A financial advisor aiming to use social media as a means to increase access to quality advice ditched his broker and started a paid RIA to make his vision a reality.
Andre Jean-Pierre of Aces Advisors plans to transform his large audience on Twitter and Club house into leads for the New York-based RIA and a powerful alternative to personal finance influencers he often finds unlicensed and lacking in basic knowledge. Jean-Pierre left Woodbury Financial Services from Advisor Group and officially registered the RIA with the SEC in July.
An industry veteran for 11 years and a former wire house broker at Morgan Stanley, Jean-Pierre was awarded the distinction of obtaining the first purple dot from Twitter as a member of the Live Audio Hosts beta group using its spaces function. He also started his weekly Clubhouse sessions last year after noticing influencers selling penny stocks or even outright pump and dump programs. Frustrated by their wide reach, he uses social media platforms to ensure “access to information and access to services that are blocked for people of a certain demographic group,” he said.
As he no longer saw the point of working with a comic and feared that he would not be able to use social media as effectively as with another company, Jean-Pierre decided to open the independent RIA. In its early days, the company had less than $ 10 million in client assets.
“I want to grow up deliberately,” said Jean-Pierre, who is black and American of Haitian descent. “I really try to focus on people of color who can’t get that kind of personal attention and people who understand their personal situation outside of the numbers.”
Representatives of the Advisor Group declined to comment on Jean-Pierre’s departure, noting a policy prohibiting discussing movements of individual or company practices.
Jean-Pierre has 12,000 followers on Twitter and nearly 2,000 on Clubhouse, and he recently used the Revue service on Twitter to launch a newsletter called #InTheBLAQ. The newsletter revolves around “personal finance, culture, creators and sports in the black and brown community,” according to her profile.
A former Division 1 football star at Stony Brook University who grew up in the Flatbush neighborhood of Brooklyn and Irvington, New Jersey, he said he was eager to find more clients who represent the “first generation of wealth. downtown “that could be” high income and it doesn’t sound like that because they have to support so many people. “
Jean-Pierre’s Clubhouse sessions started drawing around 500 people during the GameStop saga in January, and he found that around 100 attendees would ask questions afterwards.
“What we are seeing right now is that a lot of people are connecting their professional life with their life on social media,” said Jean-Pierre. “We understand the business, we understand compliance, we understand the regulatory review behind it. So we can merge these two lives.