#Roth IRA Movement goes Viral!
The majority of Financial Professionals are struggling to incorporate Social Media into the framework of their practices. Financial Professionals are well-educated (CFP, MBA, Series 7) individuals, and have amazing knowledge and incite in helping the average person who has chosen their life’s work in a different field. Here’s a novel idea, why not simply help others solve for a problem before they have one?
To this point today, I stumbled upon the perfect example of what helping others through problem solving is all about. No joke, through a tweet on twitter from @Vanguard_FA‘s feed something amazing caught my eye.
Since I am in the field of helping advisors leverage social media, I was immediately intrigued. I clicked on the link (I also ReTweeted the message [giving Jeff social credit] to my 40k plus twitter followers) and read his blog post in amazement. Finally, someone got it. “It” simply means that Jeff has genuinely connected with his audience. He has added so much value into a simple concept within savings and investing, the “Roth” IRA that has been around since 1997.
How did he do it?
Jeff Rose a successful Certified Financial Planner from Illinois was charged up from a talk he gave at his alma mater, SIU Carbondale. He asked the simple question to the 50+ attendees from the graduating class “How many of you are familiar with a Roth IRA”? To his dismay, not one person raised their hand. Not one single senior has heard of the Roth IRA. Why not he thought? After a night of brainstorming, enter the Roth IRA movement.
Through social media, Jeff used his voice and started to create a buzz. The power of an idea given new life, coupled with a terrific shareable story has the potential to go viral. In a sense, it already has.
Being a Financial Advisor myself, and dealing with sixty year olds who have worked their entire lives. They are struggling making the transition from accumulating wealth while working to distributing their wealth to see when and if they can retire. I can relate. Let’s stop this problem before it happens. Most educated people facing retirement never saved enough and were solely focused on their day-to-day lives. Obviously, they did not realize the importance of saving for retirement soon enough.
Let’s collectively solve that problem!
Jeff took to the Web and started a movement. Today there are 150+ bloggers and notable Financial Institutions running with his message, a message that was already out there. However, this message wasn’t being targeted to the demographic that can benefit the most from “control” and “tax free” growth through years of compounding.
These powerful financial institutions struggled to get across to younger generations. Most of them were focused on the generations with the big bucks, not the generations who need help as well, and will inherit wealth from the boom generation. They have the knowledge and the resources to help educate our youth. I think they hear the message now, loud and clear! They need to thank Jeff Rose for giving them the opportunity to connect with the younger generation.
Independent advisors also need to learn from what Jeff has done here. You don’t need to be a big financial institution to have an impact. It is easier for an individual to genuinely connect with a niche audience. Brainstorm, and figure out unique ways to connect with people that you can help.
Even if Jeff gets one person to raise his hand during his next talk, Jeff has won!
More BIG TIME Accolades for Jeff’Rose’s #RothIRAMovement:
Charles Schawb, Yahoo Finance, The Huffington Post, AARP and many others recently joined the #RothIRAMovement. The momentum continues. One thing is for sure, Jeff Rose will be forever associated with the ROTH Ira. I Just added the #RothIRAMovement to Wikipedia
Closing down Business with a Hashtag:
Origins of the Roth IRA Movement:
Click here to view Jeff Rose’s Roth IRA Movement
A Traditional or a Rollover IRA is a retirement vehicle similar to a 401(k). Money you earn is taken before taxes are taken out and contributed to the account. You have to pay taxes on the money you take out of it. There also is a 10% penalty on top of income taxes if you take out money from the account before you reach the age 59 ½. You are required to start taking out funds at 70 1/2
A Roth IRA is the opposite, you put after tax money in the account and it grows tax free. You do not have to pay taxes on any of the withdrawals, ever, as long as you hold the account for five years. The benefit of the Roth is the tax free feature. If you start young, and invest wisely, you can really benefit from never having to pay taxes on those funds again…. ever!
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