Surely most advisors and plenty of high-net-worth investors know of the voluble advisor-bloggers Barry Ritholtz and Josh Brown, who some years ago combined their separate enterprises into Ritholtz Wealth Management. In just two and a half years, the opinionated duo saw their AUM expand from $90 million to $300 million, their staff increasing from 4 to 14.
Speaking to a gathering of the CFA Institute Wealth Management Conference, Josh Brown spelled out their clear-as-day non-secret to investment advisory success:
"Social is how we do it. It's how anyone can do it, if they want to put in the time and the effort."
How does this bring in the business? Brown continues:
"You put your opinion out there, and like-minded people find you."
He says advisors need to get out there on social media, be it Facebook or Twitter, and speak their minds.
Meanwhile, FinancialAdvisorIQ explains how LinkedIn can help advisors connect with prospects, though it also recounts how the platform "closed out" on one advisor just before he closed the deal.
I freely admit my bias here, but it would seem the best platform for advisors to develop a voice and get out in front of investors is Seeking Alpha, for the simple reason that it provides a more appropriate audience than any other social site.
Here are some additional items of interest to advisors today:
- The DOL is not just coming after brokers, but RIAs as well.
- Have we reached a generational peak in corporate profit margins?
- James Picerno assesses U.S. financial system risk.
- Virtually every dollar of corporate debt issuance this century has been used to buy back stock.
- More on the disruptiveness of blockchains.