The lines between the real life and virtual life gets more blurry. Effect of social media is felt in every aspect of our lives.
Ask wealth management chief executive officers (CEOs) what social media is good for, and you’ll likely hear about how their spouses post pictures of their pets or how their tweens waste time addicted to social channels. This narrow view of social media and somewhat open disdain are shortsighted, as social media is quickly becoming ubiquitous to the wealth management industry. Conservative leaders of wealth management firms who are well tenured and haven’t embraced social media themselves often underestimate the flow of information and influence of social media. Like Al Gore’s ‘inconvenient truth’ about climate change, or historical missteps relating to slow adoption of new technologies (Kodak with digital photography and Xerox with the computer mouse come to mind), the wealth management industry today must take notice of the profound changes that social media will have on their business environment. Simply put: Social media is now too big to ignore.