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There was no full-page ad in The Wall Street Journal when Wealthfront CEO Adam Nash announced that the company was reducing opening account minimums. Instead he turned to Medium, the blog-publishing platform, to make the announcement and openly lance into the competition for good measure.
It wasn't the first time Nash used Medium as his platform to dig at competitors. But this time around, other digital wealth management executives parried his critiques on the site also, including Betterment's Jon Stein and Bill Harris of Personal Capital.
?Please don?t pee on our leg and tell us it?s raining,? Firefox founder Blake Ross wrote in a sarcastic anti-Wealthfront piece in Medium.
Such diatribes are in stark contrast with what any advisor or client might be used to hearing from a traditional wealth advisory firm, says one marketing expert.
?It?s a cultural thing,? says Marie Swift, CEO of Impact Communications, a public relations firm servicing the financial services industry. ?They (robo advisors) are really technological providers.?
Medium has become the message platform of choice for tech in general, said Greg Muender, a startup vet and author of ?The Ultimate Guide to Medium.?...