ONLINE ‘GURUS’ AND AI

Let’s face it, property and finance advice is everywhere these days.

Scroll through your social feeds and you’ll find a parade of self-proclaimed ‘property gurus’, AI chatbots and online influencers all promising to make you rich, fast.

But in Australia’s current market, taking advice from these sources can be a shortcut to financial heartache.

The rise of the online ‘guru’ and why you should be sceptical

It’s never been easier to set up shop as a property or finance expert online. Some of these so called gurus have slick websites, flashy cars and a rags to riches story that sounds too good to be true.

Often that’s because it is

There are well documented cases of property spruikers selling overvalued properties, earning massive commissions and pushing strategies that are more about lining their own pockets than building your wealth.

The Australian Competition and Consumer Commission (ACCC) and ASIC have both cracked down on these operators by issuing record penalties and permanent bans for misleading and deceptive conduct.

Yet new faces pop up all the time, often using social media and paid ads to lure in unsuspecting Aussies.

AI - Great for trivia, but not for your financial future

Artificial intelligence tools such as ChatGPT have exploded in popularity, and while they’re brilliant at explaining basic concepts or helping you understand mortgage jargon, they have serious limitations when it comes to actual advice.

AI can’t legally provide personalised financial advice in Australia, isn’t regulated by ASIC and can’t understand your specific goals, risk tolerance or changing circumstances.

Worse, it might be working off outdated information or miss critical changes to tax laws and lending rules - mistakes that could cost you dearly.

The hidden dangers of online advice

Here’s what most people don’t realise:

Fake credentials and documentation

Scammers are becoming more sophisticated by mirroring real business addresses, ABNs and even financial services licence numbers. Some even provide fake investment materials that look legitimate, right down to government logos.

Biased or conflicted advice

Many online ‘gurus’ and influencers have a vested interest - they might be earning commission, selling courses or pushing you towards their own products. Their advice is rarely independent or tailored to your needs.

No accountability

If you lose money following advice from an online stranger or AI, you have no recourse. Licensed professionals, on the other hand, have a fiduciary duty to act in your personal circumstances and can be held accountable for poor advice.

REAL LIFE EXAMPLES

The Australian property trap

Ask any seasoned mortgage broker and you’ll hear stories of clients who bought into the hype, only to end up with overpriced properties in underperforming suburbs - or worse, caught in outright scams.

There are cases where families lost tens of thousands on ‘can’t miss’ deals promoted by charismatic online personalities only to discover the only person getting rich was the spruiker.

How to protect yourself (and your wallet)

Check credentials

Always verify that your adviser is licensed with ASIC. Use the ASIC Connect Professional Registers to confirm their details.

Don’t rush decisions

Be wary of anyone pressuring you to act quickly or transfer funds before you’ve done your due diligence.

Meet in person

For property deals, always inspect the property yourself and meet the agent or seller face to face.

Source independent advice

Seek out a qualified, licensed mortgage broker or financial adviser who takes the time to understand your unique situation and goals.

FINAL WORD

Trust, but verify

It’s tempting to believe there’s a secret formula to property or financial success - especially when it’s delivered in a slick video or AI generated report.

But in Australia’s complex and highly regulated market, the best results come from careful planning, independent advice and a healthy dose of scepticism.

If you’re serious about building wealth through property or finance, don’t gamble your future on online hype.

Also, if your young adult children are stuck online, please share this article with them and subscribe them to our monthly updates. We want to ensure they are receiving the right property and finance education.

Reach out for a chat with our team who are licensed, experienced and on your side.

Your future self will thank you for it.

Disclaimer: This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. ©2025