Everybody is talking about SpaceX and Tesla CEO Elon Musk’s bid to buy Twitter, a social platform that has become a critical piece of many financial advisors’ marketing toolkits.
I’m not going to weigh in on the pros and cons of a potential deal. From my personal feed, many financial advisors seem to think it would be a great idea because of their political affiliations, their ownership of Twitter’s shares or they just think it would be funny.
What I find interesting about this is how it compares to advisors’ reactions when a wealthtech company is acquired. Worries abound about the new owner making the tech proprietary and booting off any advisors who aren’t customers. There’s concerns about “cultural fit” and whether or not the new owners will support the innovation that made the tech so successful. It’s just funny to see the same people who express these concerns over Wealthtech M&A gleefully cheering on Twitter’s potential private takeover.
At any rate, advisors have bigger things to worry about with tax day looming. The explosion of retail investor interest in cryptocurrencies has not coincided with increased understanding of how these assets should be accounted for with the IRS, especially in the complex tax situations of wealthy investors. Financial Planning spring reporting associate Diana Li covered recent remarks from Janet Yellen, and wealth editor Lynnley Browning breaks down exactly what advisors need to know.
| | Ryan Neal
Technology Editor, Financial Planning
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| By Diana Li 7 min read | You can buy a share of Lamborghini now. Should you do it? Read story → |
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| | | By Lynnley Browning 6 min read | Even if they dislike digital assets, wealth planners have a fiduciary duty to understand their confusing and murky tax treatment. Read story → |
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| | | By Diana Li 3 min read | The Treasury Secretary makes the first speech after Biden’s executive order on digital assets. Read story → |
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| In this eBook, we reveal how top firms maintain growth and win back time, despite the challenges. Read more → |
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| | | | | | | | | | | | | | | RESOURCES | | | WEB SEMINAR | | Monday, April 25, 2022 1:00 PM EDT | In this session, Managing Editor of Financial Planning, Brian Wallheimer, to share the top trends in wealthech for 2022 and the customization demands driving change and innovations in wealth management today Learn More → | | | WHITEPAPER | | | In this whitepaper, we’ll look at the evolution of wealth management and answer a number of important questions about how you can create value for clients. Download Now → | SPONSOR CONTENT FROM Orion Advisor Tech | | | WHITEPAPER | | | An Ameriprise advisor and the head of its employee brokerage share their thoughts on building the next generation of talent. Download Now → | | | WHITEPAPER | | | As risk management becomes a major driver for banks, we discuss how to approach these questions in a different way Download Now → | More resources → |
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