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New Zealand's Financial Market's Authority Podcasts

Occasional Conversations Series - Finfluencers

April 20, 2026 • Financial Markets Authority NZ • Season 1 • Episode 3

0:00 | 15:49

Kiwis are increasingly turning to social media for money advice from finfluencers and online forums to podcasts. Some of this content can be genuinely informative, but other posts can be misleading, heavily promotional, or even linked to scams.

In this episode of our Occasional Conversation podcast, Jess is joined by Anna Godfrey from our Financial Advice team and Elizabeth Asmerom Asfaha from our Regulatory Services team to unpack what to look out for when engaging with money content online.

They discuss:

What “finfluencers” are and why their content is so popular
The difference between general financial information and regulated financial advice
Common red flags, including guaranteed returns, pressure tactics and flashy lifestyle marketing
What to look for in paid promotions, referral links and sponsored content
Simple steps you can take before acting on money advice they see online
The risks for financial advisers and firms using finfluencers or influencer-style content

If you come across money content that feels high pressure, too good to be true, or unclear about incentives, slow down and do your research.

Find our finfluencer guidance here: Staying Safe with Online Money Advice | Financial Markets Authority

Kia ora and welcome to the Financial Market Authority's Occasional Conversation podcast series. My name is Jess. I'm from the Communications and Delivery team here at the FMA. Kiwis are increasingly turning to social media for money content, whether that be watching a video, listening to a podcast, joining an online community group, or following a finfluencer. Some of this content can be genuinely informative. However, other times it can be misleading, heavily promotional, or even pushing a scam. Today, we're going to be talking about how you can stay safe when engaging with this content online and how financial advisors can ensure that they are publishing content that is not misleading, is clear and informative. Today, I'm joined by Anna Godfrey from our financial advice team and Elizabeth Asmeron Asfahar from our regulatory services team. Welcome, Anna. Welcome, Elizabeth. Thank you.

Thanks for joining me today. Elizabeth, I'm going to start with you. For those that have never heard the term finfluencer before, could you explain what it means?

So finfluencer is basically someone who influences how other people think about money or their finances. And this can be through sharing information about how to budget, how to invest, how to start trading, but also the type of banks, KiwiSaver funds, trading apps or platforms people can use. Now, you see them mostly on social media like TikTok, Instagram, or even Reddit or Discord, but there are also some that are active offline by writing books, hosting podcasts, selling courses, or also operating chat groups. Now, most of them are genuinely trying to be helpful in sharing their content and experience and knowledge to make sure that people understand how money works, It makes money less confusing and more accessible. But unfortunately, there are also some who don't actually know what they're talking about, or they're more focused on selling you something risky or even a scam instead of helping you make good money decisions.

And Anna, when does general financial information cross that line into regulated financial advice?

Sure. So the key difference between financial information and financial advice So when we're talking about financial information, this is factual information only that includes descriptions of how products work. So what is KiwiSaver? What are bank interest rates? or what is life insurance can also be general market commentary that does not include a recommendation. In contrast, regulated financial advice includes a recommendation that a specific product is suitable for a person based on their financial goals, risk tolerance, circumstances and financial position.

Interesting. Yeah. And Elizabeth, let's focus on Kiwi investors now. For people that are scrolling their social media feeds, what are some of the red flags that they should be looking for with this type of content?

So the biggest red flag is anything that feels rushed or too good to be true. So if someone is using in their promotions of an investment hype language, like saying something is returns are guaranteed, that it's easy and quick money, that there's hardly any risk involved, that's a big warning sign. All investments carry risks, and anyone who's honest will talk about that. Another big one is pressure. So we see language like, get in now, act fast, or there's just a few spots available. So all of those are designed to get you to rush into a decision. And most good money decisions are not made under pressure or under urgency. And there's also different influencers who use flashy lifestyle as a marketing. So they show off their expensive cars, watches, luxury trips to show off that they're successful or experienced. But what this kind of marketing doesn't tell you is if what they're promoting is real, if it's safe, or if it's right for you. And sometimes the lifestyle that they're showing off is not real either. It's just a marketing trick. Yeah, absolutely. Also watch out for finfluencers who are pushing you to use a trading platform or a broker that you've never heard of or that's based overseas. What they sometimes won't tell you is that they're actually being paid to promote this service provider. And if you use them, you have less protection or might not have an ave to go to if you have any complaints. So a good thing to do is if you see a trading platform or a broker promoted, go on the website of the financial service providers register and see if they're actually registered in New Zealand and check what their dispute resolution scheme is.

And how can someone tell the difference between content that's giving helpful information versus trying to sell them or promote them something?

Yeah, so a really simple way to do this is to ask yourself what's in it for them. Helpful content usually stays general and factual. It explains to you how something works, like how investing works, without telling you what to invest in. So it gives you the tools to think critically, to find out what is good for you, and it also encourages you to ask questions or to seek professional help if you need to. So it's all designed towards you making good money decisions. Now, promotional content is different. It's there to push you to use a certain service provider, a trading app, or a different type of service.

And with that type of content that is designed to sell you something, what are things that people can look for? So sponsorships, paid promotions, and affiliated links.

So if someone is advertising a financial product or a service provider, it should be completely obvious. So look for words like ad, paid partnerships, or where they explain maybe in the post that if you sign up using their referral link, they get some money out of it as well. Now, if that information is hidden or vague, that's a red flag. And also watch out for the influencers who offer their services for free. It's still worth asking how they're actually getting paid behind the scenes, because usually they are. Now, even when something is clearly labeled as an ad, you still have to do your own research. It doesn't mean that it's right for you or that it's safe for your situation.

And you mentioned earlier flashy lifestyles. If influencer is promoting that lifestyle and pushing guaranteed returns, what questions can Kiwis ask themselves before believing that content straight away?

