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Sep 17 - Wall Street Influencers Are Making $500,000, Topping Even Bankers



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 1 month ago '11        #1
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Sep 17 - Wall Street Influencers Are Making $500,000, Topping Even Bankers
 

 
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At first no one could explain why business was picking up at Betterment, a robo adviser aimed at newbie investors. There were about 10,000 signups in one day.
Then came the answer: A 25-year-old TikToker from Tennessee was posting videos describing how to retire a millionaire by using the platform.
His name is Austin Hankwitz, and he’s managed to land one of the hottest new gigs: full-time “finfluencer.”
“We were, like, where is this increased activity coming from?” Betterment’s director of communications, Arielle Sobel, said of the sudden increase in customer inquiries. “It was not sponsored by us, so we had no clue.”
Smash that like button, Wall Street: The teens and 20-somethings who steer online conversation — about life hacks, beauty products, Hollywood blockbusters, you name it — are now blazing their way into finance. Influencers like Hankwitz can translate concepts like passive investing or tax harvesting into digestible social media videos using playful twists, music and colorful captions, making investment products and the like feel accessible to millennials and Gen Z-ers.
For the finance industry, partnering with those influencers can be a no-brainer: There’s never been faster and more direct access to that demographic, particularly at a time when retail investing has skyrocketed.
The pandemic left some people with money and time to burn, pushing hours spent on finance apps up 90 per cent in the U.S. compared with the previous year, while downloads of such apps jumped 20 per cent, according to data by analytics firm App Annie. Participation in the stock market through mobile phones also took off, with hours spent on trading and investing apps spiking 135 per cent.
Once Betterment saw the traction it was getting through Hankwitz’s posts, it hired him within a month to plug its services via social media.
Wealthfront, another robo adviser, has partnered with about 15 influencers including Haley Sacks — known on Instagram as Mrs. Dow Jones — according to Kate Wauck, the firm’s chief communications officer.
“Quite frankly, they’re just better at telling our story than we are,” she said.

IN THE GREEN
Until last year, Hankwitz was toiling away in old-fashioned finance, working on mergers and acquisitions for a health care company; making TikTok videos was his side hustle. Now, he’s a hot commodity to startups and finance companies eager to reach his 495,000 followers. Some of them have also hired him for marketing advice, had him sit in on chats with the CEOs, and have even invited him to sit on the company board.

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Hankwitz charges anywhere from US$4,500 to US$8,000 per post on his TikTok page. He said Fundrise, a real estate investment platform, pays him every month to post two videos on his TikTok, and also offers him a monthly bonus of as much as US$2,000 based on how many people he pushes to the platform. BlockFi, a cryptocurrency trading platform, offers him US$25 per person pushed to the platform through his unique code. And stock trading app Public.com offered him a monthly retainer and company equity for a contract that includes replacing the Yahoo Finance stock charts on his videos with theirs.
Hankwitz estimates he’s funded well over 240 accounts for Fundrise, 1,653 for Public and tens of thousands for Betterment. His unique BlockFi code brought in US$268,000 of crypto purchases in a month. In all, he’s currently representing six companies. And for anywhere between US$4 and US$17 per month, superfans can subscribe to his Patreon channel, where he offers deeper investing and financial analysis. Hankwitz currently has about 1,100 subscribers.

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“I was able to quit my job about six months ago to do this full time,” he said.
Hankwitz declined to say how much he brings in annually, but acknowledged that he makes more than US$500,000. He also said he’s built a portfolio valued at about US$1.3 million since March 2020, in part with the equity received from the brands he represents.
Social media can be a lucrative business for those with big follower counts and the prowess to push customers toward financial products. Creators can get paid anywhere from US$100 to US$1,500 for a swipe-up advertisement on their Instagram stories to US$1,000 to US$10,000 for a single post on their feed, according to figures from Brian Hanly, CEO of Bullish Studio, a talent agency for influencers. On TikTok, the cost of one post can range from US$2,500 to US$20,000 depending on the video’s virality and the creator’s follower count.

