1 00:00:00,560 --> 00:00:03,519 Speaker 1: This is Outspoken. The podcast is not afraid to say 2 00:00:03,720 --> 00:00:07,000 Speaker 1: exactly what you're thinking. Our names are Amy Kate and 3 00:00:07,040 --> 00:00:10,880 Speaker 1: Sophie Torba. We're identical triplets, but we often don't have 4 00:00:10,960 --> 00:00:16,040 Speaker 1: identical opinions, so sometimes things can get heated. Outspoken covers 5 00:00:16,079 --> 00:00:20,960 Speaker 1: all things reality TV, influencers, entertainment and issues facing women. 6 00:00:21,760 --> 00:00:24,079 Speaker 2: That is so fetch Thank you. 7 00:00:26,880 --> 00:00:30,440 Speaker 1: Welcome back to another episode of Outspoken. It's a very 8 00:00:30,480 --> 00:00:33,960 Speaker 1: happy Monday here as it's a public holiday in South Australia. 9 00:00:34,000 --> 00:00:36,120 Speaker 1: I'm sorry for those states that are missing out. We're 10 00:00:36,120 --> 00:00:39,440 Speaker 1: obviously pre recording this episode because when you're listening to this, 11 00:00:39,680 --> 00:00:42,559 Speaker 1: Sophie will be on holiday in Marion Bay with their 12 00:00:42,600 --> 00:00:43,159 Speaker 1: in laws. 13 00:00:43,479 --> 00:00:43,879 Speaker 2: That's right. 14 00:00:43,920 --> 00:00:46,800 Speaker 1: We're spending a week there, which I mean I'm feeling 15 00:00:46,840 --> 00:00:49,400 Speaker 1: a bit a bit funny about because i haven't had 16 00:00:49,400 --> 00:00:51,040 Speaker 1: a week off in so long. 17 00:00:51,159 --> 00:00:51,599 Speaker 2: Yeah. 18 00:00:51,680 --> 00:00:54,480 Speaker 1: I will be bringing my laptop with me, Amy mind you, Yeah, 19 00:00:54,480 --> 00:00:56,320 Speaker 1: I know, because I'm going to be holding down the 20 00:00:56,320 --> 00:00:57,840 Speaker 1: fort Hula Media by myself. 21 00:00:57,880 --> 00:00:59,640 Speaker 2: Does that mean gone? Does that mean it's just going 22 00:00:59,680 --> 00:01:00,920 Speaker 2: to be your me doing the podcast. 23 00:01:01,960 --> 00:01:03,960 Speaker 1: I'm going to bring a microphone with me, so I 24 00:01:03,960 --> 00:01:06,120 Speaker 1: mean it gives me something to do because apparently there 25 00:01:06,200 --> 00:01:08,840 Speaker 1: is a sweet fa to do with Marion Bay. I 26 00:01:08,880 --> 00:01:11,240 Speaker 1: was going to say, because I mean, I've lived in 27 00:01:11,280 --> 00:01:13,920 Speaker 1: South Australia my whole life except the year in Melbourne, 28 00:01:14,360 --> 00:01:17,760 Speaker 1: and I've never even heard of Marion Bay or anything 29 00:01:17,760 --> 00:01:18,479 Speaker 1: to do with. 30 00:01:18,400 --> 00:01:20,880 Speaker 2: What you do there. It's nearly your peninsula. 31 00:01:20,920 --> 00:01:24,800 Speaker 1: Apparently there's a big beautiful national park there. Apparently Brandon 32 00:01:24,880 --> 00:01:26,720 Speaker 1: is going to teach me how to use my camera 33 00:01:26,760 --> 00:01:29,280 Speaker 1: that you got me for Christmas. So we're also going 34 00:01:29,319 --> 00:01:30,559 Speaker 1: to have a Christmas in. 35 00:01:30,520 --> 00:01:33,679 Speaker 2: June night so that should be fun. Wow. Okay, well 36 00:01:34,040 --> 00:01:35,319 Speaker 2: what are you going to do without me? Amy? 37 00:01:35,319 --> 00:01:38,800 Speaker 1: And Oh I'm just going to get shit. I'm just 38 00:01:38,800 --> 00:01:40,760 Speaker 1: going to get a lot of work done. I'm actually 39 00:01:40,840 --> 00:01:42,840 Speaker 1: kind of looking forward to it a little bit because 40 00:01:43,240 --> 00:01:45,800 Speaker 1: oh thanks, Well, no, like I'll miss you. Maybe we 41 00:01:45,880 --> 00:01:48,160 Speaker 1: can have some quality time to maybe just think you 42 00:01:48,160 --> 00:01:52,880 Speaker 1: guys need it. Yeah, well, Amy, you have a colleague 43 00:01:53,000 --> 00:01:56,840 Speaker 1: that's gone viral on tiktop. Yeah so a former colleague. 44 00:01:56,880 --> 00:02:01,240 Speaker 1: So it's not Sophie. No, no, it's quite hilarious. One 45 00:02:01,240 --> 00:02:04,200 Speaker 1: of my friends messaged me a TikTok video and it's 46 00:02:04,200 --> 00:02:08,400 Speaker 1: over Channel seven reporter doing a report down in the snow, 47 00:02:08,520 --> 00:02:10,040 Speaker 1: so he was doing a bit of a weather report. 48 00:02:10,480 --> 00:02:12,240 Speaker 2: And it's so humorous. 49 00:02:11,800 --> 00:02:14,120 Speaker 1: Because I met him when I was on my cadet 50 00:02:14,160 --> 00:02:17,920 Speaker 1: ship and he didn't get the cadet ship. He actually 51 00:02:17,960 --> 00:02:20,480 Speaker 1: got beaten out, but he did producing work at seven 52 00:02:20,560 --> 00:02:22,920 Speaker 1: And I was really surprised by this because he is 53 00:02:23,240 --> 00:02:25,480 Speaker 1: a nice looking guy. I do remember that there will 54 00:02:25,720 --> 00:02:28,760 Speaker 1: quite chatter about him because you know, he was pretty 55 00:02:28,760 --> 00:02:31,960 Speaker 1: good looking. Yeah, so he does post some modeling type 56 00:02:31,960 --> 00:02:33,359 Speaker 1: photos on his Instagram. 57 00:02:33,800 --> 00:02:36,560 Speaker 2: And the interesting thing is he is such a hard worker. 58 00:02:36,600 --> 00:02:39,000 Speaker 1: He's been slogging his guts out working at Sunrise, doing 59 00:02:39,040 --> 00:02:40,920 Speaker 1: all this stuff and trying to get his foot in 60 00:02:40,960 --> 00:02:43,720 Speaker 1: the door for a full time reporting job. And what's 61 00:02:43,760 --> 00:02:46,800 Speaker 1: happened is a young girl has been watching the news 62 00:02:46,880 --> 00:02:50,919 Speaker 1: randomly and she's discovered him reporting on the weather and 63 00:02:50,960 --> 00:02:53,919 Speaker 1: she has gone to her TikTok and posted a video 64 00:02:54,000 --> 00:02:57,120 Speaker 1: of him zooming up with this dreamy music and said 65 00:02:57,440 --> 00:02:59,200 Speaker 1: everyone needs to start watching the news. 66 00:02:59,320 --> 00:03:02,280 Speaker 2: This clip has been viewed nearly half a million times. 67 00:03:02,280 --> 00:03:04,280 Speaker 1: I can just imagine this happening with us back in 68 00:03:04,320 --> 00:03:06,240 Speaker 1: the day, because Dad used to watch the news like 69 00:03:06,280 --> 00:03:09,720 Speaker 1: literally NonStop. It would be ten news than seven today tonight. 70 00:03:09,760 --> 00:03:11,960 Speaker 1: I could imagine seeing some hot person on there and 71 00:03:12,000 --> 00:03:15,280 Speaker 1: you're enjoying the eye canny back in the day. 72 00:03:15,320 --> 00:03:16,200 Speaker 2: Maybe I shouldn't say. 73 00:03:16,080 --> 00:03:18,720 Speaker 1: It's oh, Matt dor Matt Doran. He was a reason 74 00:03:18,760 --> 00:03:20,800 Speaker 1: to watch the news as well. If TikTok was around 75 00:03:20,880 --> 00:03:23,000 Speaker 1: then I feel like he would have featured heavily on there. 76 00:03:23,120 --> 00:03:25,880 Speaker 1: I do remember we were so disappointed because we all 77 00:03:25,919 --> 00:03:29,200 Speaker 1: started working at Channel ten rolling the auto Q and 78 00:03:29,200 --> 00:03:31,200 Speaker 1: doing a bit of the weather script and I think 79 00:03:31,520 --> 00:03:33,600 Speaker 1: he was either there for like five minutes whilst we 80 00:03:33,600 --> 00:03:35,480 Speaker 1: were there and then left to Melbourne. I remember we 81 00:03:35,480 --> 00:03:38,720 Speaker 1: were all devastated. Well, this guy, he has been featured 82 00:03:38,760 --> 00:03:42,400 Speaker 1: on the Daily Mail. His Instagram following last time I looked, 83 00:03:42,440 --> 00:03:45,760 Speaker 1: it's gone up by about seven thousand, and I've heard 84 00:03:45,960 --> 00:03:48,040 Speaker 1: that he might be now getting a full time job 85 00:03:48,080 --> 00:03:48,560 Speaker 1: because of this. 86 00:03:49,120 --> 00:03:51,040 Speaker 2: Is that not the power of TikTok? 87 00:03:51,080 --> 00:03:53,040 Speaker 1: Though? This guy's been slogging his guts out for like 88 00:03:53,120 --> 00:03:55,840 Speaker 1: six years in the background and now he's featured once 89 00:03:55,920 --> 00:03:57,480 Speaker 1: on TikTok and that's it. 90 00:03:57,600 --> 00:03:58,520 Speaker 2: Good on him? I know. 91 00:03:58,680 --> 00:04:00,960 Speaker 1: I'm actually really happy for looking at it from the 92 00:04:01,000 --> 00:04:04,600 Speaker 1: other perspective. Can you imagine if some guy started like 93 00:04:04,960 --> 00:04:07,320 Speaker 1: sort of perving on some weather presenter and it just 94 00:04:07,360 --> 00:04:08,280 Speaker 1: went off and then they got it. 95 00:04:08,320 --> 00:04:11,160 Speaker 2: Oh, why do you think some weather presenters. I was 96 00:04:11,200 --> 00:04:12,520 Speaker 2: just thinking about Beg Judd. 97 00:04:13,560 --> 00:04:15,760 Speaker 1: No, not Beg Judd, but like there is somebody she 98 00:04:15,760 --> 00:04:18,840 Speaker 1: she she got exposure from wearing her red dress. So 99 00:04:18,880 --> 00:04:21,440 Speaker 1: I suppose it's kind of a similar situation where she's 100 00:04:21,480 --> 00:04:25,120 Speaker 1: been spotted by looking gorgeous. So the television industry is 101 00:04:25,240 --> 00:04:28,360 Speaker 1: usually run by old men who usually pick out young 102 00:04:28,400 --> 00:04:31,240 Speaker 1: women that they have the hotspot or that are attractive. 103 00:04:31,279 --> 00:04:33,479 Speaker 1: To be honest, I'm calling it. I think I should 104 00:04:33,560 --> 00:04:36,880 Speaker 1: become a news director because I spotted this guy's potential 105 00:04:37,080 --> 00:04:37,920 Speaker 1: five years ago. 106 00:04:38,040 --> 00:04:39,240 Speaker 2: I said he would make a. 107 00:04:39,200 --> 00:04:41,000 Speaker 1: Great reporter on the news. I was shocked he didn't 108 00:04:41,000 --> 00:04:43,520 Speaker 1: get the Sydney gig, and here he is now starring 109 00:04:43,880 --> 00:04:45,080 Speaker 1: all across the Daily Mail. 110 00:04:45,440 --> 00:04:47,279 Speaker 3: Regina George is flawless. 111 00:04:47,360 --> 00:04:50,040 Speaker 1: She has too Fendi press and it's not as. 112 00:04:49,680 --> 00:04:51,720 Speaker 3: I hear her hare's insured for ten thousand dollars. 113 00:04:52,160 --> 00:04:55,360 Speaker 1: A new breed of influencer is dominating the social media world. 114 00:04:55,720 --> 00:04:59,599 Speaker 1: Finance influencers, known as influencers, are becoming a hot commodity 115 00:04:59,640 --> 00:05:03,400 Speaker 1: for fine financial brands wanting exposure. However, concerns have been 116 00:05:03,480 --> 00:05:07,960 Speaker 1: raised over the unlicensed advice being provided by unqualified influencers. 