Yeah, so there are a few simple questions that anyone can ask. So first off is, do they explain the risks to me or are they only talking about the positives? How are they making money from me? Is this an ad? Are they referring me to a service provider, or is there something I would be sold further down the line? Are they also pushing me towards using a financial service provider that's not registered in New Zealand? And also finally, which is probably the most important question, do they actually have the experience, knowledge, and evidence to back up whatever they're claiming? So we see this kind of lifestyle marketing to push investments, particularly with copy traders. And this comes up a lot with influencers who push copy trading or signals through their WhatsApp or Telegram groups. And that can look like an easy shortcut to quick success. But these often involve really high-risk investments and also complex products where big losses can happen really fast. So asking yourself these questions first can actually save you a lot of pain later on down the line.

And what is 1 simple step that Kiwis can take before acting on any of this money advice that they're saying.

So if you see something like that, slow down. Take your time. Something feels exciting, urgent, or pressure-filled, that's your cue to pause and ask a few questions and do your research. So first, ask yourself, do I really understand what is being promoted? What are the risks involved? And can I handle it if something goes wrong? So take the time to check things properly. Go online, do your searches, use multiple sources to see what you can find. Look for reviews, personal experience, especially the bad ones, and watch out for red flags. And if you're still unsure, talk it through with someone you trust before acting on the advice.

Yeah, great tips, Sam. And Anna, now we're going to focus a little bit on the financial advice sector. So for advisors and financial firms, what are the risks of using influencer style content without doing the proper checks?

So unauthorized financial advice. Influencers often lack licenses and can inadvertently or intentionally offer financial advice. For example, you should buy or sell the stock rather than providing just general information only. And if they are providing financial advice, obviously that as a breach of financial advice regulations. So misleading marketing, influencer content often highlights the potential gains while admitting necessary risk disclosures. And this can often violate regulations that require statements to be clear, transparent, fair, and not misleading. And the important thing to note here is that financial advice firms can still be held liable for content produced on their behalf.

And what type of social media posts cause the most problems from a regulatory perspective?

So a couple of examples there then, Jess. So unlicensed financial advice and finfluencer content. So this is posts that offer specific stock recommendations or hidden gem investment opportunities, crypto trading strategies without being licensed. And a significant portion of this content can be misleading, risky and total nonsense. So content that promotes high risk investment opportunities while admitting necessary risk disclosures. And examples of this can include content that uses words like guaranteed, safest or best.

And if firms are working with an influencer, what can they do to ensure that the information is accurate, clear and not misleading?

Financial advice firms working with influencers need to take proactive steps to review the content to ensure that it's fair, balanced, transparent, not misleading, and that it complies with financial advice regulations, because financial advice firms can be held accountable for content produced on their behalf.

Thanks so much, Anna. And Elizabeth. From the FMA's perspective, what types of harm are you seeing?

So we're seeing a lot of harm with influencers using misleading language and particularly targeting new investors. So they often use language to make it seem like investing is easy, risk-free, that returns are guaranteed, that it's fast and profitable. So we see this especially with crypto or foreign exchange trades. And that can be very appealing and sounds safe to new investors. And especially because some finfluencers also present themselves as having a high expertise, being very knowledgeable, being very successful, which can build trust. So in reality, many of those type of investments are actually very high risk and complex and can lead to people losing money very quickly. So when something goes wrong, they often find out at a stage that it's too late that the person they've been following the advice of or the company they've been investing with is not actually regulated and that it's really hard to get their money back. They often find out too late that the person or platform isn't regulated and there's little to no protection and it's not easy to get the money back.

And for Kiwi investors, if they see this type of content, what can they do?

So first, don't engage with it. Don't act following that advice. Take a step back, protect yourself first. So if you see that kind of content that looks misleading, harmful, or even a scam, take screenshots and recordings and report it to us via our contact form on our website. So those reports really matter because it helps us see trends, helps us to see what's harmful, but also makes it possible for us to act on something where we can. Besides reporting it to us, use that information as well to report it to the social media platform that person is active on. Now, if you've lost money by following misleading advice from a finfluencer, it's really important to act fast. So contact your payment provider and explain to them what happened. And that's to see if you can actually get your money back. After that, report it to us, because we can act on it.

And what is one key takeaway you want Kiwis to remember when they're engaging with money content online?

Online money content is really useful, but use it as a starting point to learn instead of your final decision. Watch out for hype, hidden incentives, lifestyle marketing, and pressure tactics.

And Anna, what's one thing that industry can double check in their social media content?

The one thing the financial advice industry can do is double check their posts to ensure that they don't include personalized financial advice and that the content is simply financial information or for education purposes only.

Absolutely. and Elizabeth to wrap up. If people want to find out more, where can they go?

So we've recently published a guide on our website to help people make sense of finfluencer content that they see. So this guide includes information on what risky claims or statements look like, how to protect yourself and what to look out for. We've also published guidance for finfluencers And that's more focused on helping them understand what the legal boundaries are, but also how to avoid sharing misleading information. And his guide is actually useful as well if you work in the industry and you use influencers to promote your products. Yeah. I also want to plug our scam page on our website, so that contains a lot of information about investment scams, and particularly on how to protect yourself and how to spot them. And we have a warning list as well where we publish the names of businesses, individuals, and websites that people should be careful around if they're looking to invest. So if you're unsure about something or if you want to do a bit more research about an investment that you see promoted, it really helps looking at these resources to make a good decision.

Absolutely. Awesome. Thank you, Elizabeth. Thank you, Anna, for joining me today.

And thank you so much for watching. If you would like to find out more, we have two new updated guides on our website. Just head to www..fma.govt.nz and I'll see you next time.