The fact that a new generation is getting rich on social media has been either scoffed at or deliberately ignored by many commentators in the press. This is because they’ve conditioned themselves to see every successful new business as a bubble lately. It is also because they are jealous to some extent as their own “old media” world shudders from the unrelenting gale-force winds of change.
I’ve lived this firsthand having been in the brokerage biz until last year; it’s a painful feeling watching your way of doing business crumble. Hating on those whom you see as being partially responsible makes one feel better, for a little while.
However, the rest of us are willing to embrace the fact that fortunes are being made right now even if we acknowledge that things seem a bit frothy in Ventureland. High valuations do not mean that these new companies are some how illegitimate. Money is money.
The good news for the financial adviser community is that as long as people have money, they will be in need of someone to help them manage it. This will be just as true for the new social media titans as it has been for every previous generation of nouveau riche. My piece at the Wall Street Journal today offers some insights for advisers who would like to get into this game…
These aren’t your father’s tycoons…
The good news is that the Gen Y and Gen X kids are finally coming into their own – with serious money to invest and grownup stuff to start saving towards.
The bad news is that we’re gonna be tough to reach what with the headphones plugged firmly in our ears, the apps and HD screens monopolizing our eyesight.
And if you’re looking to do business with the newly-minted social media millionaires (and billionaires) being created this year, you can take these expected trials and tribulations and multiply them by a factor of two.
Head over for some straightforward advice on catering to the Baby Billionaires of technology.