There Goes The Neighborhood.

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You know about the toads? Sitting in room temperature water. The water gets warmer, they don’t notice…carnage ensues. I’m warning you, the water is about to get warmer.

Today, Raymond James CEO, Paul Reilly, (Father of SNL’s Will Forte, right?) announced that he plans to let his troops “actively participate” in social media.

What that means exactly remains to be seen. I doubt it will be revolutionary. And while I applaud the idea, I’m mortified at the ramifications.

Why? I’ll just say it… It’s going to be like the realtors on social media, right?

I mean, I love my realtor friends, but like 1/3 of my followers {realtors} are on some super awesome sales program to master social media & they’re paying $500 to someone have some spambot follow me everytime I say ‘real estate’ or ‘house’ in their zip code, & then they basically pump out their newsletter like every fifth tweet– because they have nothing unique to say. Right?

Is that what is going to happen when Wall Street unleashes it’s roughly 60,000+ advisors? If so, I hope someone can point me to an industrial grade follower-blocker right now. Is there a do-not-tweet list yet?

Then it really hit me, social media is not going away. Like ever. It’s here- this is it. I mean, if Raymond James is here… The Morgans & the Merrills aren’t too far behind.

I just hope Raymond James & the rest of Wall Street is sure enough about their company culture to make sure everyone in the company represents their voice, while giving them real freedom. Otherwise, it’s not going to work & it’s going to look really, really dumb.

That’s the biggest problem for Wall Street right now, as I see it. They’re too big to sail. Realtors are supposed to be hyperlocal, they can tweet about the farmers market– I don’t know if advisors or their firms are tooled for this next movement. What I do know, the stream is about to become a little less quaint.


Forget the Dollar, Influence is the New Global Currency – The Reformed Broker

For those who dare, social media rocks – Investment News

Schwab: Turning The Key – I heart Wall Street

Social Graph Banking – I heart Wall Street

Advisor/Adviser – I heart Wall Street

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2 thoughts on “There Goes The Neighborhood.

  1. I know what you’re saying– I’m saying I don’t even want any of these people following me, because I don’t want any association at all. I’m taking it to the extreme.

  2. I don’t think you need a follow-blocker. Just don’t follow anyone who doesn’t provide valuable tweets.

    The community at large typically determines who is relevant and who simply spams the timeline.

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