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To get there, creators have to develop a certain persona — and on FinTok and its Instagram counterpart, there’s enough variety for everyone. Creators from a variety of ages, backgrounds and ethnicities offer advice about how to open a Roth IRA, how to invest in real estate, how trading options makes more sense if you compare it to buying makeup, or how to use astrology to predict the price of Bitcoin.
Take Sacks, aka Mrs. Dow Jones — the influencer with 215,000 Instagram followers. She explains compound interest by comparing it to Billie Eilish’s fame, or Bitcoin to Jennifer Lopez and Ben Affleck’s rekindled romance.
Sacks, 30, began her career in comedy, working for TV host David Letterman and Saturday Night Live producer Lorne Michaels. Learning about money was a struggle for Sacks, but one way to make it more relatable for her was to compare it to pop culture and celebrity gossip. On that premise, she launched Mrs. Dow Jones in 2017, and her following has since flourished.
“I created what I needed, and other people needed it too. If you’re following me, you like pop culture, so we have that shared language,” said Sacks. “If you can understand the human relationship between two celebrities, then you can understand any financial concept.”
Four years after launching Mrs. Dow Jones, Sacks has signed with a talent agency, and has built a team of people, including an a*sistant and a manager, to help her negotiate six-figure deals with brands. She started partnering with Wealthfront two years ago.
“She’s a financial pop star. When have you heard that take on anything?” said Wauck of Wealthfront. “The way that she relates everything to pop culture is just so genius.”
Sacks is also taking advantage of the recent demand for personal finance content by providing a course on her website, Finance Is Cool. On Monday, her followers will be able to purchase a US$115 course designed to teach them how to manage their money. Among other pop culture references in the course, Sacks used the characters from the TV show “Friends” to guide her followers through building an emergency fund.

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OTHER PEOPLE’S MONEY
While social media is allowing companies to reach young customers faster than ever, they need to ensure against working with internet stars who are fast and loose with information.
“There’s so much room for growth,” said Hanly. “There’s not enough financial creators out there to basically take on the amount of opportunity that’s coming in, and there’s not nearly enough high-quality, preaching-the-good-word financial creators.”
Personal finance content on social media has gone viral for offering questionable — even flat out wrong — advice, while get-rich-quick schemes have attempted to lure in novice investors. That’s taken many forms, including videos on how to become a millionaire by selling dog beds on Amazon through dropshipping, how using a debit card makes you financially irresponsible, how to “make a lot of money” day-trading foreign exchange or what stocks to buy and when to buy them.
That’s why TikTok tightened its rules. In May, the social media company said it would take action against content creators who post sponsored videos for financial services and products without clear labels. Companies can still pay financial influencers for posts, but the new restrictions are meant to ensure that creators are transparent when disclosing commercial links.
Since then, Betterment said it moved all of the content from its TikTok influencers over to Instagram and Instagram Reels. Hankwitz has not re-entered into an agreement with Betterment for TikTok videos since. Wealthfront said it was optimizing other channels, like YouTube and Instagram, and instead was mostly relying on TikTok’s paid advertising platform rather than posts through influencers.
As fraudulent content and misinformation run rampant and unchecked, financial corporations looking for quality creators are putting in place hefty vetting processes.
Betterment’s compliance and legal teams perform detailed reviews of their social media partners’ scripts. Influencers will then shoot the video and send it back to compliance for a second review. Wealthfront said that it does extensive background checks on the influencers that get selected to partner with them before signing any contracts. It also includes stipulations in the contract that allow Wealthfront to cancel if certain terms are violated by the creators.

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The main law that governs financial influencers is the Investment Advisers Act of 1940, which specifies what qualifies as investment advice and who must register with state and federal regulators in order to provide it. But there’s one exemption that reduces the risk to influencers, according to Joshua Escalante Troesh, a registered financial adviser and founder of Purposeful Strategic Partners: Unregistered individuals can dispense financial advice if they do so through a “publication of regular and general circulation.”
“That legal exemption is where a lot of people are hanging their hats on, until a court case happens, it’s hard to say one way or another,” he said. “Ultimately, it will be the Securities and Exchange Commission or a state going after an influencer for harming citizens in a court case that will determine whether they qualify for an exemption or not.”
Still, anyone who is harmed by financial advice online could sue in civil court, Escalante Troesh said, but whether a punishment is warranted would vary based on the regulators of the case and the state that they are located.
The prevalence of personal misinformation that exists on TikTok and the demand for solid finance advice are what Vivian Tu, 27, a former stocks trader at JP Morgan, believes made her account YourRichBFF blow up as soon as she launched it. She published her first video on Jan. 1, telling TikTokers that if they were looking for an account that would help them learn honest finance literacy tips, hers was it. Overnight, her video got 1 million views and within a week she’d amassed 170,000 followers.