117 00:05:08,600 --> 00:05:12,200 Speaker 1: This week, a row between license and unlicensed Australian finance 118 00:05:12,279 --> 00:05:17,480 Speaker 1: influences reached fever pitch when two upcoming unlicensed influencers accuse 119 00:05:17,560 --> 00:05:21,200 Speaker 1: financial advisor Victoria Divine of a lack of disclosure that 120 00:05:21,279 --> 00:05:24,200 Speaker 1: She's on the Money. Founder was criticized on Instagram and 121 00:05:24,240 --> 00:05:27,320 Speaker 1: then in The Australian Financial Review for a partnership with 122 00:05:27,400 --> 00:05:31,600 Speaker 1: investing app six Park despite not breaking any rules Sophie. 123 00:05:31,640 --> 00:05:34,279 Speaker 1: For those who don't know who is Victoria Divine well, 124 00:05:34,400 --> 00:05:37,919 Speaker 1: Victoria is a licensed financial advisor and also director of 125 00:05:37,960 --> 00:05:39,640 Speaker 1: Melbourne finance firm Zella. 126 00:05:39,920 --> 00:05:40,800 Speaker 2: She is also the. 127 00:05:40,920 --> 00:05:44,320 Speaker 1: Very popular host of Australia's number one money podcast, She's 128 00:05:44,360 --> 00:05:47,000 Speaker 1: on the Money. So the podcast is really aimed at 129 00:05:47,000 --> 00:05:50,680 Speaker 1: helping millennial women find financial freedom and she is very 130 00:05:50,720 --> 00:05:54,360 Speaker 1: passionate about helping women take control of their own finances 131 00:05:54,600 --> 00:05:55,960 Speaker 1: and makes smart money. 132 00:05:55,680 --> 00:05:56,880 Speaker 2: Decisions for the future. 133 00:05:57,080 --> 00:05:59,480 Speaker 1: She's on the Money has hit one point one million 134 00:05:59,520 --> 00:06:02,719 Speaker 1: monthly life listeners and she has a large Facebook community 135 00:06:02,760 --> 00:06:06,400 Speaker 1: of over one hundred and seventy thousand members. Victoria was 136 00:06:06,440 --> 00:06:10,120 Speaker 1: also named in Forbes thirty Under thirty list of young entrepreneurs, 137 00:06:10,120 --> 00:06:13,120 Speaker 1: so her career has absolutely taken off. She is an 138 00:06:13,160 --> 00:06:15,960 Speaker 1: incredibly hard worker and someone I have to say that 139 00:06:16,000 --> 00:06:18,520 Speaker 1: I do really admire in the industry. Yeah, and just 140 00:06:18,560 --> 00:06:21,520 Speaker 1: to be transparent, we do know Victoria. We've never actually 141 00:06:21,520 --> 00:06:23,440 Speaker 1: had the pleasure of meeting her in person, but just 142 00:06:23,440 --> 00:06:26,000 Speaker 1: being in the podcast space, we have come across each 143 00:06:26,040 --> 00:06:28,400 Speaker 1: other online and she has been on our podcast before, 144 00:06:28,440 --> 00:06:31,720 Speaker 1: so we just wanted to disclose we do know her. Yeah, 145 00:06:31,720 --> 00:06:33,880 Speaker 1: exactly right. So I suppose this sparked a little bit 146 00:06:33,880 --> 00:06:37,479 Speaker 1: of interest when Victoria's name came up, because I was 147 00:06:37,520 --> 00:06:39,719 Speaker 1: really excited when I saw on the twenty fourth of 148 00:06:39,760 --> 00:06:42,280 Speaker 1: May that she had announced she was partnering with six 149 00:06:42,360 --> 00:06:45,320 Speaker 1: Parts to launch as she's on the Money investing platform. 150 00:06:45,600 --> 00:06:48,080 Speaker 1: So this has been in the works for quite some time. 151 00:06:48,480 --> 00:06:51,960 Speaker 1: So the collaboration is aimed at providing an affordable solution 152 00:06:52,120 --> 00:06:56,200 Speaker 1: for people looking to invest beyond a microinvesting platform. So 153 00:06:56,880 --> 00:06:59,919 Speaker 1: from the get go, Victoria has been very transparent to 154 00:06:59,880 --> 00:07:02,560 Speaker 1: say that she's on the money Investing platform is a 155 00:07:02,600 --> 00:07:05,640 Speaker 1: white label version of six Parks app, So for those 156 00:07:05,680 --> 00:07:08,919 Speaker 1: who don't know what the term white labeling is it 157 00:07:09,000 --> 00:07:12,640 Speaker 1: is essentially when a company rebrands another product or service 158 00:07:12,720 --> 00:07:15,280 Speaker 1: produced by one company to make it appear as if 159 00:07:15,320 --> 00:07:19,600 Speaker 1: they have made it. So, Victoria actually released a podcast 160 00:07:19,800 --> 00:07:22,440 Speaker 1: explaining all the ins and outs of this app. It 161 00:07:22,520 --> 00:07:25,000 Speaker 1: was explained on her Instagram post that this is how 162 00:07:25,040 --> 00:07:28,040 Speaker 1: the app was working and she was collaborating with six Park, 163 00:07:28,440 --> 00:07:30,720 Speaker 1: And I think what is very clear about the app 164 00:07:30,800 --> 00:07:33,800 Speaker 1: is although it is a white label platform, she has 165 00:07:33,880 --> 00:07:37,720 Speaker 1: clearly made the platform her own. So basically, this app 166 00:07:37,720 --> 00:07:41,440 Speaker 1: has been created to ensure that women are still empowered 167 00:07:41,480 --> 00:07:44,400 Speaker 1: to make financial decisions. So the language is very similar 168 00:07:44,400 --> 00:07:47,600 Speaker 1: to the language used in the She's on the Money community. 169 00:07:47,960 --> 00:07:51,520 Speaker 1: The branding is also directed at women and targeted at women. 170 00:07:51,720 --> 00:07:54,520 Speaker 1: And also Victoria is part of the process, so she 171 00:07:54,720 --> 00:07:57,120 Speaker 1: is actually very hands on with the people who sign 172 00:07:57,160 --> 00:07:58,920 Speaker 1: up to this platform. Yeah, and I think that's what's 173 00:07:58,960 --> 00:08:01,400 Speaker 1: so appealing about this app to the She's on the 174 00:08:01,400 --> 00:08:04,400 Speaker 1: Money community is the fact that Victoria is overseeing her 175 00:08:04,440 --> 00:08:05,440 Speaker 1: client's portfolio. 176 00:08:05,600 --> 00:08:07,239 Speaker 2: So that really is the difference. 177 00:08:07,240 --> 00:08:09,680 Speaker 1: So if you do go through six Park, you have 178 00:08:09,880 --> 00:08:12,760 Speaker 1: their team overseeing the portfolio. However, if you go on 179 00:08:12,840 --> 00:08:15,000 Speaker 1: She's on the Money, she is the one looking. 180 00:08:14,720 --> 00:08:15,720 Speaker 2: Over the portfolio. 181 00:08:15,960 --> 00:08:18,640 Speaker 1: So it is a way of getting access to Victoria 182 00:08:18,680 --> 00:08:21,400 Speaker 1: Divine without actually having to become her client and pay 183 00:08:21,520 --> 00:08:24,440 Speaker 1: her this exorbitant amount for that have her financial. 184 00:08:24,040 --> 00:08:25,120 Speaker 2: Advice exactly right. 185 00:08:25,120 --> 00:08:27,160 Speaker 1: And I suppose the way that she manages to do 186 00:08:27,240 --> 00:08:30,600 Speaker 1: this is that that six Park is actually an investment 187 00:08:30,640 --> 00:08:34,840 Speaker 1: platform referred to as a robo advisor. So basically what 188 00:08:34,880 --> 00:08:37,920 Speaker 1: this means is it's a type of financial advisor that 189 00:08:38,000 --> 00:08:42,200 Speaker 1: provides financial advice or investment management online with moderate to 190 00:08:42,280 --> 00:08:46,960 Speaker 1: minimal human intervention. So basically, they provide digital financial advice 191 00:08:47,000 --> 00:08:49,360 Speaker 1: based on mathematical rules or algorithms. 192 00:08:49,360 --> 00:08:51,000 Speaker 2: So how Victoria. 193 00:08:50,640 --> 00:08:53,000 Speaker 1: Explained it on her podcast was that you put in 194 00:08:53,040 --> 00:08:57,120 Speaker 1: some information about your financial situation and they sort of 195 00:08:57,120 --> 00:08:59,120 Speaker 1: come up with a risk portfolio for you based on 196 00:08:59,160 --> 00:09:00,000 Speaker 1: a lot of algorithms. 197 00:09:00,120 --> 00:09:01,000 Speaker 2: However, once it's. 198 00:09:00,840 --> 00:09:03,600 Speaker 1: All set up in the system, the financial advisors like 199 00:09:03,679 --> 00:09:06,360 Speaker 1: Victoria do look over the portfolio to make sure it's 200 00:09:06,440 --> 00:09:07,120 Speaker 1: running properly. 201 00:09:07,360 --> 00:09:07,480 Speaker 3: Well. 202 00:09:07,480 --> 00:09:10,319 Speaker 1: A lot of people have actually been comparing Victoria's app 203 00:09:10,480 --> 00:09:13,559 Speaker 1: to Raise, and it is a completely different type of app. 204 00:09:13,640 --> 00:09:17,080 Speaker 1: So Raise is a micro investing app, and this app 205 00:09:17,240 --> 00:09:19,920 Speaker 1: that Victoria has created with six Park is the next 206 00:09:19,920 --> 00:09:22,440 Speaker 1: step up. So and that's what a lot of people 207 00:09:22,440 --> 00:09:24,760 Speaker 1: don't seem to understand, because you actually have to have 208 00:09:24,880 --> 00:09:28,000 Speaker 1: five thousand dollars you want to invest, so it's not 209 00:09:28,080 --> 00:09:30,440 Speaker 1: like with rays where you just chuck a couple of 210 00:09:30,480 --> 00:09:33,480 Speaker 1: dollars from your purchase, Like this is the next step up. 211 00:09:33,720 --> 00:09:34,520 Speaker 2: So on the day. 212 00:09:34,480 --> 00:09:37,480 Speaker 1: Victoria launched She's on the Money app and her collaboration 213 00:09:37,600 --> 00:09:40,480 Speaker 1: with six Park, the Australian Financial Review actually did a 214 00:09:40,480 --> 00:09:41,760 Speaker 1: really great article on it. 215 00:09:42,120 --> 00:09:42,760 Speaker 2: Now this has. 216 00:09:42,760 --> 00:09:46,520 Speaker 1: Spurred on micro influencer Maddie Walton to post on Instagram 217 00:09:46,559 --> 00:09:50,320 Speaker 1: a little bit of a review into Australian investing platforms. Well, 218 00:09:50,320 --> 00:09:53,120 Speaker 1: Maddi goes by the Instagram handle Money with Maddie and 219 00:09:53,160 --> 00:09:55,880 Speaker 1: she is a twenty three year old retail worker from 220 00:09:55,960 --> 00:10:00,760 Speaker 1: the Gold Coast. Now she has no qualifications in in finance, 221 00:10:00,800 --> 00:10:03,800 Speaker 1: she is not licensed at all, but she gives her 222 00:10:03,920 --> 00:10:07,560 Speaker 1: advice on this platform. So Maddie shared a carousel of 223 00:10:07,600 --> 00:10:10,960 Speaker 1: infographics where she outlined the features of the main Australian 224 00:10:11,000 --> 00:10:14,280 Speaker 1: investment platforms and of course she reviewed that she is 225 00:10:14,320 --> 00:10:18,040 Speaker 1: on the Money new six part investment platform. So on 226 00:10:18,160 --> 00:10:22,520 Speaker 1: the graphic Maddie made several claims which Victoria has refuted. 