Monday, November 05, 2012

Where Most Pentamillionaires Don't Go . . . Yet

Most pentamillionaires – more than two out of three – never use YouTube, according to the Spectrem survey mentioned in this WSJ story. Those with $5 million or more who do use the video site are likely to be under age 44.

Nevertheless, plenty of mere millionaires and mass-affluents must be users. So some advisers and planners have started prospecting on YouTube. Good idea?

That depends. A cursory survey suggests that YouTube's wealth-management videos range from surprisingly good to painfully embarrassing.

Best are the few that are professionally produced and content rich. Far more common are routine promotional videos, many virtually interchangeable and lacking the tone likely to appeal to the $5-million-and-up market A few are so amateurish they remind you of SNL parodies. You feel sorry for the poor souls who exposed themselves to public view.

Bottom line: Aim high and seek professional help if you seek to market yourself on YouTube. You probably can't produce something comparable to a Warren Buffett monologue or a TED lecture, but you'll be competing on the same playing field.

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