Advisors remain vigilant as millions flock to threads on launch day

Financial Advisors

The latest “Twitter killer” has appeared and is extremely fierce.

Threads, a Twitter alternative from Meta Platforms, which operates Facebook, Instagram and WhatsApp, opened to the public late Wednesday, amassing more than 30 million users in the first few hours. Among them are high-profile celebrities (Jennifer Lopez, Oprah, Mr. Beast, etc.), brands (Bloomberg, Wendy’s, etc.), members of the FinTwit crowd (Josh Brown, Tyrone Ross Jr., Jess Bost, etc.), and more. It is included.

Some financial advisors are jumping on the bandwagon, but they’re shying away from those who aren’t ready, don’t have the time, or didn’t join in the first place on another social media channel. Voices are rising.

“If people who want to keep in touch move to another platform, I’ll be happy to follow suit,” said Elliott Weir, a financial planner in Austin, Texas, in the thread, the first Twitter he signed up for. Said it was an alternative. “I know it will add the functionality I need and I hope it will be a viable alternative. It’s one of the reasons I stopped using it.”

For starters, the Meta platform takes a user’s Instagram profile and uses it to grow followers on threads. So users don’t have to rebuild audiences like they do with other of her Twitter alternatives like Post, Mastadon or Bluesky, followers are already there.

There are other differences between Thread and Twitter. For example, Twitter allows 280 characters for posts from non-paid accounts, while Threads allows 500 characters. Thread accounts can be deleted, but the associated user’s Instagram account will also be deleted. Also, unlike Twitter, Threads does not currently offer direct messages, hashtags, or tagging.

Kip Lytel, Managing Wealth Advisor at Montecito Capital Management in Santa Barbara, Calif., said the firm will strengthen its current social media presence on Twitter, Facebook’s Meta Business Suite and YouTube. He said he would consider adding Threads to do so.

“But this is not an alternative,” Lytel said.

One issue that advisors are aware of is compliance.

Johnny Sundquist, CEO of financial services marketing firm Three Crowns LLC, posted: twitter“Compliance officers at wealth management firms are sweating at the thought of all unarchived threads being leaked.”

That’s exactly why Centerville, Ohio-based financial adviser Bill DeShurco said he’s staying away from social media entirely.

“A quick look at Reddit or Twitter didn’t add much value,” said DeShurco. “I once posted that ‘a stock’s value is a function of its earnings, but its price could be pure speculation.'” rice field. I needed to know it wasn’t worth it. “

So do others like Jeffrey Upps, a 59-year-old financial adviser from Avon, Colorado.

He has personal Facebook and Instagram accounts, but said he uses phone calls and face-to-face meetings primarily for business purposes. He doesn’t plan to use his Threads.

“It sounds a little dated, but it’s worked for me for over 20 years,” says Apps.

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