OnWallStreet recently published an article describing numerous ways in which Social Media is turning upside down the traditional model in which Private Clients, Retail Investors and even Venture Capitalists find out information on their Financial Advisors.
It’s all about Transparency
Highly influential Private Clients can now gain greater transparency into Wealth Manager and Financial Advisor practices, fees, products and deals that in the past may have come through only limited social circles. With the emergence of social media even in Venture Capital, the access to deal flow information has increased.
What it all comes down to is consumers have moved online and quickly adopted Social Media as a means to get access to information that may have previously been hard to find or share with like-minded individuals. So whether or not an Investment Manager is ready for social media, be sure that your clients are and they are out there talking about you. While the conversation may not be on some of the more popular social sites, like Facebook and Twitter, enough “niche” social media sites exist to be a challenge the industry has to contend with.
Find out more by visiting Investors are Using Social Media to Assess Advisors – On Wall Street.
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