It’s time to thank SBF (no, really)
SBF just handed you a gift. “How’s that? He’s a conman,” you might say. Which is a fair point, so let me explain.
I built a career out of telling stories. And whether it's writing news reports out of Jerusalem or producing business television out of New York, there are certain ingredients that go into a good story.
Recently, advisor Cody Garrett pondered why reporters don't ask for quotes on what to do when you DON'T win the lottery, and the answer is simple: Hundreds of millions of people don't win the lottery everyday. There's nothing newsworthy or exciting in the mundane. It's the same reason you don't expect (and probably wouldn't read) news stories about all the conflict-free days in Jerusalem.
What makes a good story?
That's easy. People. Personal stories activate different areas of our brain and cause us to care more than stories about things (or worse, companies.) And the collapse of FTX features enough compelling personal stories to make Aaron Sorkin salivate.
And that's a gift to you, as an advisor. For years, crypto has been a fresh way to get folks interested in finance. And now, there's Sam Bankman-Fried, the larger-than-life villain at the center of the story—a mop-haired California vegan who branded himself as an acronym, took crypto mainstream, then accidentally blew up the bubble he helped create.
SBF gives people a reason to care about the details of the FTX story. He gives them a villain and a plot and supporting characters. People don't care about crypto tokens. People DO care how a man with multiple roommates convinced industry leaders to invest in magic money. And they'll learn about tokens as part of that story.
Use FTX to your advantage
Trust me when I say: It's rare for a financial story to grip the national consciousness. And with the fall of FTX, this year's hottest story is without a doubt crypto (sorry, Stefon). Because besides people, the most compelling part of any story is crisis.
Whether you like crypto, hate crypto, or just wish it would go away so you can focus on year-end tax planning, my advice to you is the same: Don't waste this opportunity. Talk to your clients about what's happening with FTX.
Here's one more takeaway from the research into what makes a good story: A good story is a good story, independent of medium. You can be compelling in print, on a podcast or in video. But there are certain stories that just feel "right" told a certain way. And when it comes to FTX, I'm partial to audio. It's the kind of story that, once upon a time, we would have told around a campfire.