Roe v. Wade highlights how some advisers navigate controversial issues on social media

Alina Fisch doesn’t usually post about politics on social media.

But the founder of Contessa Capital Advisors couldn’t ignore the Supreme Court’s June 24 decision to overturn Roe v. Wade, the 1973 case that ensured legal access to abortion across the country. As an independent financial adviser focused on single and divorced women and solo mothers, Fisch felt strong enough on both a personal and professional level to take to Twitter.

“The decision highlighted the importance of being fiscally independent and unapologetically empowered,” Fisch told InvestmentNews. “The desire to protest or give to causes related to protecting women’s right to health care was an opportunity to talk about impactful giving from a financial planning perspective.”

Social media offers financial advisers a way to establish a personal brand and build connections with clients and prospects, but controversial issues like abortion can be a tricky area for professionals to navigate. While Fisch said she received unanimously positive feedback, not every adviser agrees that it's their place to weigh in on politically fraught issues.

Controversial issues can be especially difficult for advisers focused on ethical investing by removing certain companies from a client portfolio. For example, some clients may view companies paying for employees’ access to abortion as a positive, while others view it as a negative, said Robert Persichitte, a financial planner with Delagify Financial. Or clients have varying ideas on how companies support LGBTQ+ rights versus "traditional family values."

While the firm’s value proposition is to avoid investing in “evil” companies, recent events are making the job a lot harder, he said.

“Different people have different opinions on what the ‘good’ companies are,’ Persichitte said. “For me personally, I keep my communication limited on such divisive issues.”

“I find that expressly stating your personal beliefs will rarely gain you a client, but it will very easily lose a client,” he added.

However, staying silent on particular issues can backfire. Several advisers took note of which firms continued sharing “business as usual” posts and which remained completely silent.

“If you’re a man and you haven’t weighed in on the SCOTUS decision on Roe v Wade yet, we see you,” Danika Waddell, founder and president of Xena Financial Planning, tweeted on June 25. “Your silence is deafening.”

Some advisers feel social media platforms like Twitter simply aren’t optimal channels for important emotional, religious or moral conversations.

“If a client wants to talk with me over a glass of wine, I am happy to talk about any of those issues ... as a discussion, not as a ‘talking point,’” said Scott Bishop, executive director of wealth solutions at Avidian Wealth Solutions. “That being said, as a CPA, PFS and CFP, I do talk about tax and legislative issues if I feel that they will be important in terms of possible changes in their portfolio or their estate, retirement and financial plan. Congress has become so polarized, but regulatory and tax issues can have large impacts for many clients.”

Others feel their job is to share information that educates clients and helps them make good financial decisions, not to offer opinions about matters outside the realm of finance. There are too many problems in the world for one person to solve all of them, so it’s important to focus on areas where one can make a concrete impact, said Joseph Bautista, founder of financial planning firm Bautista Planning and Analytics. Posting one-time thoughts or opinions about a national event like overturning Roe v. Wade doesn’t ultimately do much to enact change, he said.

“My superpower is being a financial planner and business analytics consultant, so this is where I should spend my time and energy,” Bautista said. “If I can help more people and businesses become financially successful, the world will be better. Then I can use my financial resources to do good as well.”

Marketing professionals agree with Bautista that posting about controversial issues shouldn’t be one-off messages. Advisers are encouraged to share who they are and what they care about, but on an ongoing basis, said Leslie Leach, chief marketing and strategy officer of Hearsay Systems, a client engagement fintech with more than 200,000 financial advisers among its user base.

Talking about issues that are important to them in a professional, empathetic way that shows how they are involved can build stronger relationships with clients, Leach said. One-off messages can sound more like “talking the talk.”

“It’s important for advisers to recognize that having an unapologetic view as an individual is one thing, but they remain a representative for a specific financial institution,” Leach said. “In the case of more controversial issues, content must strike a balance between empathy and purpose but also align with corporate policies and principles. In addition, it is also important to ensure that any messages or content shared remains in compliance.”

[More: How investors are engaging with companies over abortion access]

The freedom to authentically express personal beliefs was a big reason Jessica Goedtel launched her solo practice, Pavilion Financial Planning. Financial planning for sex workers is also one of Goedtel’s core service offerings, and working with clients with aligned values is more important than stifling opinions in order to serve everyone, she said.

“I believe in a woman’s right to choose, and after Roe v. Wade was overturned, I used social media as an outlet for my grief,” Goedtel said. “It was a comfort to me to see other people in the financial industry grieve along with me, and I’m grateful for that.”

Advisers like Goedtel and Waddell aren't worried about alienating their prospects or clients, who are generally young, share their progressive political views and appreciate taking a stand on issues like abortion and gun control.

“I think prospects and clients appreciate hearing things from a real human and not just bland middle-of-the-road statements,” Waddell said. “Also, I strongly believe that ‘not saying anything political’ is a form of privilege that not all of us have.”