A small corner of the Twitterverse blew up today after an innocent tweet promoting a webinar on the challenges posed by automated investment platforms featuring MarketCounsel’s CEO and President Brian Hamburger, RIABiz founder Brooke Southall and co-founder of Monument Wealth Management David B. Armstrong rubbed a couple of twitter denizens the wrong way, turning into a day-long faceoff with industry commentators Michael Kitces and Bill Winterberg.
It started with an innocent, promotional tweet...
The biggest challenge #RoboAdvisors will face is trust, or lack thereof, says Brian Hamburger @MarketCounsel @RIABiz http://t.co/dlJoLJCH4y
— Megan Carpenter (@megan_ficomm) October 9, 2014
Then Bill Winterberg asked a "rhetorical question" seemingly comparing trust in a robo advisor to trust in a power-point presentation.
@megan_ficomm @HDelux @MarketCounsel @RIABiz Do you trust a PowerPoint presentation? (Rhetorical question)
— Bill Winterberg CFP® (@BillWinterberg) October 9, 2014
Alas, @BillWinterberg, do you make impt decisions after finding PowerPoint slides online? @megan_ficomm @MarketCounsel @RIABiz
— Brian Hamburger (@HDelux) October 9, 2014
@HDelux @megan_ficomm @MarketCounsel @RIABiz I'll buy a product or gadget for sure, but I won't buy into a relationship.
— Bill Winterberg CFP® (@BillWinterberg) October 9, 2014
@BillWinterberg @megan_ficomm @MarketCounsel @RIABiz There you have it. Cue the light bulb overhead.
— Brian Hamburger (@HDelux) October 9, 2014
Things might have ended there, but Winterberg decides to call in reinforcements...
@HDelux @megan_ficomm @MarketCounsel @RIABiz Just wait until @MichaelKitces rips my logic to shreds. I don't stand a chance!!
— Bill Winterberg CFP® (@BillWinterberg) October 9, 2014
@BillWinterberg Logic is simple. Robos not selling a relationship. They're selling a product. @HDelux @MarketCounsel @RIABiz @megan_ficomm
— MichaelKitces (@MichaelKitces) October 9, 2014
@MichaelKitces, don't tell that to the SEC. That's what mutual funds are for. @BillWinterberg @HDelux @RIABiz @megan_ficomm
— MarketCounsel (@MarketCounsel) October 9, 2014
@MarketCounsel Well, their product configuration has more features than a mutual fund. ;) @BillWinterberg @HDelux @RIABiz @megan_ficomm
— MichaelKitces (@MichaelKitces) October 9, 2014
@MichaelKitces, my new iPhone has features. Personalized investment advice requires trust. @BillWinterberg @HDelux @RIABiz @megan_ficomm
— MarketCounsel (@MarketCounsel) October 9, 2014
@MarketCounsel But ultimately robos are hardly personalized investment advice. @BillWinterberg @HDelux @RIABiz @megan_ficomm
— MichaelKitces (@MichaelKitces) October 9, 2014
@MarketCounsel Only 'personalization' is time horizon, which FINRA's required for decades? @BillWinterberg @HDelux @RIABiz @megan_ficomm
— MichaelKitces (@MichaelKitces) October 9, 2014
That's good, @MichaelKitces. Because everyone trusts their brokers. #eyeroll @BillWinterberg @HDelux @RIABiz @megan_ficomm
— MarketCounsel (@MarketCounsel) October 9, 2014
Do we need to go back to the distinction btwn brokers and advisors for you, @MichaelKitces? @BillWinterberg @HDelux @RIABiz @megan_ficomm
— MarketCounsel (@MarketCounsel) October 9, 2014
@MarketCounsel Wow, you couldn't have missed the point more if you tried. I'm done w/ convo. @BillWinterberg @HDelux @RIABiz @megan_ficomm
— MichaelKitces (@MichaelKitces) October 9, 2014
@MarketCounsel If you're going to be rude & obnoxious, I'm done w/ conversation. Thanks. @BillWinterberg @HDelux @RIABiz @megan_ficomm
— MichaelKitces (@MichaelKitces) October 9, 2014
...But of course, no one was done with the conversation.
@MichaelKitces @MarketCounsel @HDelux @RIABiz @megan_ficomm Prepare for a storm off!
