Advisers greet a financial 'Facebook'

Spencer Green didn't anticipate the current financial crisis when he created MeettheBoss.com, but Wall Street's problems may help the new networking site take off. A free multimedia site for senior financial executives, MeettheBoss .com, which was launched this month, is a virtual community intended to foster communication among an elite group with shared interests. "The key is about driving C-level executives to be communicable in a secure environment," said Mr. Green, chairman of GDS International, a publishing company based in Bristol, England. "We need to start building a stronger community to learn from mistakes." While similar in concept to other social and business networking sites such as LinkedIn, Naymz and Plaxo, MeettheBoss.com claims to be unique because of its undemocratic requirements. Users must be senior executives or company owners to join, and a rigorous registration process weeds out those who don't fit the profile. About 70% of applicants are being rejected as unsuitable, Mr. Green said. At its launch, MeettheBoss.com said it had 20,000 invited members. It intends to cut off membership at 50,000, creating a virtual gated community. Those who make the cut find a setup similar to those of other social networking sites: member profiles, the ability to connect with other members and video broadcasts.

'SPREADING THE WORD'

Martin B. Davis, chief information officer of Wachovia Corp. of Charlotte, N.C., has appeared in one of the videos. "Members are able to speak to individuals about what was discussed, and there is a weekly online [question and answer session]," Mr. Green said. "It's about applying the learning from our community and spreading the word. Financial advisers will be able to see early on what's happening." Mr. Green said members are already spending an average of two hours a week on the site, with about half of that spent outside of normal business hours. As top executives of their own financial firms, independent advisers are likely to pass the admissions hurdle.
"I think this is a good idea, particularly for those who do not have similar-type groups through organizations they belong to already," said Karen C. Altfest, a certified financial planner and principal of L.J. Altfest & Co. in New York, which manages $550 million in assets. "It seems worthwhile to share information about work-specific situations with people who could add something to your thought processes. I am intrigued, and wonder who is out there, what level of expertise they have. Do they have an answer to something that's been bothering me?" However, Ms. Altfest worries that spending too much time on the website could be a drain. "You would be known to many more people who might e-mail you or want to talk, and you would have to set aside the time to respond in an already very full schedule," she said. Drew Tignanelli, a certified financial planner and president of the Financial Consulate in Hunt Valley, Md., said the site may be helpful when making investment decisions. The company declined to disclose its assets under management. "When I invest, I like to know who the people are who run the companies. If I can get a sense of their values and principles — that actually is a high criterion we use in deciding whether to invest," Mr. Tignanelli said. Otherwise, he admitted, he is baffled by the concept of virtual communities. "How does a young couple get to together on the Internet and get married three months later? I don't understand it — and yet it happens."