"You know, I think at some point in the future UHNW individuals may prefer to discuss their affairs online, with their peers, rather than with their professional advisers".

Last month I began what I thought was a provoking and contrarian discussion with a client. I expected a curious, "oh really?". Maybe a view that "I would never share personal information like that online". 

What I did not expect was a stifled giggle, and the reply,

"er...Robert... I guess you don't use Reddit… because they already do!".

Such was my introduction to the Reddit fatFIRE sub of Wealth and Financial Independence, which has as its charming mission to retire with a 'fat stash'...and over 197,000 members.

We often like to rest on our laurels in the wealth advisory industry. We view it as incredibly unlikely that our clients would do anything other than speak to a select circle of trusted professional advisers about their problems, in an intimate office or dinner setting. Or, even more unlikely that they might want to sense check what we say.

However, on fatFire, people do exactly that. They share, they comment and discuss what they have been told by their advisers, their deeply personal concerns about their wealth. They ask other members for referrals to bankers, to lawyers and to trustees.

Admittedly it is impossible to be sure how many users of the fatFire sub are bona fide UHNW individuals - though there is a possibility to 'verify' one's status with a moderator. And certainly many of the users seem US based, technology types. But I think it is important for us to recognize the willingness of wealthy individuals to search for answers online, or via automated tools, is a trend that is only likely to grow. And one that as advisers, we ignore at our peril.

Checkout the link my friends! The future awaits..