227 00:10:22,679 --> 00:10:25,439 Speaker 1: So Maddi claimed that the app is not Chess sponsored, 228 00:10:25,559 --> 00:10:28,480 Speaker 1: meaning that the ASX can't keep a list of who 229 00:10:28,559 --> 00:10:32,880 Speaker 1: owns what shares. She also falsely accused Victoria of receiving 230 00:10:32,920 --> 00:10:34,400 Speaker 1: referrals from people who. 231 00:10:34,240 --> 00:10:35,440 Speaker 2: Sign up to the app. 232 00:10:35,800 --> 00:10:38,720 Speaker 1: The post further claim that uses are locked into further 233 00:10:38,800 --> 00:10:43,079 Speaker 1: advice and become a pain client of Victoria's financial advisory Zella. 234 00:10:43,320 --> 00:10:46,360 Speaker 1: Maddie also made a further claim that six part don't 235 00:10:46,360 --> 00:10:49,839 Speaker 1: have a competitive rate for the robot advice space. Now 236 00:10:49,920 --> 00:10:53,320 Speaker 1: Victoria has responded to Mattie's post. She wrote, I do 237 00:10:53,400 --> 00:10:56,400 Speaker 1: not get referrals from anyone that signs up. That is 238 00:10:56,440 --> 00:10:59,280 Speaker 1: factually incorrect. The fee is the same if you go 239 00:10:59,360 --> 00:11:02,160 Speaker 1: through She's on the Money directly or with six Park. 240 00:11:02,520 --> 00:11:03,640 Speaker 2: Further to this, I have. 241 00:11:03,679 --> 00:11:06,760 Speaker 1: Never and will never accept referral payments for any of 242 00:11:06,760 --> 00:11:10,559 Speaker 1: our podcast sponsors or show partners. We strictly only charge 243 00:11:10,559 --> 00:11:13,040 Speaker 1: an advertising fee, so we are never seen to be 244 00:11:13,120 --> 00:11:17,079 Speaker 1: financially motivated to get people to sign up with particular platforms. 245 00:11:17,200 --> 00:11:20,160 Speaker 1: We have refused many referral opportunities as they are not 246 00:11:20,280 --> 00:11:23,520 Speaker 1: in line with the best interests of our community. Victoria 247 00:11:23,640 --> 00:11:26,480 Speaker 1: also further hit back at Maddie's claim saying her financial 248 00:11:26,520 --> 00:11:30,440 Speaker 1: advisory business seller is not involved in six Park. Victoria 249 00:11:30,480 --> 00:11:32,679 Speaker 1: also went on to say that the platform is in 250 00:11:32,720 --> 00:11:35,679 Speaker 1: fact Chess sponsored, so it is clear to me that 251 00:11:35,720 --> 00:11:39,920 Speaker 1: a lot of these claims made by Maddie are very unsubstantiated. Well, 252 00:11:39,960 --> 00:11:42,480 Speaker 1: and also if Mattie's claims come off the back of 253 00:11:42,760 --> 00:11:47,080 Speaker 1: Victoria's Australian Financial Review article, so the Australian Financial Review 254 00:11:47,240 --> 00:11:51,960 Speaker 1: accidentally printed that Victoria was receiving a referral fee, which 255 00:11:52,000 --> 00:11:54,240 Speaker 1: they have now gone and corrected that she is not 256 00:11:54,360 --> 00:11:55,120 Speaker 1: receiving one. 257 00:11:55,200 --> 00:11:57,520 Speaker 2: And what's really interesting is it is actually not. 258 00:11:57,440 --> 00:12:01,160 Speaker 1: Illegal for financial advisors at the moment to receive a 259 00:12:01,240 --> 00:12:04,160 Speaker 1: referral fee. However, it's one of those things that's frowned upon. 260 00:12:04,200 --> 00:12:06,640 Speaker 1: There's a bit of a gray area. But Victoria has 261 00:12:06,679 --> 00:12:09,079 Speaker 1: said time and time again that she doesn't believe in 262 00:12:09,360 --> 00:12:13,120 Speaker 1: accepting referral fees at all. I suppose the confusion is 263 00:12:13,160 --> 00:12:16,200 Speaker 1: around the fact that referral payments are expected to be 264 00:12:16,280 --> 00:12:20,240 Speaker 1: a band form of renumeration for licensed financial advisors under 265 00:12:20,240 --> 00:12:22,360 Speaker 1: the government's contentious. 266 00:12:21,720 --> 00:12:22,440 Speaker 2: Code of Ethics. 267 00:12:22,440 --> 00:12:25,520 Speaker 1: However, this still has not been passed, so even if 268 00:12:25,600 --> 00:12:29,560 Speaker 1: Victoria was taking referral payments, it's actually not illegal. 269 00:12:29,760 --> 00:12:30,400 Speaker 2: Well, the thing that. 270 00:12:30,400 --> 00:12:33,040 Speaker 1: I find really interesting is a lot of these influencers 271 00:12:33,040 --> 00:12:35,280 Speaker 1: who have been having a go at Victoria and her 272 00:12:35,320 --> 00:12:39,040 Speaker 1: app actually accept referral fees. So one of those is 273 00:12:39,080 --> 00:12:42,440 Speaker 1: Tash Invests, and she's been very vocal on her Instagram 274 00:12:42,440 --> 00:12:45,720 Speaker 1: and also her TikTok about Victoria and the six Park app. 275 00:12:45,800 --> 00:12:49,040 Speaker 1: And she has actually one finfluencer that is quite open 276 00:12:49,080 --> 00:12:52,200 Speaker 1: about the fact that she does receive referral fees. So 277 00:12:52,320 --> 00:12:54,480 Speaker 1: if you look on her link tree, there are at 278 00:12:54,559 --> 00:12:57,920 Speaker 1: least four companies that she has referral fees for. What's 279 00:12:57,960 --> 00:13:01,360 Speaker 1: interesting is Tash Invests hit out Victoria and said that 280 00:13:01,679 --> 00:13:04,400 Speaker 1: she's on the money also has referral fees, and this 281 00:13:04,480 --> 00:13:07,480 Speaker 1: is actually true, but the difference is that when she's 282 00:13:07,480 --> 00:13:10,520 Speaker 1: on the money has a referral fee. For example, for Upbank, 283 00:13:10,960 --> 00:13:15,360 Speaker 1: they actually give their listeners ten dollars, whereas Tash Invests 284 00:13:15,400 --> 00:13:18,440 Speaker 1: gives them five dollars. So I suppose what they do 285 00:13:18,600 --> 00:13:20,959 Speaker 1: is that she's on the money, they could be getting 286 00:13:21,000 --> 00:13:23,160 Speaker 1: that five dollars. However, they give it back to their 287 00:13:23,200 --> 00:13:25,840 Speaker 1: listener because they don't ethically believe in taking. 288 00:13:26,000 --> 00:13:27,760 Speaker 2: That refera exactly right now. 289 00:13:27,840 --> 00:13:30,240 Speaker 1: What is crazy that this shit storm has happened on 290 00:13:30,320 --> 00:13:34,160 Speaker 1: social media and gone back and forth and the Australian 291 00:13:34,200 --> 00:13:37,200 Speaker 1: Financial Review has decided to jump in and create an 292 00:13:37,320 --> 00:13:42,160 Speaker 1: article pitching these influences against each other and slamming Victoria. 293 00:13:42,320 --> 00:13:46,120 Speaker 1: It's particularly interesting that the Australian Financial Review took this 294 00:13:46,400 --> 00:13:50,360 Speaker 1: approach because the whole argument was based on misinformation that 295 00:13:50,400 --> 00:13:53,719 Speaker 1: they printed, which Victoria asked them to correct. Yeah. Well, 296 00:13:53,760 --> 00:13:56,880 Speaker 1: from a journalistic perspective, it is a really odd move 297 00:13:56,920 --> 00:14:00,000 Speaker 1: from the Australian Financial Review because the Australian Financial Review, 298 00:14:00,080 --> 00:14:02,959 Speaker 1: if you compare them to other publications like, for example, 299 00:14:03,000 --> 00:14:05,000 Speaker 1: the Daily Mail. We know the Daily Mail will run 300 00:14:05,040 --> 00:14:08,439 Speaker 1: with influencer gossip, but the Australian Financial Review is held 301 00:14:08,640 --> 00:14:12,640 Speaker 1: very highly between finance experts and also in the journalism world, 302 00:14:12,760 --> 00:14:15,920 Speaker 1: and it seems really odd that they have written an 303 00:14:16,000 --> 00:14:21,320 Speaker 1: article based off almost idle gossip from some finance influences. 304 00:14:21,480 --> 00:14:24,480 Speaker 1: And if you read the article, it's very quote heavy 305 00:14:24,520 --> 00:14:27,760 Speaker 1: at the start and it puts across the influencer's view 306 00:14:28,080 --> 00:14:31,080 Speaker 1: and then down the bottom it's where Victoria actually responds 307 00:14:31,080 --> 00:14:33,520 Speaker 1: and everybody knows most people don't get to the end 308 00:14:33,560 --> 00:14:36,000 Speaker 1: of an article, so it would be framed very much 309 00:14:36,080 --> 00:14:39,280 Speaker 1: on the side of these influencers. I found it also 310 00:14:39,360 --> 00:14:42,400 Speaker 1: really odd the fact that they Australian Financial Review wrote 311 00:14:42,440 --> 00:14:45,800 Speaker 1: this glowing article about how great this, how great Victoria's 312 00:14:45,840 --> 00:14:48,840 Speaker 1: partnership was with six part because if they're meant to 313 00:14:48,840 --> 00:14:52,160 Speaker 1: be so educated in the financial world, and that if 314 00:14:52,240 --> 00:14:54,880 Speaker 1: there was a problem with Victoria backing this app then 315 00:14:54,880 --> 00:14:57,600 Speaker 1: why did they do the review? So it doesn't make 316 00:14:57,680 --> 00:14:59,960 Speaker 1: any sense at all. If anything, it makes them look bad. 317 00:15:00,280 --> 00:15:02,720 Speaker 1: The thing that I just can't wrap my head around 318 00:15:03,280 --> 00:15:06,760 Speaker 1: is the fact that there is such a better story here. 319 00:15:06,880 --> 00:15:10,920 Speaker 1: Instead of going after someone who hasn't even done anything wrong, 320 00:15:11,160 --> 00:15:11,840 Speaker 1: why don't they. 321 00:15:11,760 --> 00:15:13,080 Speaker 2: Go after the fact. 322 00:15:12,760 --> 00:15:18,480 Speaker 1: That there are unlicensed and unqualified people providing financial advice 323 00:15:18,520 --> 00:15:22,320 Speaker 1: to people that has the ability to cripple them financially. Well. 324 00:15:22,360 --> 00:15:25,600 Speaker 1: Earlier today, we spoke with Glenn James from my Millennial 325 00:15:25,640 --> 00:15:27,960 Speaker 1: Money because we really wanted to pick the brains of 326 00:15:28,000 --> 00:15:31,080 Speaker 1: an expert and someone who is in that social media space, 327 00:15:31,640 --> 00:15:33,960 Speaker 1: and we put a number of questions to him about 328 00:15:34,080 --> 00:15:37,280 Speaker 1: financial advisors and the laws surrounding what they can actually 329 00:15:37,280 --> 00:15:40,520 Speaker 1: talk about and also this incident at hand. Let's go 330 00:15:40,600 --> 00:15:45,400 Speaker 1: to our interview with Glenn. Firstly, Glenn, what is considered 331 00:15:45,440 --> 00:15:46,480 Speaker 1: financial advice? 