Influencers are not only good for skinny jean and matcha recommendations. Now, they can advise you on where to invest your money.
Founded by 23-year-old Steven Wang, Dub is an influencer-driven marketplace where users can now copy the entire portfolios of the likes of Rep. Nancy Pelosi or billionaire hedge fund manager Bill Ackman for just $9.99 a month or $89.99 a year. At the same time, retail traders accepted into Dub’s top creator program will be paid royalties for users to access their model portfolio.
“I want the next five Warren Buffetts to be surfaced and famous on Dub,” Wang told CNBC last month. “If we’re really successful with the top creator program, the next generation of the best fund managers, the best traders in the world that people follow will rise from Dub.”
Rather than picking stocks, users just need to make sure they pick the right person (kind of like copying the homework of the smartest kid in class rather than actually doing your homework). These portfolios are tracked for changes over time, with any trades automatically copied, eliminating the human error of missing any trades. Dub is also focused on educating users and helps investors make informed decisions by displaying risk scores, risk-adjusted returns, and portfolio stability metrics all on the platform.
Retail investing has changed rapidly over the past two decades. Now, almost half of Gen Zers invest in the stock market, according to the Oliver Wyman Forum survey. They are 45% more likely to start investing by age 21 than Millennials and two to four times more likely than Gen X and baby boomers. In for a penny in for a pound, Gen Z are also saving a sizable 14% of their incomes.
At the same time, social media is reshaping how people, and Gen Z in particular, choose to spend, save and invest their money. Gen Zers are nearly five times more likely to say they get financial advice, including investing tips, from social media than those in their 40s or above. So Gen Z is going to take advice from anyone, might as well be from those who can put their money where their mouth is.
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