A local NBC TV station in San Francisco on Tuesday aired a news segment reporting baby-boomer financial advisors—those age 48 and up—are being competitively outdone by younger advisors since the financial crisis because of their use of technology ans social media.
“When it comes to managing your money, who do you trust,” says an anchorman introducing the segment. “Someone who is older and, perhaps, wiser? Not so much.”
”New research shows it’s everyone but baby boomers doing well in the business of financial planning,” says the news anchor introducing the segment.
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The reporter, Stephanie Chuang, cites a Fidelity survey of 1,200 financial advisors to say that younger advisors, since the 2008 financial crisis have been more successful in regaining investor trust and building new business. Chuang says the younger advisors manage $8 million more than their baby-boomer competitors and get three times as many referrals.
For the answer, NBC turned to a spokesman from NerdWallet, San Francisco-based company with an app for do-it-yourself money management and that also offers a way for advisors to use their platform.
A NerdWallet spokesman says younger advisors have been more successful because of their “commitment to technology.”
“Advance use of social media gives advisors the edge,” Goldstein says, citing tools like Skype and Google Hangouts. “The ability to use social media and technology to grow their business has been quite impressive.”
The report goes on to cover NerdWallet’s “ask an advisor
” feature where advisors can showcase their skills.