332 00:15:47,000 --> 00:15:50,480 Speaker 3: Well, I'm glad you asked, because I think it's important 333 00:15:50,520 --> 00:15:55,680 Speaker 3: to just understand the framework of what financial advice is 334 00:15:55,920 --> 00:15:59,960 Speaker 3: and what it isn't. And I'm actually reading the Corporation's Act, 335 00:16:00,320 --> 00:16:04,880 Speaker 3: section seven sixty six B, and it says financial product 336 00:16:04,880 --> 00:16:10,680 Speaker 3: advice means a recommendation or a statement of opinion or 337 00:16:10,720 --> 00:16:14,200 Speaker 3: a report of either of those things. That and this 338 00:16:14,280 --> 00:16:18,600 Speaker 3: is the absolute kicker, is intended to influence a person 339 00:16:18,720 --> 00:16:22,240 Speaker 3: or persons in making a decision in relation to a 340 00:16:22,280 --> 00:16:27,640 Speaker 3: particular financial product or class, or financial products, or an 341 00:16:27,840 --> 00:16:31,160 Speaker 3: interest in a particular financial product or class. Then it 342 00:16:31,200 --> 00:16:36,760 Speaker 3: says point B it could reasonably be regarded as intended 343 00:16:36,800 --> 00:16:39,600 Speaker 3: to have such an influence. So if we back it up, 344 00:16:40,480 --> 00:16:44,640 Speaker 3: if I if I open an Instagram account today and 345 00:16:44,720 --> 00:16:48,400 Speaker 3: it says Glenn will get invested with Glenn, because I 346 00:16:48,440 --> 00:16:50,280 Speaker 3: just started a TikTok account for fun, and it's called 347 00:16:50,280 --> 00:16:57,000 Speaker 3: get get invested with Glenn. The minute I say, hey, guys, 348 00:16:57,480 --> 00:17:00,320 Speaker 3: if you want to set up a banking structure, should 349 00:17:00,400 --> 00:17:03,640 Speaker 3: use four bank accounts and if you want to find 350 00:17:04,359 --> 00:17:07,600 Speaker 3: a super fund, you should look at these three fees. 351 00:17:08,840 --> 00:17:11,840 Speaker 3: I've walked over the line of a class because I've 352 00:17:11,880 --> 00:17:15,000 Speaker 3: talked about superannuation of a class and I've also talked 353 00:17:15,000 --> 00:17:20,680 Speaker 3: about banking. So it's a very very easy line to cross. 354 00:17:21,359 --> 00:17:24,440 Speaker 3: And then the question is I've crossed the line. So 355 00:17:24,480 --> 00:17:29,080 Speaker 3: I'm automatically in advice territory because I've mentioned the class 356 00:17:29,080 --> 00:17:32,040 Speaker 3: of product. The question is do I need to be 357 00:17:32,320 --> 00:17:36,520 Speaker 3: licensed for that advice? So the Corporations Act is not 358 00:17:36,680 --> 00:17:40,840 Speaker 3: digging around excuse my French or whatever when they're talking 359 00:17:40,920 --> 00:17:44,200 Speaker 3: about financial advice and financial product advice. 360 00:17:44,840 --> 00:17:46,840 Speaker 1: So does that make it really hard in this world 361 00:17:46,920 --> 00:17:50,000 Speaker 1: we live in where we've got a lot of financial podcasts, 362 00:17:50,000 --> 00:17:53,399 Speaker 1: we've got influencers who are spooking financial advice. Is it 363 00:17:53,440 --> 00:17:56,359 Speaker 1: really hard when we get into the category of sponsorship, 364 00:17:56,520 --> 00:17:59,040 Speaker 1: because obviously you deal with that a lot. Is it 365 00:17:59,119 --> 00:18:02,239 Speaker 1: hard to know what you're allowed to promote and what 366 00:18:02,280 --> 00:18:03,920 Speaker 1: you can't promote and what you can't say. 367 00:18:04,840 --> 00:18:08,880 Speaker 3: Yeah, so I think it is hard if you are 368 00:18:09,119 --> 00:18:12,119 Speaker 3: a licensed financial advisor, and we can get to that, 369 00:18:12,920 --> 00:18:16,879 Speaker 3: But just back to this whole You know, I'm a dude, 370 00:18:17,160 --> 00:18:22,200 Speaker 3: I work I make coffee during the day and I've 371 00:18:22,200 --> 00:18:24,960 Speaker 3: got a TikTok or an Instagram account in the night, 372 00:18:25,040 --> 00:18:26,920 Speaker 3: and I talk about money and it's you know, get 373 00:18:26,960 --> 00:18:29,880 Speaker 3: invested with Glenn and all that stuff. The question isn't 374 00:18:30,200 --> 00:18:34,919 Speaker 3: did Glenn give advice? That's not the question because all 375 00:18:35,000 --> 00:18:37,439 Speaker 3: day long, I've opened my trap and I've said super, 376 00:18:37,480 --> 00:18:39,640 Speaker 3: I've opened my trap and said bank accounts. I've opened 377 00:18:39,680 --> 00:18:42,959 Speaker 3: my trap and said investing in shares. So I'm in 378 00:18:43,080 --> 00:18:49,920 Speaker 3: the territory of that financial product advice. The question now becomes, well, 379 00:18:49,920 --> 00:18:52,919 Speaker 3: do I need to be licensed? Because there's no different 380 00:18:53,000 --> 00:18:56,280 Speaker 3: than you know, we might go and get coffee tomorrow 381 00:18:56,720 --> 00:19:01,760 Speaker 3: and I say, oh, Sophie, name me, so go and 382 00:19:01,920 --> 00:19:05,160 Speaker 3: set up a spaceship or raise account. It'll be good. 383 00:19:05,320 --> 00:19:08,480 Speaker 3: Like that's financial advice all day long, by the definition 384 00:19:09,000 --> 00:19:11,800 Speaker 3: of the Corpse Act. And I don't want to try 385 00:19:11,840 --> 00:19:14,000 Speaker 3: and confuse things here, but the question is do you 386 00:19:14,000 --> 00:19:17,560 Speaker 3: need to be licensed? Now, both of you when you 387 00:19:17,680 --> 00:19:21,600 Speaker 3: just give financial advice like that, you don't need to 388 00:19:21,600 --> 00:19:26,280 Speaker 3: have a general advice license because the corpse that goes 389 00:19:26,320 --> 00:19:33,200 Speaker 3: on to say that because your main business isn't basically 390 00:19:33,640 --> 00:19:36,760 Speaker 3: financial advice and dealing with financial products and all that stuff. 391 00:19:37,520 --> 00:19:39,680 Speaker 3: So all day long at a barbecue, you can give 392 00:19:39,760 --> 00:19:43,919 Speaker 3: financial advice because it's not your thing and it's just 393 00:19:44,000 --> 00:19:46,440 Speaker 3: your opinion, you don't need to be licensed. And if 394 00:19:46,440 --> 00:19:50,800 Speaker 3: someone goes and buys a block of gold or a 395 00:19:51,040 --> 00:19:53,720 Speaker 3: snuggie or something off TV because you said so and 396 00:19:53,800 --> 00:19:56,880 Speaker 3: it sucks, well, that's just on them. It goes back 397 00:19:56,920 --> 00:20:01,040 Speaker 3: to what's the core reason. Now, if I had a 398 00:20:01,480 --> 00:20:04,879 Speaker 3: get invested with Glenn TikTok, which I do, and I 399 00:20:05,000 --> 00:20:08,720 Speaker 3: make money from that, and I'm over the line of 400 00:20:08,880 --> 00:20:11,480 Speaker 3: talking about financial products and a class of products and 401 00:20:11,520 --> 00:20:16,600 Speaker 3: whatnot all day long, I think it's clear that in 402 00:20:16,640 --> 00:20:21,199 Speaker 3: that instance of being that financial influence or of influencer 403 00:20:21,880 --> 00:20:26,879 Speaker 3: all day long, I think it's pretty clear that you 404 00:20:27,040 --> 00:20:33,159 Speaker 3: might need to be licensed. Now, full disclosure, my Millennial Money, 405 00:20:33,240 --> 00:20:35,679 Speaker 3: my podcast and all the stuff we do online, all 406 00:20:35,680 --> 00:20:39,400 Speaker 3: my blogs, I actually pay for a general advice license. 407 00:20:39,840 --> 00:20:42,760 Speaker 1: So, Glenn, because you are a retired financial advisor, can 408 00:20:42,800 --> 00:20:45,440 Speaker 1: you talk us through what guidelines you have to adbide 409 00:20:45,480 --> 00:20:48,320 Speaker 1: by when you're giving financial advice and also when you 410 00:20:48,359 --> 00:20:50,520 Speaker 1: take sponsors on board for your podcast. 411 00:20:51,880 --> 00:20:56,080 Speaker 3: Yeah, So when I started my podcast, I was actually 412 00:20:56,440 --> 00:20:59,479 Speaker 3: a financial advisor. I had my bricks and mortar financial 413 00:20:59,520 --> 00:21:04,760 Speaker 3: planning business, and you know, ordinarily, if I'm just doing 414 00:21:04,840 --> 00:21:09,080 Speaker 3: my thing, and you know, I'm a financial advisor and 415 00:21:09,119 --> 00:21:12,760 Speaker 3: someone comes into my office and they want financial advice, well, 416 00:21:13,160 --> 00:21:15,920 Speaker 3: we sit down and I get their goals, I get 417 00:21:15,960 --> 00:21:22,160 Speaker 3: their needs. I really understand their personal circumstances. Then I 418 00:21:22,200 --> 00:21:25,199 Speaker 3: put together a recommendation which is in the form of 419 00:21:25,240 --> 00:21:29,359 Speaker 3: a statement of advice, which is formal financial advice, and 420 00:21:29,400 --> 00:21:33,840 Speaker 3: that actually says, high, clients, you've told me you wanted 421 00:21:35,160 --> 00:21:38,720 Speaker 3: these goals met, Well, I believe these products will help 422 00:21:38,720 --> 00:21:42,879 Speaker 3: you achieve those goals, whether it's cash flow and banking structures, 423 00:21:42,920 --> 00:21:47,919 Speaker 3: whether it's getting out of debt, whether it's superannuation or insurance, 424 00:21:48,560 --> 00:21:51,760 Speaker 3: and I give them formal financial advice. It's a document. 425 00:21:53,520 --> 00:21:57,639 Speaker 3: It's pretty big document because you know, I have to 426 00:21:57,680 --> 00:22:01,040 Speaker 3: hang my hat on that advice, and it's compliant the law. 427 00:22:01,200 --> 00:22:05,639 Speaker 3: So it's really good because the clients have paid to 428 00:22:05,720 --> 00:22:10,480 Speaker 3: get advice based on their own personal situation. Now there 429 00:22:10,520 --> 00:22:16,840 Speaker 3: are strict rules involved if you are a licensed financial advisor. 430 00:22:17,359 --> 00:22:20,600 Speaker 3: So for example, in the eighties and nineties, if you're 431 00:22:20,640 --> 00:22:25,640 Speaker 3: a financial advisor, you could you might you know, put 432 00:22:25,680 --> 00:22:27,720 Speaker 3: a whole he bit of investments over in that company 433 00:22:27,760 --> 00:22:31,440 Speaker 3: over there, and they would say, oh, Glenn, you've done 434 00:22:31,560 --> 00:22:35,720 Speaker 3: really well. Let's take you over to Hawaii on a 435 00:22:35,800 --> 00:22:37,560 Speaker 3: junket and we'll pay for it all. So there would 436 00:22:37,560 --> 00:22:41,320 Speaker 3: be more incentive for the advisor to maybe use that 437 00:22:41,320 --> 00:22:45,119 Speaker 3: product because they're getting the trip to Hawaii. So fast forward. 