FinTok, Passion Economy and a new trajectory in finance careers

Breaking into finance in 2022

“It’s funny, my dad would never have started a business in a million years with people he’s never met in real life. But I guess it’s different for my generation,” says Oliver Hamrin, the 26-year-old co-founder of investor relations app Quartr, created by five strangers who met on Twitter.

Oliver is part of a new generation of financial entrepreneurs, crossing the increasingly intertwined worlds of finance and social media. A product of “Fintwit”, the Twitter space where like-minded investors and finance enthusiasts interact by sharing everything from investing ideas to memes, Oliver entered the investing world as content creator. “I started by posting content, mostly deep dives into public companies or writing about my own investment journey,” he says. Fast forward to today, and Quartr (launched March 2021), employs over 30 people, has 150,000 active users and recently raised $4.5 million to expand its investor relations product to the global scale.

Teach through TikTok

The financial creator economy has produced CEOs and founders like Oliver, and many are trying to use their platforms to give others a leg up. Mark Tilbury, a serial entrepreneur who now uses his financial acumen to educate his followers, now provides financial awareness content to his 8.5 million followers on Youtube, TikTok and Instagram.

What sets Mark apart as a financial influencer is his decades of experience as an entrepreneur, having become CEO more than 30 years ago. He started creating content on YouTube (helped by his son’s videography skills) with the aim of teaching young people about personal finance – something he was genuinely shocked to find they weren’t getting. at school. “I started all of this with the intention that if I could just help one or two people with some financial awareness, then I would be more than happy. Social media amplified my message,” he says.

A 2020 OECD Global Financial Literacy Survey found that only 26% of adults were able to answer simple questions about money and interest correctly. Social media can go a long way in improving financial information readily available to the public, allowing people with Mark’s experience to educate others about money management.

Mark made it big (7 million) on #FinTok, FinTwit’s younger cousin, by embracing new technologies to drive engagement. He believes content like his should be accessible: “All I do is make complicated finances simple and easy to digest.” Mark, like Oliver, has found success creating content that interests him and where he feels his experience lies.

Then there’s financial influencer Tori Dunlap, who attributes her success in reaching the younger generation to TikTok (where she has 2 million followers). She likes how the platform is designed for small content, which she says makes her advice “engaging, entertaining and super actionable”.

In college, Tori noticed how privileged she was to know more about money than her peers, simply because of her upbringing. She was inspired to build the foundations of what is now His first $100,000a financial education service that provides resources on income, saving and investing.

Financial equality is a major motivation for Tori’s online business. Access to financial education for women and BIPOC in particular drives its content decisions. Tori has found that women are still being taught with the traditional “get up” bootstrap ideology, which offers no practical solution to implement and is out of touch with the realities of 2022. It aims to eliminate fear and violence. expense and access to funds. “I’m never going to shame people for their oatmeal lattes or blame their brunch habits for not being able to buy a house,” she says.

The Social Media Career Ladder

Social media has rewritten traditional career paths in finance and investing, and the creator economy is creating new job opportunities every day. Creators can turn their social media followers into profitable businesses. As Oliver discovered, “Thanks to social media, you now have a global stage where you can show off your skills.” He saw people without degrees being hand-picked by FinTwit to start working in professional financial firms, as analysts and fund management trainees, simply because they showed up and demonstrated skills. creativity, market understanding and passion.

It can also make for a very rewarding career. Oliver found that in his job he was paid for his passion, as reading earnings reports and listening to earnings calls to create content was his hobby before he started Quartr. For Mark, being a financial influencer has meant helping as many people as possible become more financially conscious, which is endlessly satisfying. And Tori feels rewarded by the wins of members of the Her First 100k community – whether it’s people opening their first investment account, paying off debts or even leaving abusive marriages. “I now have people coming up to me in public and telling me that my work has changed their lives,” she says.

The future of financial communities

The democratized access to financial information that is appearing massively online is seen by some as leveling the playing field. Movements like r/wallstreetbets on Reddit (famous for their GameStop stock price inflation in the first quarter of 2021) have grown in popularity, asking the question “Could online communities be the future of finance?” .

Of course, for all those who win large sums of money, there are people who lose. Mark insists on the importance of doing your own research before trusting grassroots movements. Oliver’s view is that information about public companies should be as accessible as anything else online and shouldn’t cost a fortune to access. He believes companies like Quartr are needed to give people the tools to study company fundamentals before investing, making their financial decisions more informed and therefore safer.

Financial content has become so prominent on the internet due to its absence from the education system, and Oliver, Tori and Mark all agree that this needs to change. In the future, financial literacy must be more accessible to everyone. As Oliver says, “It shouldn’t just be a hobby of knowing what to do with your paycheck so it doesn’t go up in flames, it should be like a driver’s license.”