Understanding finfluencers: Roles and strategic partnerships in retail investor engagement

• Representative sample of German-speaking finfluencers. • Conceptual framework defining roles and strategic partnerships of finfluencers. • Finfluencers act as change agents fostering financial literacy and conversations. • Accountability and appeal drive finfluencer success beyond investment advice. • Strategic partnerships with finfluencers offer new ways to engage retail investors. Financial influencers, or ‘finfluencers’, are emerging players in the financial community who share financial content on social media, particularly about personal finance and investing. Continuously growing their audience through engaging infotainment, finfluencers’ prominence is fuelled by demand for more accessible financial education and low-cost financial advice. This study sheds light on finfluencers’ social, economic and cultural implications, offering academics and practitioners new insights into how finfluencers influence retail investor engagement, including their motivations, business models and collaborations. The online survey responses of a representative sample of German-speaking finfluencers reveal that, despite apparent contradictions in their financial motives, finfluencers see themselves as advocates of financial education. While serving for financial services marketing, finfluencers also can be integrated into strategic partnerships, including retail investor relations and financial literacy initiatives. Despite controversies, we conceptualize finfluencers as agents of change promoting financial literacy, empowerment, and inclusion while also normalising financial conversations in everyday life.