438 00:22:45,119 --> 00:22:47,200 Speaker 3: Now all that's been cleaned up out of the industry, 439 00:22:47,359 --> 00:22:50,480 Speaker 3: like you actually can't do it, and I'd just like 440 00:22:50,520 --> 00:22:52,399 Speaker 3: to have a jab there that I know. There are 441 00:22:52,400 --> 00:22:55,440 Speaker 3: still people in the medical profession who get flown around 442 00:22:55,480 --> 00:22:58,480 Speaker 3: the world on jackets from drug companies, but we won't 443 00:22:58,520 --> 00:23:03,359 Speaker 3: go there right now. So it has cleaned up a lot, 444 00:23:03,920 --> 00:23:07,880 Speaker 3: and there is now a code of ethics that advisor 445 00:23:07,920 --> 00:23:11,719 Speaker 3: has to go by. So, for example, if you are 446 00:23:11,760 --> 00:23:15,919 Speaker 3: a licensed financial advisor and you had a podcast, well 447 00:23:16,600 --> 00:23:22,159 Speaker 3: you really couldn't take money to sign people up to 448 00:23:22,200 --> 00:23:25,080 Speaker 3: an investment because it's just against the law. 449 00:23:26,040 --> 00:23:27,080 Speaker 2: So how does that do for them? 450 00:23:27,119 --> 00:23:32,040 Speaker 1: Because we're seeing so many finance influencers dubbed fin influencers, 451 00:23:32,480 --> 00:23:35,600 Speaker 1: how are the rules different for them? 452 00:23:35,800 --> 00:23:40,920 Speaker 3: Well, they're not licensed, so it's the wild West. And 453 00:23:41,560 --> 00:23:47,440 Speaker 3: particularly with the podcasting and Instagram world. So for example, 454 00:23:47,520 --> 00:23:52,240 Speaker 3: on our podcast, I could pretty much say, hey everyone, 455 00:23:53,280 --> 00:23:56,880 Speaker 3: it's Glennye, welcome to my millennial money. I want everyone 456 00:23:56,880 --> 00:24:01,280 Speaker 3: to go and buy you this over here. Even if 457 00:24:01,440 --> 00:24:03,880 Speaker 3: you know, everyone go buy Nike shoes. It's all good. 458 00:24:03,920 --> 00:24:06,359 Speaker 3: Just they're the best shoes ever. I could be getting 459 00:24:06,400 --> 00:24:08,720 Speaker 3: a million dollars out the back door from Nike, and 460 00:24:08,800 --> 00:24:12,639 Speaker 3: it's legal because it's the wild West where it's different 461 00:24:12,640 --> 00:24:15,720 Speaker 3: than radio. You can't do that on radio. So I 462 00:24:15,760 --> 00:24:21,440 Speaker 3: think what we're finding is that, you know, twenty first 463 00:24:21,480 --> 00:24:27,000 Speaker 3: century tech and online stuff, you know, the old laws 464 00:24:27,080 --> 00:24:29,440 Speaker 3: haven't caught up with it yet. And I'm really predicting 465 00:24:29,520 --> 00:24:32,760 Speaker 3: that in the future there will be laws in place 466 00:24:32,800 --> 00:24:36,320 Speaker 3: for podcasters, there will be laws in place for influencers, 467 00:24:37,200 --> 00:24:40,320 Speaker 3: because it is actually the wild West. And I'm very 468 00:24:40,359 --> 00:24:43,480 Speaker 3: sure when I do a podcast, if there is a 469 00:24:43,560 --> 00:24:46,879 Speaker 3: paid thing, we will disclose it in the show notes 470 00:24:47,160 --> 00:24:49,879 Speaker 3: and it will be apparent that isn't it isn't ad 471 00:24:50,000 --> 00:24:52,040 Speaker 3: like I'm still going to slip in oh and I 472 00:24:52,119 --> 00:24:55,960 Speaker 3: wear night shoes like. So, I think there has to 473 00:24:56,000 --> 00:25:00,240 Speaker 3: be a level of integrity for the individual influencer when 474 00:25:00,240 --> 00:25:02,520 Speaker 3: they are dealing with this stuff because it is the 475 00:25:02,520 --> 00:25:05,360 Speaker 3: wild West and there's actually no rules. 476 00:25:05,720 --> 00:25:09,159 Speaker 1: So does that mean say I started another podcast and 477 00:25:09,200 --> 00:25:12,760 Speaker 1: I started talking about investments and crypto with all types 478 00:25:12,760 --> 00:25:14,960 Speaker 1: of topics related to finance, Does that mean I could 479 00:25:14,960 --> 00:25:18,719 Speaker 1: just go on and spook super annuation companies and anything. 480 00:25:18,760 --> 00:25:20,760 Speaker 2: Because I absolutely, yeah. 481 00:25:20,760 --> 00:25:25,119 Speaker 3: Totally, you can do that tomorrow. You're a qualified for influencer. 482 00:25:26,440 --> 00:25:29,359 Speaker 3: And to me, it goes back to the wording in 483 00:25:29,400 --> 00:25:35,040 Speaker 3: the Corporations Act that says that it's a statement of 484 00:25:35,240 --> 00:25:41,600 Speaker 3: opinion that could influence someone. So by definition, if you 485 00:25:41,640 --> 00:25:45,480 Speaker 3: went out and created that podcast and you were like, 486 00:25:45,520 --> 00:25:49,800 Speaker 3: all right, everyone use this super company over here, or 487 00:25:49,840 --> 00:25:51,959 Speaker 3: if you created an Instagram account and say I use 488 00:25:52,040 --> 00:25:56,240 Speaker 3: this super account because it's the cheapest, you're giving an 489 00:25:56,240 --> 00:26:00,760 Speaker 3: opinion about a financial product the corporation and Zach says 490 00:26:00,800 --> 00:26:05,280 Speaker 3: that that's financial product advice. So I think it's a 491 00:26:05,440 --> 00:26:09,159 Speaker 3: very gray area. And that's why for me personally, I 492 00:26:09,320 --> 00:26:12,640 Speaker 3: pay close to forty thousand dollars a year to have 493 00:26:13,359 --> 00:26:17,480 Speaker 3: a license, a general advice license. Are we giving general 494 00:26:17,520 --> 00:26:21,800 Speaker 3: advice all day long? The Corpse Act says we're giving advice. 495 00:26:22,840 --> 00:26:26,480 Speaker 3: The question is do you need to be licensed? It's gray? 496 00:26:26,640 --> 00:26:31,000 Speaker 3: It hasn't been tested in court, and I believe I 497 00:26:31,000 --> 00:26:34,720 Speaker 3: would rather not work in the gray and just be 498 00:26:34,840 --> 00:26:36,680 Speaker 3: above reproach in that area. 499 00:26:36,960 --> 00:26:39,800 Speaker 1: I just think it's so confusing though, for the listener 500 00:26:39,880 --> 00:26:42,320 Speaker 1: or consumer of this information, because it just seems so 501 00:26:42,440 --> 00:26:46,440 Speaker 1: odd to me that someone who has qualifications in finance 502 00:26:46,840 --> 00:26:48,840 Speaker 1: they are bound by all of these rules that they 503 00:26:48,840 --> 00:26:52,680 Speaker 1: have to abide by. Yet someone who then calls themselves 504 00:26:52,760 --> 00:26:57,280 Speaker 1: a finfluencer and has no qualifications, no background experience in it, 505 00:26:57,560 --> 00:26:59,479 Speaker 1: they can just do whatever they like. I think that 506 00:26:59,520 --> 00:27:02,080 Speaker 1: their needs to be some sort of boundaries in place 507 00:27:02,080 --> 00:27:03,800 Speaker 1: for them as well. Do you think it is a 508 00:27:03,880 --> 00:27:06,280 Speaker 1: little bit unfair that they are able to play by 509 00:27:06,320 --> 00:27:07,040 Speaker 1: their own rules. 510 00:27:07,720 --> 00:27:13,080 Speaker 3: Yes, and I would actually, I guess for the benefit 511 00:27:13,200 --> 00:27:17,560 Speaker 3: of the consumer I think, and the regulator. You know, 512 00:27:18,240 --> 00:27:21,600 Speaker 3: if you have any influencer listeners or whatever that listen 513 00:27:21,600 --> 00:27:25,720 Speaker 3: to your podcast, I would actually be very very cautious 514 00:27:25,760 --> 00:27:29,119 Speaker 3: because ask have said they're like looking into this unlicensed 515 00:27:29,160 --> 00:27:33,960 Speaker 3: financial advice stuff. And by definition, if you're calling yourself 516 00:27:33,960 --> 00:27:39,359 Speaker 3: a finfluencer, you are influencing people about money and finance 517 00:27:39,440 --> 00:27:45,439 Speaker 3: and that often includes products. And I honestly think my 518 00:27:45,960 --> 00:27:47,440 Speaker 3: you know, and I've thought about this for a whole 519 00:27:47,440 --> 00:27:51,800 Speaker 3: ten minutes, but I'm kind of thinking maybe there should 520 00:27:51,800 --> 00:27:57,440 Speaker 3: be some type of regulation that if you've got influence 521 00:27:57,680 --> 00:28:01,199 Speaker 3: over say five thousand people or ten whatever the threshold is, 522 00:28:01,760 --> 00:28:05,040 Speaker 3: or you generate an income of over this amount and 523 00:28:05,080 --> 00:28:07,560 Speaker 3: you are talking about money, you need to be licensed. 524 00:28:08,080 --> 00:28:11,160 Speaker 1: What is so crazy is that finance brands and banks 525 00:28:11,480 --> 00:28:13,960 Speaker 1: they're going to opt to go with someone who doesn't 526 00:28:14,080 --> 00:28:17,320 Speaker 1: who isn't restricted by guidelines. So this is just pumping 527 00:28:17,400 --> 00:28:21,480 Speaker 1: up these unqualified influencers more, filling their pockets with more money. 528 00:28:21,720 --> 00:28:24,920 Speaker 1: And that it's even more harmful because it's really confusing 529 00:28:25,240 --> 00:28:28,440 Speaker 1: for consumers to know who is qualified and who isn't 530 00:28:28,480 --> 00:28:30,840 Speaker 1: qualified and who they should be taking advice for. 531 00:28:30,960 --> 00:28:32,480 Speaker 2: Do you think it is quite. 532 00:28:32,240 --> 00:28:36,600 Speaker 1: Concerning that these consumers are unknowingly receiving unlicensed information? 533 00:28:37,840 --> 00:28:42,520 Speaker 3: Oh? Absolutely? And I mean I follow a few influencers 534 00:28:42,600 --> 00:28:45,960 Speaker 3: on Instagram because you know, I'm out there, I've got 535 00:28:45,960 --> 00:28:47,920 Speaker 3: a money podcast. I want to keep my finger on 536 00:28:47,960 --> 00:28:49,640 Speaker 3: the pulse what all the cool people are doing and 537 00:28:49,680 --> 00:28:54,120 Speaker 3: all that stuff. And I say that jokingly because I'm old, right, 538 00:28:55,520 --> 00:28:58,840 Speaker 3: I'm not twenty three with a banging Instagram account or 539 00:28:58,840 --> 00:29:03,280 Speaker 3: TikTok follows or anything like that. But I think it's 540 00:29:03,920 --> 00:29:06,000 Speaker 3: I like to keep my finger the poles. I don't 541 00:29:06,040 --> 00:29:09,080 Speaker 3: know where I was going with this, but I think 542 00:29:09,160 --> 00:29:13,000 Speaker 3: it's actually the same as like if we forget the 543 00:29:13,040 --> 00:29:16,280 Speaker 3: word of influencers and we actually go and talk about 544 00:29:16,680 --> 00:29:21,840 Speaker 3: health and wellness and what about ice. You know, Glenn 545 00:29:21,920 --> 00:29:27,040 Speaker 3: James starts an investment, Sorry, Glenn James starts an instagram 546 00:29:27,120 --> 00:29:30,280 Speaker 3: like health with Glenn, you know, follow me for all 547 00:29:30,320 --> 00:29:33,520 Speaker 3: your health tips, And I could get really big and 548 00:29:33,560 --> 00:29:35,880 Speaker 3: I could be actually saying the biggest load of crap 549 00:29:36,360 --> 00:29:40,840 Speaker 3: and people are actually taking i don't know, lemon scented 550 00:29:40,920 --> 00:29:45,280 Speaker 3: water