BlackRock’s status as the world’s biggest money manager with $10 trillion in assets powers it with influence across the economic, financial and political spheres. It’s now taken a baby step into a new arena: TikTok.
The financial industry giant started an account on Thursday, posting a 10-second clip featuring a group of young professionals in what appears to be the company’s offices.
The video begins with the beat of a playful, sanguine bop, when Kingsley Udoyi, a BlackRock employee, slowly creeps up behind a desk screen, itching to share some news. “Guess what?” Mr Udoyi says.
In quick succession, cheery office workers swivel from behind their desk chairs, pop out from behind their desks, and appear around a corner, the company’s logo flashing throughout the clip.
After building anticipation, Mr Udoyi finally shares the scoop: “BlackRock is on TikTok.”
The short clip then encourages followers to “hit that follow button for tips on financial wellness”, ending with a pan on the front entrance of a BlackRock office.
While the brief, quirky content may seem uncharacteristic for the financial giant, TikTok has a highly engaged audience — nearly half of them between the ages of 10 and 29, according to Backlinko.
The platform has also witnessed a huge appetite for finance content, with several influencers dedicated to “FinTok”, and users seeking advice on investing, saving, cryptocurrency, budgeting and more.
According to the clip, BlackRock hopes to educate its followers on financial wellness, which appears to be part of BlackRock chief executive Larry Fink’s campaign to promote “financial inclusion”.
The company hopes to use the account to educate a new generation of investors so that they can “begin building a strong financial future”, global chief marketing officer of BlackRock Frank Cooper III said.
“As we strive to foster greater financial inclusion, our engagement on TikTok reflects our commitment to help more and more people experience financial well-being,” he said.
BlackRock isn’t the only financial service to see the potential to expand its clientele on TikTok. US asset manager Fidelity also created a TikTok account in June 2021, garnering 11,600 followers since its debut.
Numerous financial services, including Wealthfront and Betterment, have struck partnerships with “finfluencers” to advertise their services on the platform.
The investment giant’s debut on the Gen Z platform is the latest attempt among traditional financial institutions to lure in the next generation of clients whose perceptions and methods of managing their money differ vastly than generations before.
As we strive to foster greater financial inclusion, our engagement on TikTok reflects our commitment to help more and more people experience financial well-being
Frank Cooper III,
global chief marketing officer of BlackRock
The move follows UBS Group’s $1.4 billion-dollar deal to buy robo-adviser Wealthfront — a move seen as an appeal to Gen Z and millennial investors who want digital, automated financial services.
While BlackRock may be revered among an older affluent elite with the power to reshape global capitalism and move markets, it holds little sway over younger audiences on social media.
But that’s not to say the company hasn’t experienced online glory — in January, a TikTok video highlighting free toilet facilities at its New York office went viral.
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
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Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
The specs
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7.30pm: Handicap (TB) Dh100,000 (T) 2,400m