It wasn’t long before financial institutions took notice. Wealthfront, Credit Karma, FinTron Invest, Insurify and Tastyworks are among her approximately 10 sponsors. She has more than half a million followers on TikTok and gets paid anywhere from US$3,000 to US$4,000 per post. For someone with a full-time job, it’s a huge commitment, she said. Outside of her current full-time day job, she spends anywhere from 10 to 15 hours per week managing her account.
“It was very out of the norm. Some people make videos for months and don’t have this kind of scale,” Tu said. “It was around the time folks were getting stimulus checks, people were thinking about money more so than usual and I think people were also very sick of seeing a lot of misinformation.”
Still, on her TikTok bio page, she cautions that her videos are “NOT FINANCIAL ADVICE.”
“Nothing I say should be taken as prescriptive direction,” Tu said. “Personal finance is never one size fits all for everyone.”

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32 comments
 

 1 month ago '18        #2
DUCEDUCE  topics gone triple plat - Number 1 spot x1
Props total: 68438 68 K  Slaps total: 5808 5 K
The internet is the future. Honestly we at the fu*king beginning stages. You young cats are in on ground floor.
+13   

 1 month ago '16        #3
Scully  topics gone triple plat - Number 1 spot x12
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That n*gga MeetKevin already admitted that he made way more money making daily clickbait “Stimulus Check update” videos for broke people than he ever made doing real estate or day trading

Same goes for most of these people. But people taking advice from him
+8   

 1 month ago '21        #4
OG Sean 
Props total: 707 707  Slaps total: 419 419
"Influencers" are the scummiest leeches of society
+15   

 1 month ago '19        #5
SuperPawgHunter  topics gone triple plat - Number 1 spot x7
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I can't wait to get rich so I can live it up with white women....
-4   

 1 month ago '10        #6
Account001 
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I'm sure the cats at earn your leisure give better game and pull more out of the market than this kid but..... he looks the part

 1 month ago '16        #7
Vizier  topics gone triple plat - Number 1 spot x1
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I can't hate on my jewish brethren, I'm happy for the kid

 1 month ago '20        #8
Bateman 
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That's why I say if you're broke in this age of technology we living in you're worthless.
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 1 month ago '20        #9
Bateman 
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 OG Sean said
"Influencers" are the scummiest leeches of society
Or they're geniuses

I live next to one of those famous IG couples, I don't follow them but my wife showed me their page

They got 6 million followers and legit don't do sh*t but chill all day and create content. And they live in a penthouse next to my building


Last edited by Bateman; 09-17-2021 at 11:40 AM..
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 1 month ago '11        #10
Sin  topics gone triple plat - Number 1 spot x40 OP
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 SuperPawgHunter said
I can't wait to get rich so I can live it up with white women....
Aim higher
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 1 month ago '17        #11
800 
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Using the internet to manipulate people

You don’t say


They are doing this on a much larger scale to push their agenda and keep you brain dead
+3   

 1 month ago '20        #12
DrDisrespect 
Props total: 1324 1 K  Slaps total: 744 744
DMX said he was paid 2 cents for every copy if Def Jam f*ght for NY

How this dude getting $25 per subscriber?
+2   

 1 month ago '11        #13
Sin  topics gone triple plat - Number 1 spot x40 OP
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 DrDisrespect said
DMX said he was paid 2 cents for every copy if Def Jam f*ght for NY

How this dude getting $25 per subscriber?
He’s a better negotiator than DMX
+1   

 1 month ago '06        #14
imthatinfamous  topics gone triple plat - Number 1 spot x1
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snake oil salesmen
+1   

 1 month ago '04        #15
ItAlY2BkLyN 
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Watched this dude BitCoin.daily on IG start out and build his YT channel. He puts out good content but I could tell as his subscriber count rose, more and more ads appeared in his videos.

Can't knock that hustle though. There's people who scam and victimize other people for less. Props to this man.


Last edited by ItAlY2BkLyN; 09-17-2021 at 12:25 PM..

 1 month ago '11        #16
Sin  topics gone triple plat - Number 1 spot x40 OP
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 800 said
Using the internet to manipulate people

You don’t say


They are doing this on a much larger scale to push their agenda and keep you brain dead
Tik tok dogecoin challenge made teenagers millionaires

They have the collective power to move markets



 1 month ago '21        #17
OG Sean 
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 Bateman said
Or they're geniuses

I live next to one of those famous IG couples, I don't follow them but my wife showed me their page

They got 6 million followers and legit don't do sh*t but chill all day and create content. And they live in a penthouse next to my building
They're still leeches you dumbass. They don't contribute sh*t to society in any meaningful way.

