Finfluencers required to be licensed

[reddevil0728]

How about Beauty Influencer and Travel Influencer?

this 1 is specifically about financial cause is MAS talking and because it is a regulated sector.

beauty and travel... depends on whether they are regulated in the first place.

 

[sglandscape]

The minister is Alvin Tan, the same person in the PAP faction trying to sell Income out to Allianz. But I digress…

I personally think that the finfluenzas that need to be licensed are those that have hawked bad advice to accumulate money in high interest promotions in Moomoo/Tiger/Webull, because they were paying substantial amounts of affiliate fees.

These finfluenzas know who they are.

Agree, these people could share that it exists but if they take affiliate fees similar to commission per user that signs up with their link, it should be deemed financial advisory. The fund is after all an investment product.

 

[yiron]

Such finfluencers have a large following and are often incentivised to push certain products (e.g. brokerages promotions), so some form of regulation makes sense. Though interesting to see how it gets implemented.

Kept seeing some of these finfluencers make certain bets and when it works in their favour they say "I told you so", and when it doesn't, they say "DYODD NFA".

 

[iceblendedchoc]

also apply to many websites that acts like aggregator but also content provider. Youtube, Tiktok, and even Metaverse where some Agents are using or hiding behind non licensed individual , to promote their financial products.

 

[Wanderer123]

Does it mean those YT finfluencers cannot anyhow do sponsor ads in their videos liao right?

They can do onlyfans lor, but provided got audience la...

 

[lzydata]

MAS issues advisory letters to five content creators who provided financial advice
The regulator has unveiled new guidelines for advertising financial products through digital media.

https://www.channelnewsasia.com/sin...ers-content-creators-financial-advice-5367281

 

[kkcheng77]

" This isn't financial advice"
"DYODD"
"This is what I do, not telling you what to do"
"Take it as financial education and entertainment"
Liddat say can go scot free liao.

 

[reddevil0728]

" This isn't financial advice"
"DYODD"
"This is what I do, not telling you what to do"
"Take it as financial education and entertainment"
Liddat say can go scot free liao.

these content creators didn't do what you are saying?

 

[Euqorab]

these content creators didn't do what you are saying?

All these are probably flashed in 0.001 seconds on screen

 

[s0crates]

MAS issues advisory letters to five content creators who provided financial advice
The regulator has unveiled new guidelines for advertising financial products through digital media.

https://www.channelnewsasia.com/sin...ers-content-creators-financial-advice-5367281

I don't know what's new about these guidelines. Seems pretty intuitive to me.

If MAS really means what they say, they would have named and shamed the finfluencers.

 

[reddevil0728]

I don't know what's new about these guidelines. Seems pretty intuitive to me.

If MAS really means what they say, they would have named and shamed the finfluencers.

maybe is first strike give chance. if again then name

 

[s0crates]

maybe is first strike give chance. if again then name

Idk la. MAS is full of inconsistency imo. Last time so many xmm influencers and Zermatt recommending octafx, they never catch, now they clamp down for what?

A lot of CF fanboys are hating on Seth and kelwin for the CF saga, hoping they Kenna the warning letter. They complained about removal of instant withdrawal, but have they considered that the whole saga was like a fire drill that CF failed? That CF is an unsustainable promotion that is waiting to blow up lmao.

Seth and kelwin are the good type of influencers, stir a bit of sai, but there's legitimate reason behind it. Maybe they are too controversial with their Yt title but hey government never catch or provide clear guidelines who's stopping them?

I hope none of the CF finfluencers get warned and instead anyone peddling courses should be put to task. The likes of Adam khoo/Colin seow/budgethabe etc etc .

Btw, Seth is invited to cpf/MAS annual event as a guest speaker this year, along with other finfluencers. Is that not an endorsement by the government that this influencers are "experts"????

I have no freaking idea what the government is doing at this point.

