms have particularly high referral.
• 23:50
  Speaker 1: Fees because they they haven't worked with them. We've said,
• 23:55
  Speaker 1: we want to work with us on a referral basis,
• 23:57
  Speaker 1: and no matter what the referral fee is, we've always
• 23:59
  Speaker 1: said thank you.
• 24:00
  Speaker 2: Yeah.
• 24:01
  Speaker 4: So I'm a little bit just nosy and want to
• 24:03
  Speaker 4: see how many people are going to stop recommending certain services.
• 24:07
  Speaker 4: It's going to come to a grinding hole now that
• 24:09
  Speaker 4: a kit back correct. I think that's really interesting. It's
• 24:12
  Speaker 4: something I would encourage people to watch out for and see.
• 24:15
  Speaker 4: You know, if you've been thinking about certain platforms, if
• 24:18
  Speaker 4: you notice them slowly dissipating over the coming months, that
• 24:22
  Speaker 4: may be why. And it's just something to factor into
• 24:24
  Speaker 4: your consideration. Is why we always say, even with us,
• 24:28
  Speaker 4: do your own research. Just because someone tells you the
• 24:30
  Speaker 4: benefits of a product doesn't mean that it's right for you.
• 24:33
  Speaker 4: And I'm personally really stoked to see this space becoming
• 24:36
  Speaker 4: more tightly regulated because I truly think that it needs
• 24:39
  Speaker 4: to be agreed agreed.
• 24:41
  Speaker 3: I just I feel so passionate about it.
• 24:43
  Speaker 1: And as I said before, you know, I'm sure not
• 24:46
  Speaker 1: that many influencers listen to our podcast, or maybe you do.
• 24:49
  Speaker 1: I'd be so interested but if you want to reach out,
• 24:52
  Speaker 1: please do like. I'm all support, I'm all ears. I
• 24:55
  Speaker 1: just don't think that you know, as a small time
• 24:58
  Speaker 1: content creator, I think you never intended to give the
• 25:02
  Speaker 1: wrong advice. Not that you are, but you never intended
• 25:05
  Speaker 1: to do harm. And I think it's a really important
• 25:07
  Speaker 1: conversation to be having. If there is the potential of harm,
• 25:11
  Speaker 1: let's make sure that that's not a thing. And I mean,
• 25:14
  Speaker 1: we're better together, right, We always say on the podcast
• 25:17
  Speaker 1: Arising Tide, lift soul ships like it's going to make
• 25:20
  Speaker 1: cheese on the money better, even though we're already regulated,
• 25:23
  Speaker 1: even though I'm already a financial advisor with a license.
• 25:26
  Speaker 3: I just think that.
• 25:27
  Speaker 1: You know, there's more pressure on us to make sure
• 25:29
  Speaker 1: a thousand brillion percent that you guys are always in
• 25:32
  Speaker 1: the best possible position.
• 25:34
  Speaker 4: And if you are a person who might be impacted
• 25:35
  Speaker 4: by this, we'll have a link in the show notes
• 25:37
  Speaker 4: to the A Sick fact sheet where you can go
• 25:40
  Speaker 4: and read it straight from the horse's mouth.
• 25:42
  Speaker 2: Food for thought, ladies, Very interesting chat there, As you
• 25:45
  Speaker 2: guys both said, though we're always here to support anyone
• 25:48
  Speaker 2: impacted by this. We'll link that article in the show
• 25:51
  Speaker 2: notes or that website. Of course we will, but for
• 25:53
  Speaker 2: now let's do a little disclaimer because.
• 25:58
  Speaker 3: This feels a bit weird.
• 26:00
  Speaker 2: The advice yet on She's on the Money is general
• 26:02
  Speaker 2: in nature and does not consider out your individual circumstances.
• 26:06
  Speaker 2: She's on the Money exists purely for educational purposes and
• 26:09
  Speaker 2: should not be relied upon to make an investment or
• 26:12
  Speaker 2: a financial decision, and we promise Victoria Divine is an
• 26:15
  Speaker 2: authorized representative of in Focused Securities Australia Proprietary Limited ABN
• 26:20
  Speaker 2: four seven zero nine seven seven nine seven zero four
• 26:23
  Speaker 2: nine AFOSL two three six five two three, See you
• 26:27
  Speaker 2: next week, see you next days.
• 26:29
  Speaker 1: Side Friday, Happy Weekend Friend Byey