drinks or something weird to cure cancer. Because I said, 551 00:29:45,280 --> 00:29:47,760 Speaker 3: it works like it's actually no different to the health 552 00:29:47,800 --> 00:29:52,880 Speaker 3: stuff and it's equally concerning the health side of it. 553 00:29:53,000 --> 00:29:55,320 Speaker 1: In my opinion, that's such a good point because I 554 00:29:55,320 --> 00:29:57,880 Speaker 1: feel like people are sort of waking up to those 555 00:29:58,200 --> 00:30:00,400 Speaker 1: health and wellness influences and a lot of people are 556 00:30:00,440 --> 00:30:03,280 Speaker 1: now calling out their practices. But I think that a 557 00:30:03,320 --> 00:30:06,560 Speaker 1: lot of consumers we just don't know. We don't know 558 00:30:06,640 --> 00:30:09,400 Speaker 1: the rules regarding influencers. So it's really great to actually 559 00:30:09,400 --> 00:30:11,320 Speaker 1: have you on clearing up a lot of this because 560 00:30:11,320 --> 00:30:12,920 Speaker 1: I feel like a lot of our listeners will actually 561 00:30:13,040 --> 00:30:15,760 Speaker 1: take something away from this. But it's also confusing because 562 00:30:15,800 --> 00:30:19,640 Speaker 1: recently the government has come out and said that taking 563 00:30:19,680 --> 00:30:23,400 Speaker 1: advice from an unqualified financial influencer is like getting advice 564 00:30:23,480 --> 00:30:26,120 Speaker 1: from your mate down at the pub. I just think 565 00:30:26,160 --> 00:30:28,840 Speaker 1: it's kind of confusing because I thought they'd be wanting 566 00:30:28,880 --> 00:30:31,440 Speaker 1: to set strict guidelines in place. What do you make 567 00:30:31,480 --> 00:30:33,680 Speaker 1: of the government's recent comments about it? 568 00:30:34,280 --> 00:30:38,520 Speaker 3: Yeah, so I think, like anything, Jane Hume, who is 569 00:30:38,560 --> 00:30:42,000 Speaker 3: the senator who looks after all the financial services stuff, 570 00:30:43,000 --> 00:30:47,040 Speaker 3: I honestly think maybe she just got caught up in 571 00:30:47,080 --> 00:30:53,240 Speaker 3: a throwaway line. You know. I just don't know, And 572 00:30:53,360 --> 00:30:57,000 Speaker 3: all I know is one she's been on my podcast before. 573 00:30:57,040 --> 00:30:58,360 Speaker 3: I'm going to get her to try and come back 574 00:30:58,400 --> 00:31:01,320 Speaker 3: on my podcast and talk about this. I have feeling 575 00:31:01,320 --> 00:31:07,160 Speaker 3: sull decline, but I'm still going to ask. But I 576 00:31:07,320 --> 00:31:09,800 Speaker 3: just just got to look at the regulator, and we 577 00:31:09,840 --> 00:31:14,480 Speaker 3: know that ACIK are looking at this stuff, and I 578 00:31:14,600 --> 00:31:19,880 Speaker 3: for one am not dicking around with ACIK like as 579 00:31:19,920 --> 00:31:23,000 Speaker 3: simple as that, because this stuff hasn't been tested in 580 00:31:23,040 --> 00:31:25,600 Speaker 3: court and I don't want to be the first one 581 00:31:26,320 --> 00:31:29,480 Speaker 3: that gets wheeled into court because a lot of the 582 00:31:29,480 --> 00:31:33,480 Speaker 3: times the regulator if it's gray, right, There's been cases 583 00:31:33,600 --> 00:31:36,960 Speaker 3: like in the late nineties, I forget the case off 584 00:31:37,000 --> 00:31:40,080 Speaker 3: the top of my head, but there was a case 585 00:31:40,120 --> 00:31:42,840 Speaker 3: that ACIK wanted to try. They didn't know the outcome 586 00:31:42,880 --> 00:31:46,640 Speaker 3: of and they paid the person they were suing legal fees. 587 00:31:47,120 --> 00:31:49,320 Speaker 3: So it was pretty much like, all right, here's a 588 00:31:49,360 --> 00:31:51,920 Speaker 3: couple of million dollars, go get the best legal device 589 00:31:51,960 --> 00:31:53,440 Speaker 3: you can get. We're going to sue you to see 590 00:31:53,480 --> 00:31:56,400 Speaker 3: if this stands up in court. And because all this 591 00:31:56,480 --> 00:31:59,400 Speaker 3: stuff's gray, I don't want to be the first one 592 00:31:59,440 --> 00:32:02,440 Speaker 3: that's you know, heading into the court to be tested. 593 00:32:03,320 --> 00:32:08,040 Speaker 3: Because if you're found guilty of being out there providing 594 00:32:08,160 --> 00:32:12,720 Speaker 3: unlicensed financial advice, there can be prison time and over 595 00:32:12,840 --> 00:32:16,080 Speaker 3: one hundred thousand dollars worth of fines. And this is 596 00:32:16,200 --> 00:32:19,520 Speaker 3: why we just can't mess around with this stuff. And 597 00:32:19,560 --> 00:32:22,479 Speaker 3: I'm not against people making a living online totally. I 598 00:32:22,560 --> 00:32:25,920 Speaker 3: want everyone to have a banging Instagram, but I just 599 00:32:26,160 --> 00:32:30,160 Speaker 3: am worried that it's just the wild West out there. 600 00:32:30,280 --> 00:32:34,400 Speaker 1: Yeah, it is going to take one influencer to kind 601 00:32:34,440 --> 00:32:35,640 Speaker 1: of be made an example of. 602 00:32:35,680 --> 00:32:36,840 Speaker 2: I think in this situation. 603 00:32:37,000 --> 00:32:40,200 Speaker 1: And what I find really interesting is I wonder if 604 00:32:40,680 --> 00:32:44,160 Speaker 1: the brand, the finance brand that they're promoting will also 605 00:32:44,960 --> 00:32:45,440 Speaker 1: be held. 606 00:32:45,560 --> 00:32:46,720 Speaker 2: Won't be a great response, It. 607 00:32:46,720 --> 00:32:48,560 Speaker 1: Won't be great pr for anybody involved. 608 00:32:48,600 --> 00:32:51,960 Speaker 3: No, And this is why, you know, you just have 609 00:32:52,040 --> 00:32:55,600 Speaker 3: to be aware of the playing field. And I just 610 00:32:55,840 --> 00:32:59,240 Speaker 3: caution everybody. You go back to that young lady who 611 00:32:59,280 --> 00:33:00,800 Speaker 3: was doing the health stuff, I think it was Bell 612 00:33:00,920 --> 00:33:04,720 Speaker 3: or something and she was then yeah, like, it's actually 613 00:33:04,760 --> 00:33:07,080 Speaker 3: no different than that, and it can be life or 614 00:33:07,080 --> 00:33:11,520 Speaker 3: death consequences in terms of financial death. And sure, given 615 00:33:11,560 --> 00:33:14,160 Speaker 3: a lot of these people you're influencing, like they're not 616 00:33:14,280 --> 00:33:17,080 Speaker 3: high income earners, Like if you had five hundred thousand 617 00:33:17,080 --> 00:33:20,959 Speaker 3: dollars to invest, I'm pretty much confident I'm not going 618 00:33:21,040 --> 00:33:25,360 Speaker 3: to do what someone says on Instagram. But you just 619 00:33:25,480 --> 00:33:30,640 Speaker 3: don't know because these people do have influence. And yeah, 620 00:33:30,720 --> 00:33:33,080 Speaker 3: I just can't operate in that area. And that's why 621 00:33:33,200 --> 00:33:36,320 Speaker 3: I've got a license for general advice. You guys like 622 00:33:36,400 --> 00:33:38,680 Speaker 3: talk about a lot of like gossipy stuff. Are we 623 00:33:38,680 --> 00:33:40,720 Speaker 3: going to get to the gossip soon? Yeah? 624 00:33:40,800 --> 00:33:46,240 Speaker 1: Yeah, Like Glen wants Glen wants the tea he wants, Yeah, 625 00:33:46,240 --> 00:33:46,840 Speaker 1: that's right. 626 00:33:46,720 --> 00:33:48,600 Speaker 3: And you know, I listened to your vodcast on Guys. 627 00:33:48,760 --> 00:33:49,480 Speaker 3: I wait here for. 628 00:33:49,640 --> 00:33:51,200 Speaker 2: Right, it is my next question. 629 00:33:51,280 --> 00:33:55,000 Speaker 3: Actually, oh so let's just kind of step back a 630 00:33:55,040 --> 00:34:00,240 Speaker 3: bit just to really give another practical example. That Day 631 00:34:00,280 --> 00:34:04,479 Speaker 3: show Sunrise. You know they've got a money segment. You know, 632 00:34:04,680 --> 00:34:07,640 Speaker 3: I was on Today Extra the other day, first time 633 00:34:07,680 --> 00:34:10,000 Speaker 3: on Today Extra. So that Today Show might have a 634 00:34:10,000 --> 00:34:13,560 Speaker 3: money segment, and they might talk about super So we 635 00:34:13,640 --> 00:34:15,960 Speaker 3: know that they've talked about a class of products. So 636 00:34:16,000 --> 00:34:20,279 Speaker 3: they're already in that financial product advice territory because they've 637 00:34:20,280 --> 00:34:24,640 Speaker 3: talked about the class of product. Now the reason they 638 00:34:24,680 --> 00:34:28,640 Speaker 3: don't need a general advice license is because money isn't 639 00:34:28,680 --> 00:34:32,440 Speaker 3: their core business. Their core businesses or Today's show, we've 640 00:34:32,440 --> 00:34:35,840 Speaker 3: got Karl here, you know, talking with people getting fired 641 00:34:35,840 --> 00:34:41,480 Speaker 3: and then getting rehired because it actually makes us money. Like, oh, 642 00:34:41,560 --> 00:34:43,600 Speaker 3: I also held a logo the other day. I've picked 643 00:34:43,600 --> 00:34:47,880 Speaker 3: it up in the studio. It was heavy anyway, you. 644 00:34:47,960 --> 00:34:50,920 Speaker 1: Just pretended for a moment that that was yours exactly. 645 00:34:51,280 --> 00:34:54,080 Speaker 3: So I think it's so it's just clear to know 646 00:34:54,320 --> 00:34:58,360 Speaker 3: because the Today Show and Sunrise don't have a business 647 00:34:58,400 --> 00:35:01,319 Speaker 3: in the background influencing people as they call business with 648 00:35:01,400 --> 00:35:05,360 Speaker 3: money and making recommendations. That's why they don't need the 649 00:35:05,360 --> 00:35:06,440 Speaker 3: general advice license. 650 00:35:07,280 --> 00:35:08,439 Speaker 2: So that makes where we go back. 651 00:35:08,800 --> 00:35:13,280 Speaker 3: We go back to get invested with Glenn's TikTok. Well, 652 00:35:13,880 --> 00:35:18,560 Speaker 3: my whole thing for my account is money. Yeah, people 653 00:35:18,640 --> 00:35:21,759 Speaker 3: send me DM saying what should I invest in? And 654 00:35:21,840 --> 00:35:24,680 Speaker 3: I don't know if it's going to cut it by saying, hey, 655 00:35:24,920 --> 00:35:29,000 Speaker 3: I'm not an advisor, get your own advice, but have 656 00:35:29,040 --> 00:35:30,120 Speaker 3: a look at this investment here. 657 00:35:30,320 --> 00:35:30,560 Speaker 1: Hmm. 658 00:35:31,160 --> 00:35:32,120 Speaker 2: That's such a good point. 