 

[reddevil0728]

Idk la. MAS is full of inconsistency imo. Last time so many xmm influencers and Zermatt recommending octafx, they never catch, now they clamp down for what?

A lot of CF fanboys are hating on Seth and kelwin for the CF saga, hoping they Kenna the warning letter. They complained about removal of instant withdrawal, but have they considered that the whole saga was like a fire drill that CF failed? That CF is an unsustainable promotion that is waiting to blow up lmao.

Seth and kelwin are the good type of influencers, stir a bit of sai, but there's legitimate reason behind it. Maybe they are too controversial with their Yt title but hey government never catch or provide clear guidelines who's stopping them?

I hope none of the CF finfluencers get warned and instead anyone peddling courses should be put to task. The likes of Adam khoo/Colin seow/budgethabe etc etc .

Btw, Seth is invited to cpf/MAS annual event as a guest speaker this year, along with other finfluencers. Is that not an endorsement by the government that this influencers are "experts"????

I have no freaking idea what the government is doing at this point.

I mean since you already got preconceived notion liao.

whatever they do wouldn’t make a difference.

move on bah

 

[s0crates]

I mean since you already got preconceived notion liao.

whatever they do wouldn’t make a difference.

move on bah

At least should highlight my POV here. Regulators not free from blame for the problem we have at hand. Think abit deeper - why do people not trust RM/FAs and need to rely on finfluencers? Why are all these RM/FAs so poorly trained and have no expertise?

 

[reddevil0728]

At least should highlight my POV here. Regulators not free from blame for the problem we have at hand. Think abit deeper - why do people not trust RM/FAs and need to rely on finfluencers? Why are all these RM/FAs so poorly trained and have no expertise?

Sounds like people issue also

 

[s0crates]

Sounds like people issue also

I think it's structural.

 

[DevilPlate]

Sounds like people issue also

I think it's structural.

Simply because its comm based same as Insurance agents, property agents and most other sales person in other industries.

Partly goto blame giam ganna nature of human beings……not many see the value of paying consultation fees.

 

[reddevil0728]

I think it's structural.

Yea. Goes both ways

 

[BBCWatcher]

Partly goto blame giam ganna nature of human beings……not many see the value of paying consultation fees.

Most people seem OK paying doctors for medical advice and attorneys for legal advice. Although there are still incentive alignment problems in those fields.

I think reasonable, simple disclosure is the first and best medicine. What are the person’s (and firm’s, if applicable) financial and other interests? How do they make money? Do they have a fiduciary responsibility to you, the client? Clients/viewers/readers should know that information up front when they’re interacting with someone who has a material financial or other interest in the advice they’re providing. (Will banks and insurance companies hate this? Probably!) Also, the regulators should be open to the possibility that YouTubers (despite some flaws) could be providing better overall advice than “traditional“ Relationship Managers and Independent Financial Advisors. For example, with YouTubers you (the viewer) can usually pretty quickly figure out who’s paying the presenter because the presenter often reads an advertisement and includes a “use discount code KELV2025 for 3 free trades” offer or similar offer. Any reasonable person would understand that the video is sponsored by that company, and the presenter is being compensated by that company.

Another step the government could take is to open the CPF LRIS. I fundamentally don’t understand the government’s explanation for delaying the LRIS. Over the past several years CPF members could’ve enjoyed broadly excellent returns. Of course there should be reasonable guardrails, but there’s a status quo (the CPF Investment Scheme as presently designed) that’s clearly not as good as it could be. Just create a handful of genuinely low cost target date index funds with automatic dollar cost averaging options (probably selectable fixed and percentage amounts, selectable for both regular and bonus contributions — and a “sweep every dollar above $X“ option) plus anti-active trading guardrails, and let’s go!

 

[lzydata]

Not related to finfluencers but I remember I got a shock when I saw crypto.com's Matt Damon ad airing on Channel 8 some years back. And knowing who watches local TV ads, they were not targeting young people.