It took some selling, but a multi-Grammy award winning recording engineer and record producer friend convinced me to go on Twitter in 2012. He believed it was the best and fastest real time news feed. In fact “ 74% of Twitter users say they use the network to get their news.” Twitter ranks highest of all social media sites in this category.
He knew that I am a news-hound and always have been interested in public policy. I have published scores of political pieces in various print and on-line publications for over 30 years, have researched current events since college days, and am generally a data warehouse.
I am also a financial advisor.
See the problem?
To too many financial advisors Twitter and investment advising are incompatible.
Common thinking is if you are an advisor there are only four Tweetable subjects: 1) Bland industry stuff, 2) Sports, 3) Music (if your tastes are mainstream), and 4) Pictures of your adorable children. Politics, religion, cultural matters, philosophical positions, and personal beliefs are forbidden. There is a word for that line of thought. “Coward.”
If you believe that compliance will not allow you to Tweet that you voted for Donald Trump or that you support Bernie Sanders, then you have officially become part of the problem. Free speech will die on your watch. If you fear that your clients might see who you really are, then maybe you need to evaluate what type of relationships you have.
Undecided? Let me try to help. Twitter is the Democratization of public life. It is the equalizer. It is the most effective way for the little guy to say what is on his mind for everyone to hear. If a lot of people like what he or she is saying followers will grow. It is also the most efficient way to keep up with, well, everything.
As an investment advisor, if you have something valuable to say, and you believe others should hear it, what could be more natural than trying to grow your audience ?
I started my Twitter life as @seeyousoyuz. It was an alliterative mockup of “If You Knew What Sununu” by Calvin Trillin. It was basically, just a way for me to share favorite poetry, political wanderings, literary lapses, whatever, while keeping up with the affairs of the day. As home pages (remember those?) shrunk in popularity Twitter grew.
Then I wrote a book and publishers wanted to see a following, so I changed my Twitter handle to @Dollarlogic and started tweeting more investment related material. My account has been a happy medium of markets, music, politics, and cultural meanderings ever since.
If you want to start or build a Twitter account as an advisor here are a few tips:
And now, whose is the best Twitter account in the investment industry?
The winner is Brian Wesbury, @wesbury, Chief Economist, First Trust Portfolios. He is the best because of his mix of strong original content, a point of view, willingness to argue (civilly), well-defended positions, good humor, and enough personality but not so much that it’s The Brian Show. When it comes to politics, what makes Brian a success is that he sticks to policy not people. You won’t see Brian slam Uncle Bernie. You will see him build a formidable case against Socialism. See the difference?
Twitter is fun, educational, stimulating, frustrating at times, but always rewarding. As an advisor , if you are saying no to it because of perceived personal or compliance risks I honestly believe you need a better excuse. When you join, follow me. I promise to follow back!