Nick
Pearler, Australia’s leading long-term investing and wealth management platform, has launched a ground-breaking investor forum that will be moderated to allow advisers to give retail investors general advice without breaching guidelines for social media influencers discussing financial products and services.
Titled ‘Pearler Exchange’ this feature has been designed to provide transparent and open forum, where industry experts provide feedback across a wide range of wealth topics.
It is positioning advisers at the centre of the online discussion, without the risks that come with using other forums.
In March, the Australian Securities and Investments Commission issued an information sheet, setting out its expectations for social media influencers discussing financial products and services. It was a warning to finfluencers that they must comply with financial services laws or risk “substantial penalties”, and a call for them to think carefully about their content.
Nick Nicolaides, Co-Founder and CEO of Pearler, says: “The way we share information has changed and if the wealth industry doesn’t adapt, young people lose out. There’s a giant gap between TikTok and traditional advice, and this is a step towards the middle ground.”
Nicolaides says: “We love how social media has helped millions of young people develop an understanding of personal finance. But we know there are pitfalls on any social media platform.
“Pearler Exchange will have in-house professional oversight to protect the interests of those who come to the forum with questions and those with things to share.
“Pearler Exchange does not allow product spruiking, sales or personal advice. We are keeping out the bots and the sales representatives by asking people to set up a Pearler account before they ask a question, and we are verifying the ID or anyone wanting to answer questions.”
A key difference, compared with other forums, is that people offering comments will be “badged” – identified as an “Adviser”, “Investor” or “Pearler” so the audience will know if someone is licensed.
Another key difference is that Pearler Exchange has a rewards scheme. The scheme, Pearler Credit, assigns Reward Credit to posts that attract likes. Credits can be used to reduce fees.
Ben Nash, financial adviser and founder of Pivot Wealth, is one of the financial experts on the Pearler Exchange.
Nash says: “In Australia, awareness of financial issues is increasing but at the same time levels of financial literacy remain low. There is a huge volume of information available online, but there are a lot of mixed messages and hidden agendas that lead to confusion and frustration.
“Consumers are looking for a resource where they can find information from experienced investors and professionals they can trust, and access to an easily accessible and reliable source of this information will help investors make more confident and effective investment choices,” Nash notes.
Nicolaides says: “What attracts investors is our emphasis on helping young investors navigate their wealth journey over the next 20, 30 or 40 years, while giving them the tools to navigate any market environment. We think the Pearler Exchange will be a game changer.”
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