Beware of the wacko blogger

Not every blogger is created equal. Some represent the legitimate, mainstream media, which have successfully harnessed blogs as a new tool for content delivery.

Not every blogger is created equal. Some represent the legitimate, mainstream media, which have successfully harnessed blogs as a new tool for content delivery.
Others are solo experts who use a blog to opine responsibly on a topic or subject that inspires their passion — anything from aardvarks to zoo maintenance.
But a certain number are irresponsible wackos who now have an electronic forum to spread the word, no matter how crazy, incorrect, damaging or harmful that word may be.
Of course, free speech is our constitutional right. So even the nuttiest bloggers — whose websites contain personal journals filled with hyperlinks and often the most appalling, ludicrous and just plain false comments — cannot be muzzled.
Here’s the problem: Blog content is not always legitimate journalism. It’s not always true. And it may be injurious to your mental, physical and financial health.
One would hope that a satisfied client of a professional financial adviser would know better than to put his money where the mouth of some anonymous blogger suggested. But investors recently surveyed by Spectrem Group admitted to reading blogs to obtain financial information.
According to Chicago-based Spectrem, 14% of the 758 investors surveyed said that they checked at least one financial blog for information and trends.
Fortunately, the top five blogs cited in the survey are all from credible sources, but who knows what lurks under those leaders?
How many unreliable blogging sites are places where unwary and unsuspecting investors are turning for financial “advice”?
My concern stems from a recent run-in I had with one of these “Twilight Zone” financial bloggers, who had criticized something published on the pages of this newspaper. I e-mailed back trying to find out a a few basic questions: Who was this? What company, if any, did the person work for? Where were they based?
But the anonymous blogger would have none of this, refusing to respond directly and instead launching another diatribe — about me personally — on the blog. Naturally, this infuriated me because it’s obvious that this type of blogger has no accountability.
These anonymous bloggers are antisocial and crafty. Devious and deceptive by nature, they spend countless hours obsessing over a single topic while sitting in their underwear in front of a computer located in a dark, musty corner of their parents’ basement. These poor souls are pale loners who never see the light of day, never breathe fresh air and never move a part of their body other than their fingers. Their human contact is limited to seeing the delivery guy who brings them their greasy takeout food.
Do you want this type of blogger having influence over your client?
Of course not, that’s why I suggest that advisers be proactive with their clients about blogging. Mention that there is a lot of good information available on the Internet but also a lot of junk, especially among blogs. Suggest that if an investor comes across a blog that seems interesting or provocative, they tell you about it so you can check it out, too. You then may be able to do a little investigating to determine whether the suggestions, or even the blogger, are what they seem.
The marketplace for ideas and information is enriched when there are many thoughtful buyers and sellers. And blogs add to the market. Your clients will thank you if you can help them steer clear of the less savory merchants.