— Bill Winterberg CFP® (@BillWinterberg) October 9, 2014
"Boy, that escalated quickly." - https://t.co/gU3i4ShaZ7 @BillWinterberg @MichaelKitces @HDelux @RIABiz @megan_ficomm
— MarketCounsel (@MarketCounsel) October 9, 2014
@MarketCounsel You #EYEROLLED me & said I don't know diff between advisors & brokers. @BillWinterberg @HDelux @RIABiz @megan_ficomm
— MichaelKitces (@MichaelKitces) October 9, 2014
You were the one who referenced FINRA's standards for brokerage. It's advice, @MichaelKitces. @BillWinterberg @HDelux @RIABiz @megan_ficomm
— MarketCounsel (@MarketCounsel) October 9, 2014
@MarketCounsel Right, you missed the point, STILL missing the point, insulting instead. Stop. @BillWinterberg @HDelux @RIABiz @megan_ficomm
— MichaelKitces (@MichaelKitces) October 9, 2014
But it didn't stop. In fact, that was only Act I...
@BillWinterberg @MichaelKitces @MarketCounsel @HDelux @RIABiz Maybe you boys should take this onstage at #MSUM14 - cage match in Vegas?
— Megan Carpenter (@megan_ficomm) October 9, 2014
Now Kitces ups the debate by pointing out that he would not present at an upcoming Marketcounsel event because they were not paying presenters.
@megan_ficomm Was contacted back in April to speak at #MSUM14, they declined to engage me. @BillWinterberg @MarketCounsel @HDelux @RIABiz
— MichaelKitces (@MichaelKitces) October 9, 2014
Then we are reminded who apparently coined the term "robo advisor," and who popularized it.
@BillWinterberg Ironic, as you coined 'robo-advisor' term & I popularized it? #MSUM14 @megan_ficomm @MarketCounsel @HDelux @RIABiz
— MichaelKitces (@MichaelKitces) October 9, 2014
@MarketCounsel We've both written about robo-advisor trust issues for years. Nothing new. @BillWinterberg @RIABiz
— MichaelKitces (@MichaelKitces) October 9, 2014
@MichaelKitces and @BillWinterberg: never imagined such scorn would emerge by noting that robo-advisors need to overcome trust. @RIABiz
— MarketCounsel (@MarketCounsel) October 9, 2014
@MichaelKitces @BillWinterberg: #MSUM14 stocked with keynotes and industry leaders coming to make change, not a buck. Invitation still open.
— MarketCounsel (@MarketCounsel) October 9, 2014
@MarketCounsel Scorn is for the incredibly insulting & belittling attitude even while trying to AGREE with you. @BillWinterberg @RIABiz
— MichaelKitces (@MichaelKitces) October 9, 2014
@MarketCounsel Sorry, I'm now engaged w/ another event that feels it's more important to spend $$$ for top content. @BillWinterberg
— MichaelKitces (@MichaelKitces) October 9, 2014
@MarketCounsel Also explained that #MSUM14 couldn't pay speakers due to "an insane spend on food & beverage & entertainment" @BillWinterberg
— MichaelKitces (@MichaelKitces) October 9, 2014
@MarketCounsel I'm not trying to denigrate your event, please don't denigrate the fact that I get paid to earn a living. @BillWinterberg
— MichaelKitces (@MichaelKitces) October 9, 2014
@MarketCounsel And if your policy is to only work with speakers who work for free, that will limit some of your speakers. @BillWinterberg
— MichaelKitces (@MichaelKitces) October 9, 2014
I like how @MarketCounsel compared @MichaelKitces with @mcuban and his ability to speak at #MSUM14 and not make a buck.
— Bill Winterberg CFP® (@BillWinterberg) October 9, 2014
@BillWinterberg Well, @mcuban does have a billion dollar head start on me. I'll change my fees after my first $1B too. :) @MarketCounsel
— MichaelKitces (@MichaelKitces) October 9, 2014
@MichaelKitces Man, I love your twitter rants (going to make more popcorn) @BillWinterberg
— John Refford (@iamreff) October 9, 2014
Reflections on morning dialogue with @MichaelKitces @BillWinterberg: one can't claim the independent RIA space lacks real passion.
— MarketCounsel (@MarketCounsel) October 9, 2014
And with that, we now return you to your previously scheduled programing.
