BlackRock, the world’s largest asset manager, posted its first video on TikTok, becoming the latest financial services giant to leverage the fast-growing social media platform to target Gen Z investors.
The New York-based company already has a strong social media presence, with nearly 480,000 followers on Twitter and tens of thousands on its Instagram account.
The $10 billion fund house has now ventured to TikTok to connect with Gen-Z — an increasingly important demographic for businesses across all industries, who also happen to be an avid user of the platform.
Its first video, posted on February 3, features Kingsley Udoyi, a product manager for BlackRock’s Aladdin platform team, introducing the asset manager’s TikTok account in a 10-second clip.
“We watch TikTok because it has become one of the critical places where the next generation of investors learn about money,” said Frank Cooper, global chief marketing officer at BlackRock. Financial news.
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TikTok has become a platform where young people are ready to talk about their relationship with money, especially how they earn, spend and invest it, he added.
“We track where people are and where they put their time and attention,” Cooper said.
A former marketing manager at PepsiCo and BuzzFeed, Cooper said BlackRock wants to become an “active community member” on TikTok and provide users with the knowledge and skills to become better investors.
“This is a huge opportunity to bring reliable, verifiable information and financial education to a new generation of investors,” he said.
“We believe that if you think about financial inclusion, providing knowledge, teaching skills and building community, then you unlock something much more interesting.”
BlackRock’s move to TikTok comes after fellow US asset manager Fidelity Investments unveiled its first video post on the platform in June 2021. The clip, which has been viewed 3.8 million times, attempts to explain the concept of mutual funds comparing them to burritos.
“Instead of putting all your money in guac, you can invest in a variety of things at once,” Fidelity’s video reads.
Fidelity has since amassed over 11,500 followers on TikTok.
Rich Latour, global head of content and media at BlackRock, said the move to TikTok is a “natural extension” of its social media strategy, having posted thought leadership and corporate content on other platforms.
However, its move to TikTok will not see existing material being repurposed. Instead, BlackRock will aim to create “content that is fun, relevant and fit for purpose,” he said.
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“You’re not going to see videos of talking heads with city skylines in the background,” Latour said, adding that the company would first target TikTok users in the United States and China.
“They will feature BlackRock employees who most likely understand and use TikTok in their own lives to tell these stories.”
Latour acknowledged that BlackRock takes a “trial and error approach” with the video-sharing app, but could potentially team up with social media influencers to expand the reach of its content.
“As we get our feet wet and figure out what’s resonating on the platform, we’ll definitely explore paid partnerships with influencers and use other tactics to make sure as many people as possible watch. “, said Latour.
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