05 Feb Why Twitter? Ask Josh Brown
Josh Brown gave an inspirational, gritty speech at #InsideETFs in Hollywood, Florida, as you’d expect if you follow Josh Brown aka The Reformed Broker. By force of will and chutzpah Josh created a big name for himself, his firm, and for the power of social media in the world of finance. Josh is often on TV as a market prognosticator. Is he more brilliant, insightful? Nah. It’s his personality, which is the lesson of social media.
The joining of Josh Brown and Barry Ritholtz created a social media driven investment business. Ritholtz writes prodigiously for many high powered media outlets.
If I had to paraphrase Josh Brown’s message to financial advisors and others in finance: Whadda you crazy not to use social media and blogs to drive your business? It’s free, you can do it any place, any time, and it works. Eric Balchunas from Bloomberg put it more elegantly in his story Five Unforgettable Quotes From the World’s Biggest ETF Conference:
Josh Brown, CEO of Ritholtz Wealth Management, in reference to financial advisers, whose average age is 50.9. Many advisers—who make up a large chunk of the conference attendees—are worried about the $30 trillion or so that will be passed down to robo-adviser-loving millennials from their parents. Brown pointed to a study that found 66 percent of millennials plan to leave their parent’s financial adviser when they inherit their wealth.
To address these worries, Brown gave a colorful presentation–complete with references to the Wu-Tang Clan and One Direction–on how he uses social media and his blog to attract new investors and engage with a younger audience. He said the bulk of his firm’s new clients come in through what his team is writing on the blog and social media. Brown humorously pointed out that the financial industry has struggled with how to effectively utilize social media outlets such as Twitter.
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