The Socially Savvy Advisor + Website: Compliant Social Media for the Financial Industry

Chapter 5How Will Social Media Change Our Industry in 10 Years?

What was life like for you 10 years ago? Can you recall those early experiences with the Internet? I can.

Some 12 years ago, after working in southern California and studying for an MBA, I decided to start a financial company in the heart of where it was all happening: Silicon Valley. We were assembling websites, producing digital content, and creating new ways to help consumers find the right financial advisors. In short, we were empowering investors and leveling the playing field.

Looking back, in some ways the evolution hasn't been that radical: We still have content, only it's more visual and less wordy; we can still connect with people, but on a more individualized level and with deeper analytics.

Yet in other ways, the jump from the Web 1.0 to Web 3.0—in a span of about 15 years—has been significant indeed.

As a reminder:

• Business models that refused to adapt went bust. Many of those that survived are still playing catchup. Think of your local newspaper competing with the Huffington Post. Target still hasn't gotten online purchasing down the way Amazon has, and now its business has been shaken following a major breach in the security of customer credit card data.
• Borrowers can now bypass lenders, banks, and middlemen and go straight to other consumers for a $10,000 loan to start successful businesses.
• Your smartphone has more capabilities than devices carried by the men who first went on the moon.

It's useful ...