659 00:35:32,960 --> 00:35:35,920 Speaker 3: But also I'm not a lawyer. This stuff hasn't been 660 00:35:36,000 --> 00:35:41,160 Speaker 3: tested in court, and it's still the wild West. We 661 00:35:41,239 --> 00:35:47,600 Speaker 3: all know with new stuff, the law catches up, society 662 00:35:47,640 --> 00:35:48,239 Speaker 3: catches up. 663 00:35:48,560 --> 00:35:51,400 Speaker 1: Now, Glenn, you touched on a bit of controversy before, 664 00:35:51,840 --> 00:35:54,080 Speaker 1: so we're going to get into it. So last week, 665 00:35:54,200 --> 00:35:58,200 Speaker 1: micro influencer Maddie Waltons, who works in retail but runs 666 00:35:58,239 --> 00:36:01,720 Speaker 1: her account money with Maddie Now, she called financial advisor 667 00:36:01,840 --> 00:36:05,800 Speaker 1: Victoria Divine out for her collaboration with six Park, saying 668 00:36:05,800 --> 00:36:10,080 Speaker 1: that Victoria didn't completely disclose her financial benefits. Now, it 669 00:36:10,120 --> 00:36:14,480 Speaker 1: appears the Financial Review incorrectly referred to the partnership as 670 00:36:14,520 --> 00:36:18,200 Speaker 1: a form of referral, which has subsequently been clarified as 671 00:36:18,239 --> 00:36:21,440 Speaker 1: a revenue share agreement. Firstly, I'd love to know what 672 00:36:21,480 --> 00:36:24,560 Speaker 1: your reaction is to the story, and also maybe can 673 00:36:24,600 --> 00:36:27,600 Speaker 1: you go into the rules around referrals. 674 00:36:28,360 --> 00:36:32,200 Speaker 3: Well, my reaction was like, everyone, Oh, grab some popcorn, 675 00:36:32,280 --> 00:36:35,560 Speaker 3: let's have a read here. But no, firstly, I want 676 00:36:35,600 --> 00:36:39,840 Speaker 3: to say, full disclosure, I'm friends with Victoria. Full disclosure. 677 00:36:39,920 --> 00:36:44,440 Speaker 3: I've met Maddie. I think Tash was involved with that. 678 00:36:44,560 --> 00:36:47,680 Speaker 3: I've met all of them. I don't have a dog 679 00:36:47,719 --> 00:36:51,680 Speaker 3: in this fight, but I will say a couple of things. 680 00:36:53,239 --> 00:36:57,200 Speaker 3: Sure Victoria, I think, and she since clarified. I think 681 00:36:57,239 --> 00:37:00,319 Speaker 3: she did a podcast and clarified it. I think she 682 00:37:00,320 --> 00:37:04,839 Speaker 3: did another one or amended that clarification. And sure, she 683 00:37:05,440 --> 00:37:09,200 Speaker 3: obviously wasn't taking a referral fee. So if she was 684 00:37:09,239 --> 00:37:12,880 Speaker 3: taking a referral fee, there would be more incentive for 685 00:37:12,960 --> 00:37:15,840 Speaker 3: her to sign up as many individual people as possible. 686 00:37:16,280 --> 00:37:20,000 Speaker 3: But we know that, you know, I make money, you 687 00:37:20,040 --> 00:37:22,799 Speaker 3: make money. Everyone makes money. We get that she may 688 00:37:22,840 --> 00:37:26,480 Speaker 3: have got lost in the semantics of the words, but 689 00:37:26,520 --> 00:37:31,120 Speaker 3: that's all being clarified and put to bed. So I 690 00:37:31,160 --> 00:37:34,840 Speaker 3: think one other confusing thing that was out there that 691 00:37:34,920 --> 00:37:40,040 Speaker 3: I saw that I'm not against six Park. I'm not 692 00:37:40,120 --> 00:37:44,640 Speaker 3: against Victoria, I'm not against anyone. Actually don't actually wish 693 00:37:44,760 --> 00:37:50,480 Speaker 3: ill upon anyone. But there was misunderstanding about what six 694 00:37:50,560 --> 00:37:55,520 Speaker 3: Park was and the benefits because it's actually formal advice. 695 00:37:55,560 --> 00:37:58,920 Speaker 3: You get that statement of advice. And I don't want 696 00:37:58,920 --> 00:38:01,160 Speaker 3: to bore everyone to tears, but if you want to 697 00:38:01,200 --> 00:38:03,920 Speaker 3: actually understand a bit under the hood in a technical 698 00:38:03,960 --> 00:38:07,160 Speaker 3: way about six Park and how all that works with 699 00:38:07,320 --> 00:38:11,000 Speaker 3: robo advice, there's an episode over on My Millennial Money 700 00:38:11,400 --> 00:38:13,880 Speaker 3: and we go deep on the technicality side of that. 701 00:38:15,600 --> 00:38:18,120 Speaker 3: So all to say that the clab with six Park 702 00:38:18,280 --> 00:38:22,520 Speaker 3: that was legit. Six parks legit. I know six Park 703 00:38:22,760 --> 00:38:26,080 Speaker 3: when they reached out, I think someone asked, six Park 704 00:38:26,120 --> 00:38:28,279 Speaker 3: do you have advisors working there? And I think their 705 00:38:28,360 --> 00:38:30,640 Speaker 3: chatbot or email things said no, we do not have 706 00:38:30,680 --> 00:38:33,759 Speaker 3: advisors here. Where it's like, well, no, your computer produces 707 00:38:33,800 --> 00:38:37,600 Speaker 3: formal financial advice. So there was actually a few things 708 00:38:38,120 --> 00:38:41,879 Speaker 3: that was in this teacup swirling around. There was some 709 00:38:43,640 --> 00:38:49,520 Speaker 3: semantics with wording. There was not understanding that six Park 710 00:38:49,600 --> 00:38:54,480 Speaker 3: actually provided formal financial advice. And the whole thing is like, 711 00:38:55,960 --> 00:38:58,600 Speaker 3: and this is the struggle we all have as podcasters right. 712 00:38:59,440 --> 00:39:04,040 Speaker 3: We have listeners from the whole spectrum, right, and we 713 00:39:04,160 --> 00:39:07,080 Speaker 3: have to do this show and try and please everyone. 714 00:39:08,520 --> 00:39:10,560 Speaker 3: And someone could say, well, why are you doing six Park? 715 00:39:11,239 --> 00:39:14,480 Speaker 3: You need at least five thousand dollars before you get invested. Well, 716 00:39:14,480 --> 00:39:16,919 Speaker 3: believe it or not. If you don't have five thousand dollars, 717 00:39:17,000 --> 00:39:19,680 Speaker 3: that's okay, it's not for you. There can be other 718 00:39:19,719 --> 00:39:22,959 Speaker 3: people that have thirty or forty thousand dollars laying around 719 00:39:22,960 --> 00:39:25,719 Speaker 3: they don't know what to do with it. So I've 720 00:39:25,719 --> 00:39:29,640 Speaker 3: had to like really try and understand myself. If I 721 00:39:29,680 --> 00:39:32,359 Speaker 3: see stuff online and I get outraged, like how can 722 00:39:32,400 --> 00:39:34,719 Speaker 3: they do that? Well, okay, well it's obviously not for me, 723 00:39:35,200 --> 00:39:38,319 Speaker 3: and that's okay. So I think there's just it was 724 00:39:38,360 --> 00:39:41,400 Speaker 3: a big teacup with a lot of things moving. And 725 00:39:42,760 --> 00:39:46,000 Speaker 3: good on the girls for, you know, asking for some clarity. 726 00:39:46,800 --> 00:39:50,799 Speaker 3: Totally get that, And good on Victoria for also being 727 00:39:50,920 --> 00:39:53,840 Speaker 3: open with a bloody AFR. Because if there's someone I 728 00:39:53,880 --> 00:39:57,000 Speaker 3: don't want to dick with, it's the ASSIC and the AFR. 729 00:39:58,160 --> 00:40:00,680 Speaker 3: They're the two acronyms, whereas like and they're probably the 730 00:40:00,760 --> 00:40:03,040 Speaker 3: ato in there. There's three acronyms that I don't want 731 00:40:03,040 --> 00:40:03,719 Speaker 3: to mess around with. 732 00:40:03,880 --> 00:40:06,799 Speaker 1: Right, it seems like there is this sort of war 733 00:40:06,880 --> 00:40:11,600 Speaker 1: against financial advisors and the finfluencers. Do you think there 734 00:40:11,760 --> 00:40:16,000 Speaker 1: is some kind of motivation for some finance influencers to 735 00:40:16,120 --> 00:40:18,600 Speaker 1: try and push these type of stories to tear the 736 00:40:18,640 --> 00:40:22,319 Speaker 1: financial advisors down, because obviously they're all competing for the 737 00:40:22,320 --> 00:40:25,480 Speaker 1: same sponsorship revenue. What do you think some of the 738 00:40:25,520 --> 00:40:27,480 Speaker 1: motivation for these type of stories are. 739 00:40:28,280 --> 00:40:33,040 Speaker 3: I think there's the biggest fight out there online is 740 00:40:33,120 --> 00:40:37,919 Speaker 3: for attention, and if you can make some noise right 741 00:40:38,040 --> 00:40:42,480 Speaker 3: or wrong, you'll get attention. So yeah, I just think 742 00:40:42,520 --> 00:40:49,000 Speaker 3: it's it's wild and yeah, it's good times. But I 743 00:40:49,239 --> 00:40:53,160 Speaker 3: honestly think there will be change coming from the regulators. 744 00:40:53,480 --> 00:40:55,080 Speaker 1: I was going to ask you that, Glenn, what do 745 00:40:55,120 --> 00:40:56,680 Speaker 1: you think needs to change about the rules? 746 00:40:57,719 --> 00:41:00,720 Speaker 3: Well, I think, going back to what I said before, 747 00:41:00,800 --> 00:41:04,800 Speaker 3: like if I'm running my millennial money and I'm generating 748 00:41:05,160 --> 00:41:09,160 Speaker 3: an income and I've got over X amount of followers 749 00:41:09,239 --> 00:41:12,240 Speaker 3: or over X amount of income, I think you should 750 00:41:12,280 --> 00:41:14,719 Speaker 3: just have to have a general advice license, as simple 751 00:41:14,760 --> 00:41:18,799 Speaker 3: as that. So I honestly think in terms of the 752 00:41:18,920 --> 00:41:24,560 Speaker 3: money scene, the regulators probably need to step out and say, yeah, 753 00:41:24,680 --> 00:41:27,880 Speaker 3: if you influence over X amount of people, or you 754 00:41:27,960 --> 00:41:33,280 Speaker 3: generate over X amount per year on that money account. 755 00:41:33,800 --> 00:41:36,960 Speaker 3: That is a core business. You are influencing people about 756 00:41:37,080 --> 00:41:40,760 Speaker 3: money and all that stuff, because I've watched influences online 757 00:41:41,320 --> 00:41:44,080 Speaker 3: say stuff about money and it's been categorically incorrect. 