And I don't give a fu*k about your dumb c*nt wife
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 1 month ago '04        #18
FynaL 
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blind leading the blind...the count keeps growing everyday
+1   

 1 month ago '16        #19
Boogersugar  topics gone triple plat - Number 1 spot x14
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 DUCEDUCE said
The internet is the future. Honestly we at the fu*king beginning stages. You young cats are in on ground floor.
A year or two ago I would've been a skeptic but at this point I'm plotting on launching a few YouTube channels my damn self. Just watched a 6 year old video with 30M views... homie is still getting paid off of it... that evergreen content



And it sounds crazy but you're right. It's still early in e-commerce. Homes are just getting to the point of being bought and sold online, it's only been a major purchasing platform for vehicles for a few years. Kids being born now will never know a world where the primary way to buy X, Y, or Z ISN'T the internet but we're not quite there yet. Affiliate marketing and sh*t like this accordingly is still maturing.

Stuff like described in the OP has a limited payout - only so many people can be signed up to this or that - but if you can hit on two of those or you save and invest the one lick you do hit?

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 1 month ago '20        #20
Bateman 
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 OG Sean said
They're still leeches you dumbass. They don't contribute sh*t to society in any meaningful way.

And I don't give a fu*k about your dumb c*nt wife


Well that escalated quickly

 1 month ago '11        #21
GrindPOWER$  topics gone triple plat - Number 1 spot x16
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can somebody give me the quick version of this

all they do is stare people to sign up for stuff

 1 month ago '11        #22
GrindPOWER$  topics gone triple plat - Number 1 spot x16
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 Boogersugar said
A year or two ago I would've been a skeptic but at this point I'm plotting on launching a few YouTube channels my damn self. Just watched a 6 year old video with 30M views... homie is still getting paid off of it... that evergreen content



And it sounds crazy but you're right. It's still early in e-commerce. Homes are just getting to the point of being bought and sold online, it's only been a major purchasing platform for vehicles for a few years. Kids being born now will never know a world where the primary way to buy X, Y, or Z ISN'T the internet but we're not quite there yet. Affiliate marketing and sh*t like this accordingly is still maturing.

Stuff like described in the OP has a limited payout - only so many people can be signed up to this or that - but if you can hit on two of those or you save and invest the one lick you do hit?

i feel what you saying i for my first one going...i can't wait to get this to 50k a month pay out so i can start 10 more



 1 month ago '16        #23
Boogersugar  topics gone triple plat - Number 1 spot x14
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 GrindPOWER$ said
can somebody give me the quick version of this

all they do is stare people to sign up for stuff
Yeah, basic affiliate marketing and the cash from YouTube views. Depending on the app, these signup bonuses can be pretty sweet like the ones that give you a free stock will also give the referrer a free stock so some of these YouTube dudes are generating hundreds of free stock per day while their video is hot. Even if they crap out and get a cheaper stock 90% of the time that's thousands per day. If they get lucky a few times and hit on the higher dollar giveaways which they should statistically then they're sitting pretty.

I think the opportunity to double dip with signups is limited because you can only sign people up once but if the video content is good and evergreen that piece can generate money for a long time

+2   

 1 month ago '11        #24
GrindPOWER$  topics gone triple plat - Number 1 spot x16
Props total: 73658 73 K  Slaps total: 13685 13 K
 Boogersugar said
Yeah, basic affiliate marketing and the cash from YouTube views. Depending on the app, these signup bonuses can be pretty sweet like the ones that give you a free stock will also give the referrer a free stock so some of these YouTube dudes are generating hundreds of free stock per day while their video is hot. Even if they crap out and get a cheaper stock 90% of the time that's thousands per day. If they get lucky a few times and hit on the higher dollar giveaways which they should statistically then they're sitting pretty.

I think the opportunity to double dip with signups is limited because you can only sign people up once but if the video content is good and evergreen that piece can generate money for a long time

thanks bruh i get it now...don't just lead many horses to the water and if they all drink its a nice check lol

 1 month ago '21        #25
OG Sean 
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 FynaL said
blind leading the blind...the count keeps growing everyday
i always find it crazy when these 04 accounts resurface and they have like not even 200 posts somehow.

where the fu*k you been bruh?
+3   



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