{"id":1794,"date":"2012-02-04T08:21:00","date_gmt":"2012-02-04T16:21:00","guid":{"rendered":"https:\/\/www.wealthfront.com\/blog\/?p=1794"},"modified":"2022-01-11T17:12:46","modified_gmt":"2022-01-12T01:12:46","slug":"silicon-valley-wealth-management","status":"publish","type":"post","link":"https:\/\/canary.kcprod.info/blog\/silicon-valley-wealth-management\/","title":{"rendered":"Wall Street Invades Silicon Valley"},"content":{"rendered":"<p>Brokers around the country have woken up to the wealth being created by Silicon Valley IPOs and are busy plotting to get a share of it.<\/p>\n<p>One trade publication for brokers and financial advisors published a kind of \u201ccheat sheet\u201d on big Valley companies, which ends with the suggestion that brokers should become less like the Flintstones, and more like the Jetsons, to be able to talk to these new clients.<\/p>\n<p>Seriously.\u00a0 We are not making this up. The idea that seeming tech-savvy can be learned from a 1970s cartoon \u2013 <em>that <\/em>will go over well in the Valley. Here\u2019s the <a title=\"Registered Rep &quot;Thousands of Millionaires Will Be Created by IPO Bubbles - The Future High Net-worth Client&quot;\" href=\"http:\/\/www.linkedin.com\/news?viewArticle=&amp;articleID=5570552816805621767&amp;gid=4058655&amp;type=member&amp;item=92570117&amp;articleURL=http%3A%2F%2Fblog.registeredrep.com%2Frep-writes%2F2012%2F02%2F01%2Fthousands-of-millionaires-will-be-created-by-ipo-bubbles-the-future-high-net-worth-client%2F&amp;urlhash=M6gc&amp;goback=.gde_4058655_member_92570117\" target=\"_blank\" rel=\"noopener\">link<\/a>.<\/p>\n<p>We don\u2019t want to pick on the writer (much), but sometimes a detail is very telling. The reference is not only painfully inept, but reveals the cynicism with which the wealth management industry is approaching Silicon Valley companies and their employees whose creations are beginning to pay off.<\/p>\n<p>As we\u2019ve written before, many Wall Street types look down on engineers: <a href=\"https:\/\/www.wealthfront.com\/blog\/do-you-really-want-an-advisor-who-thinks-youre-clueless\/\">Do You Really Want An Advisor Who Thinks You\u2019re Clueless?<\/a><\/p>\n<p>Under a breathless headline, \u201cThousands of Millionaires!\u201d the writer says:,<\/p>\n<p><em>They are young, wired, savvy consumers without the brand loyalty \u201cissues\u201d that their parents had. They will not hesitate in changing or adding advisors simply to smarten the pot or even create competition. Wealth managers today must engage existing clients inter-generationally and must have a smart client-facing side as well. Potential clients are even more tech-savvy than ever before. \u00a0And this trend is expected to continue. The simple question wealth managers should ask themselves about social media platforms is \u201cWhy not?\u201d instead of \u201cWhy?\u201d<\/em><\/p>\n<p><em>Social media is not a fad and technology is not going away. \u00a0Those of you who are \u201cFlintstones\u201d in terms of knowledge, understanding and engagement on these new platforms should make efforts to become\u00a0\u201cJetsons.\u201d<\/em><\/p>\n<p>The idea that a broker can serve clients well by increasing his or her social media presence to \u201cJetsons\u201d level is condescending, to say the least. No wonder we are leery of the legion of Wall Streeters descending on the Valley.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brokers around the country have woken up to the wealth being created by Silicon Valley IPOs and are busy plotting to get a share of it. One trade publication for brokers and financial advisors published a kind of \u201ccheat sheet\u201d on big Valley companies, which ends with the suggestion that brokers should become less like [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":7227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1282],"tags":[1349,1296,1287,1334,1335,1386,1309],"coauthors":[1276],"class_list":["post-1794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-facebook","tag-fees","tag-financial-advisors","tag-ipo","tag-ipo-lockup","tag-silicon-valley","tag-wall-street"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wall Street Invades Silicon Valley | Wealthfront<\/title>\n<meta name=\"description\" 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