758 00:41:44,840 --> 00:41:47,759 Speaker 2: Yeah, definitely, Well, thank you so much, Glinton. Yea, that 759 00:41:47,800 --> 00:41:48,560 Speaker 2: was great, Thank you. 760 00:41:51,040 --> 00:41:52,840 Speaker 1: I think it is going to be so interesting to 761 00:41:52,880 --> 00:41:56,319 Speaker 1: see this time next year what new guidelines are in place, 762 00:41:56,360 --> 00:41:59,560 Speaker 1: because I do think major changes need to be made. 763 00:41:59,760 --> 00:42:04,200 Speaker 1: The fact that these unqualified finance influencers aren't bound by 764 00:42:04,200 --> 00:42:08,480 Speaker 1: the same guidelines as financial advisors is just so wrong 765 00:42:08,520 --> 00:42:11,760 Speaker 1: to me, because they can push the boundaries when promoting 766 00:42:11,800 --> 00:42:15,840 Speaker 1: financial products. I think it's also quite disturbing because because 767 00:42:15,880 --> 00:42:18,680 Speaker 1: they aren't bound by these guidelines, they are more appealing 768 00:42:18,719 --> 00:42:21,800 Speaker 1: to big brands who want to use more persuasive language 769 00:42:21,800 --> 00:42:25,160 Speaker 1: and have calls to action during these adverts. The financial 770 00:42:25,200 --> 00:42:29,799 Speaker 1: advisors legally and ethically don't give well. Just on the 771 00:42:29,840 --> 00:42:33,240 Speaker 1: issue of brands, I do wonder if some big brands 772 00:42:33,320 --> 00:42:35,920 Speaker 1: are going to reassess whether they do want to use 773 00:42:36,040 --> 00:42:40,280 Speaker 1: unlicensed influencers in the future to promote their products, because 774 00:42:40,840 --> 00:42:43,960 Speaker 1: they do lack a lot of credibility, and we are 775 00:42:44,000 --> 00:42:47,160 Speaker 1: going to see in the future. I believe some influencers 776 00:42:47,160 --> 00:42:49,520 Speaker 1: who are unlicensed held to account. And if you're a 777 00:42:49,520 --> 00:42:51,879 Speaker 1: big brand, you might be saying far our. I don't 778 00:42:51,880 --> 00:42:53,640 Speaker 1: know if I want to be made an example and 779 00:42:53,719 --> 00:42:56,680 Speaker 1: attached to those kinds of people. Yeah, and also it 780 00:42:56,719 --> 00:42:59,799 Speaker 1: does make me really think about the influencers involved in 781 00:42:59,800 --> 00:43:04,240 Speaker 1: this Victoria Divine story. So for me learning the fact 782 00:43:04,320 --> 00:43:08,720 Speaker 1: that these unlicensed influencers can actually gain this referral money 783 00:43:08,800 --> 00:43:12,239 Speaker 1: and also you know, do whatever they want basically with sponsors, 784 00:43:12,680 --> 00:43:15,520 Speaker 1: it does make me think, well, is there a reason 785 00:43:15,560 --> 00:43:19,200 Speaker 1: why these two women have decided to drag Victoria down? 786 00:43:19,280 --> 00:43:21,960 Speaker 1: Because I do think that. I mean, they're working with 787 00:43:22,040 --> 00:43:25,400 Speaker 1: sponsors that she also works with. So if they are 788 00:43:25,440 --> 00:43:28,719 Speaker 1: pointing out that this is ethically and also claiming that 789 00:43:28,800 --> 00:43:32,280 Speaker 1: it is legally not right, and then getting this information 790 00:43:32,360 --> 00:43:35,640 Speaker 1: in the Australian Financial Review, for people and brands that 791 00:43:35,719 --> 00:43:39,160 Speaker 1: don't actually understand that, hey, Victoria actually didn't do anything 792 00:43:39,200 --> 00:43:43,000 Speaker 1: wrong here, they might not want to actually sponsor her. Well, yeah, 793 00:43:43,080 --> 00:43:45,200 Speaker 1: they've got a lot to gain, don't they by dragging 794 00:43:45,239 --> 00:43:49,239 Speaker 1: someone like Victoria Divine down because she is arguably the 795 00:43:49,320 --> 00:43:53,000 Speaker 1: biggest finance influencer in the country, and if she's not 796 00:43:53,080 --> 00:43:55,720 Speaker 1: in the picture anymore, that's going to give other people 797 00:43:55,719 --> 00:43:58,040 Speaker 1: the opportunity. I don't know whether that is their motivation, 798 00:43:58,120 --> 00:44:00,560 Speaker 1: it might not be at all, but it does seem 799 00:44:00,600 --> 00:44:02,480 Speaker 1: a bit iffy that this sort of stuff is going on. Well, 800 00:44:02,560 --> 00:44:05,279 Speaker 1: I'm really worried that there is a vendetta going on 801 00:44:05,320 --> 00:44:07,279 Speaker 1: because as someone who is part of the She's on 802 00:44:07,320 --> 00:44:11,200 Speaker 1: the Money community, these two girls were actually removed a 803 00:44:11,239 --> 00:44:15,920 Speaker 1: few weeks ago for distributing factually incorrect information and also 804 00:44:16,000 --> 00:44:19,759 Speaker 1: breaching community standards of self promotion. So these two girls 805 00:44:19,800 --> 00:44:23,200 Speaker 1: were actually trying to promote their own pages in the group, 806 00:44:23,600 --> 00:44:27,360 Speaker 1: and clearly for Victoria, who is a financial advisor, she 807 00:44:27,400 --> 00:44:30,279 Speaker 1: would be very against unqualified people putting out that sort 808 00:44:30,280 --> 00:44:30,920 Speaker 1: of information. 809 00:44:31,360 --> 00:44:32,320 Speaker 2: Do you know what's crazy? 810 00:44:32,400 --> 00:44:35,040 Speaker 1: Because you think about in twenty twenty one, we all 811 00:44:35,080 --> 00:44:39,160 Speaker 1: seem to be so savvy about wellness influencers and everybody 812 00:44:39,200 --> 00:44:41,720 Speaker 1: seems to be calling out health and fitness and wellness 813 00:44:41,719 --> 00:44:45,880 Speaker 1: influencers for spreading misinformation. But it seems like we're only 814 00:44:46,080 --> 00:44:48,359 Speaker 1: now becoming clued on to the fact that a lot 815 00:44:48,400 --> 00:44:54,040 Speaker 1: of these finance influencers have no credibility, they have no qualifications. 816 00:44:54,239 --> 00:44:56,320 Speaker 1: It doesn't seem like we're that concerned by me. It 817 00:44:56,360 --> 00:44:59,320 Speaker 1: seems like we will still consume the government aren't concerned 818 00:44:59,360 --> 00:45:02,000 Speaker 1: about it. I think people are unaware because I did 819 00:45:02,000 --> 00:45:06,160 Speaker 1: come across tash invest page before and I wasn't aware 820 00:45:06,160 --> 00:45:08,840 Speaker 1: that she was a disability worker. I just assumed she 821 00:45:08,960 --> 00:45:12,560 Speaker 1: was a financial advisor because I didn't really look much 822 00:45:12,640 --> 00:45:15,160 Speaker 1: into it. And that's the thing, though, there's nothing wrong 823 00:45:15,440 --> 00:45:20,440 Speaker 1: with someone taking interest in being financially literate, but it 824 00:45:20,520 --> 00:45:23,160 Speaker 1: does get into a gray area when you are telling 825 00:45:23,200 --> 00:45:25,600 Speaker 1: other people what to do with their finances. And as 826 00:45:25,640 --> 00:45:29,719 Speaker 1: Glenn said, this gray area because if they are giving 827 00:45:29,760 --> 00:45:33,160 Speaker 1: financial advice, they should be under the same laws that 828 00:45:33,640 --> 00:45:37,600 Speaker 1: a qualified financial advisor is under, because it's, as Glenn said, 829 00:45:37,600 --> 00:45:38,600 Speaker 1: it's the wild West. 830 00:45:38,640 --> 00:45:39,840 Speaker 2: Otherwise, you did. 831 00:45:39,719 --> 00:45:41,640 Speaker 1: Touch on this before, aiming I think there is a 832 00:45:41,640 --> 00:45:44,240 Speaker 1: lot of tall poppy syndrome going around at the moment, 833 00:45:44,280 --> 00:45:47,479 Speaker 1: particularly with Victoria divine and sadly, I think the fact 834 00:45:47,520 --> 00:45:51,120 Speaker 1: that she is a young, successful woman has a lot 835 00:45:51,160 --> 00:45:51,920 Speaker 1: to do with it. 836 00:45:52,160 --> 00:45:54,080 Speaker 2: I mean, if you look at Glenn. 837 00:45:53,719 --> 00:45:57,920 Speaker 1: Who is also a very successful host of a money podcast, 838 00:45:58,200 --> 00:46:02,319 Speaker 1: he does not receive the scrutiny that Victoria receipts. You 839 00:46:02,440 --> 00:46:04,680 Speaker 1: just have to look at Victoria's reviews to see that 840 00:46:04,760 --> 00:46:08,080 Speaker 1: she is being unfairly targeted for some reason, and it 841 00:46:08,160 --> 00:46:10,920 Speaker 1: is very clear that I don't know, for some reason, 842 00:46:10,960 --> 00:46:13,000 Speaker 1: we don't like to see a woman doing really well. 843 00:46:13,080 --> 00:46:13,680 Speaker 2: Yeah, it is. 844 00:46:13,760 --> 00:46:15,680 Speaker 1: It is so true because I think a lot of 845 00:46:15,680 --> 00:46:18,399 Speaker 1: the same audience that would listen to Glenn also listen 846 00:46:18,480 --> 00:46:20,920 Speaker 1: to Victoria. And as as you said, the reviews are 847 00:46:20,920 --> 00:46:23,240 Speaker 1: really different. I mean, there's one thing if you're reviewing 848 00:46:23,239 --> 00:46:26,520 Speaker 1: someone and you're actually legitimately giving them something to work on. 849 00:46:26,560 --> 00:46:28,600 Speaker 2: Maybe it's the structure of their podcast. 850 00:46:28,320 --> 00:46:30,520 Speaker 1: But there are a lot of reviews which do tear 851 00:46:30,600 --> 00:46:33,840 Speaker 1: her down her personality. Yeah, I do find it interesting 852 00:46:33,920 --> 00:46:37,080 Speaker 1: that it's two young women that are trying to sort 853 00:46:37,120 --> 00:46:39,600 Speaker 1: of drag her down. Yeah, it is really awkward because 854 00:46:39,600 --> 00:46:41,680 Speaker 1: when I was researching this topic, I did have a 855 00:46:41,719 --> 00:46:44,640 Speaker 1: look at tash invest TikTok page and one of her 856 00:46:44,640 --> 00:46:47,960 Speaker 1: popular videos was her actually talking about how she received 857 00:46:47,960 --> 00:46:50,879 Speaker 1: a comment from Victoria define and how she was fanned. 858 00:46:50,560 --> 00:46:52,480 Speaker 2: Going over it. So it is crazy. 859 00:46:52,520 --> 00:46:54,760 Speaker 1: In just a few months it has blown up into 860 00:46:54,840 --> 00:46:57,399 Speaker 1: this kind of feud between the pair. I am really 861 00:46:57,400 --> 00:46:59,640 Speaker 1: interested to see what does happen in the future because 862 00:46:59,680 --> 00:47:02,440 Speaker 1: they have I've been calls by senior finance lecturers at 863 00:47:02,560 --> 00:47:06,319 Speaker 1: r MIT for social media to introduce wealth warnings on 864 00:47:06,400 --> 00:47:08,880 Speaker 1: social media content, and I think this is a great 865 00:47:08,960 --> 00:47:12,520 Speaker 1: idea because at the moment there are unlicensed influencers who 866 00:47:12,600 --> 00:47:15,840 Speaker 1: are able to say anything they want without any repercussions. 867 00:47:16,360 --> 00:47:18,520 Speaker 1: Well that's all we've got time for today. Thank you 868 00:47:18,560 --> 00:47:21,120 Speaker 1: so much for listening to another episode about Spoken. If 869 00:47:21,120 --> 00:47:22,880 Speaker 1: you did like the episode, we would love if you 870 00:47:22,880 --> 00:47:25,560 Speaker 1: could leave us a review as it really helps us out. 871 00:47:25,640 --> 00:47:28,799 Speaker 1: And don't forget to subscribe on Spotify and also on 872 00:47:28,840 --> 00:47:31,920 Speaker 1: Apple Podcasts and also on Spotify. If you can leave 873 00:47:32,000 --> 00:47:34,120 Speaker 1: us a love heart, it really does help out the show. 874 00:47:34,200 --> 00:47:35,120 Speaker 2: Who I like the idea of 875 00:47:35,120 --> 00:47:37,879 Speaker 1: The love heart And just a reminder if you are 876 00:47:38,000 --> 00:47:40,960 Speaker 1: interested in discussing the topics we've spoken about on the podcast, 877 00:47:41,040 --> 00:47:43,880 Speaker 1: go and join our Facebook community which has outspoken the 878 00:47:43,920 --> 00:47:44,960 Speaker 1: podcast community.