(Bloomberg) — BlackRock Inc. As the world’s largest wealth manager with a net worth of $10 trillion, it powers the company with influence in the economic, financial and political spheres. Now that’s a small step into a new field: TikTok.
The financial industry giant launched an account on Thursday, posting a 10-second clip featuring a group of young professionals in the firm’s offices. The video begins with the beat of a playful, upbeat beep when BlackRock employee Kingsley Udoy slowly crawls behind a desk screen, itching to share some news. “Guess what?” Uday says.
In quick succession, enthusiastic office workers spin from behind their desk chair, peer out from behind their desks, and appear around a corner, the firm’s unmistakable logo flashing throughout the clip. After anticipation built up, Uday finally shared the scoop: “BlackRock is on TikTok.” The short clip then encourages followers to “hit that follow button for tips on financial wellness,” which ends with a pan at the front entrance of the BlackRock office.
While the concise, quirky content may seem unnatural to the financial giant, TikTok has a highly engaged audience—nearly half of them are between the ages of 10 and 29, according to Backlinko. The platform has seen a huge appetite for financial content, with many influencers dedicated to “fintok” and users seeking advice on investing, savings, crypto, budgeting and more. According to the clip, BlackRock hopes to educate its followers on financial wellness in what appears to be part of BlackRock CEO Larry Fink’s campaign to promote “financial inclusion.”
BlackRock’s Global Chief Marketing Officer Frank Cooper III said the firm hopes to use the account to educate a new generation of investors so they can “start building a stronger financial future.”
“As we strive to promote greater financial inclusion, our association on TikTok reflects our commitment to helping more people experience financial well-being,” he said.
BlackRock isn’t the only financial service that has seen the potential to expand its clients on TikTok. US asset manager Fidelity also created a TikTok account in June 2021, which has garnered 11,600 followers since its inception. Several financial services, including Wealthfront and Betterment, have partnered with “Finfluencers” to advertise their services on the platform.
The investment giant’s debut on the Gen-Z platform is the latest attempt to woo the next generation of customers among traditional financial institutions, whose perceptions and methods of managing their money are vastly different from those of earlier generations. The move follows UBS Group AG’s $1.4 billion deal to buy robo advisor Wealthfront – a move that is seen as an appeal to Gen Z and Millennial investors who want digital, automated financial services. .
While BlackRock may be revered among an old affluent elite with the power to reshape global capitalism and move markets, it has little impact on younger audiences on social media. But that’s not to say that the company hasn’t experienced online glory — in January, a TikTok video highlighting free restroom facilities in a New York office went viral.
To contact the author of this story:
Paulina Cachero in New York [email protected]
