ACLI promises better disclosures about annuities

/in , , , , /by

The American Council of Life Insurers (ACLI) is promising to improve disclosure about annuities in cooperation with the National Association for Variable Annuities (NAVA), according to “User-Friendly Annuity Documents Planned,” an article on the Financial Advisor website.

Maybe they could start with the so-called “easy to read tip sheet” for seniors on their website. It sports plenty of jargon. Like “current credited interest rate”–a term that I couldn’t even find in the ACLI’s glossary. The same goes for “subaccount.”

The ACLI and NAVA are tackling a tough job. I wish them good luck.

How to make your ultra-affluent clients happy

/in , , , /by

“…the model that works in the institutional world does not necessarily translate well to the world of the ultra affluent,” writes Scott Welch of Fortigent, LLC in “Differentiating When Consulting to the Ultra Affluent,” an article published in the CFA Institute’s private wealth management e-newsletter.

So, while wealth managers like to talk about bringing institutional-quality management to individual clients, forget about your institutional client-service model.

As a professional writer, I was intrigued to read that “…satisfied clients hear from their primary adviser 28 times a year, or a little more than twice a month, and it might be a phone call, an e-mail, a fax, a newsletter, a research report, or just a quick hello.  Unsatisfied clients hear from their primary advisers fewer than 17 times a year (emphasis added).” One extra client touch per month could make an enormous difference!

Welch discusses how to satisfy ultra-affluent clients in terms of platform, process, and people.

Platform means that your product and service offerings must be comprehensive.  Without the full array of wealth management offerings, you won’t “get a seat at the table.” But the key is providing access to those services. Outsourcing is okay.

Process means that a relationship manager with excellent people skills and an outstanding support team arranges client access to products and services. 

People means that roles are becoming more specialized, taking advantage of employees’ personalities and knowledge. Also, ongoing professional education is essential because of increasing specialization.

How I ghostwrite your financial article

/in , , , , /by

Too busy to write an article? Hiring a ghostwriter is a great way to produce a compelling article in a short amount of time.

Ghostwriting is one of my specialties. Please read on for an explanation of how you and I can work together.

My ghostwriting process typically includes these steps:
1. Topic identification
2. Interview of expert(s)
3. Outline
4. First draft
5. Revision, if necessary
6. Completion

1. Topic identification

You and I will discuss your topic over the phone. It’s helpful if you can answer these questions:
•    Why do you want to write an article and what do you want it to accomplish?
•    What is your topic?
•    Who is your audience and what do you want them to do after they read your article?
•    Why will your readers care about your article topic?
•    What problem will your article solve for your readers?
•    What are the three main points you’d like to make?
•    Where will the article appear?
•    What word count are you targeting? For example, a ghostwritten newspaper article often runs 600-1,000 words and a double-spaced, typed page runs about 200-250 words.
•    By when do you need the article completed?
•    What is your review and approval process?

Following this interview, I typically send you a letter of agreement that describes the scope of the work we will do together.

2. Interview of expert(s)

Most of the articles that I ghostwrite are based on an interview with a single expert. Sometimes multiple experts and outside research are involved.

Prior to the interview, I will send you a list of questions to think about. If that makes you think of useful exhibits or other data, it’s helpful for you to send them to me prior to our interview.

The interview will be conducted by phone and tape recorded, so I can refer back to it.

3. Outline

Following our interview, I will typically send you a robust outline, so you can agree to the direction of the article before I send you a complete draft. The outline will incorporate my questions and requests for additional information needed to flesh out the article.

4. First draft

After you respond to my questions and approve the outline, I will send you an article following the outline.

5. Revisions

My clients are often satisfied with my initial draft. However, sometimes changes are needed. Our letter of agreement will specify the scope of revisions included in your project fee.

6. Completion

When the process is complete, you’ve got an article you can publish under your name. It’s ready to go!

 

"You Can Write – Six easy tips to getting words from your head to your computer keyboard"

/in , , , /by

Financial advisors need to write to their clients. It’s an essential part of marketing. “Phone conversations are fleeting and cannot be handed as a referral to a friend in the same way that a piece of written material can be passed on,” as PR consultant Beth Chapman of Ink & Air points out in “You Can Write – Six easy tips to getting words from your head to your computer keyboard,” her article below.


Forget your old issues with writing, this is a new day and this is business.

  1. Ever hear of an outline? Outlines can take away some of your uncertainty when you do realize you have something to say.
  2. No one really likes grammar, so write short sentences and avoid all internal punctuation that you can.
  3. Have someone else read your document after you have gone through spell check. Often a word can be spelled correctly, but be the wrong word for the context. Familiarity breeds written errors.  That second set of eyes is extremely useful.
  4. Write in bullet points instead of sentences and paragraphs, where transitions are not needed. This engages the reader’s eyes better than run on sentences.
  5. Writing can be done if you tackle it when you are the freshest and work for only 10 minutes a day for several days. Outline and get the ideas down and then polish.
  6. Phone conversations are fleeting and cannot be handed as a referral to a friend in the same way that a piece of written material can be passed on.

Cheer up your clients with views of Dallas Fed authors

/in , , /by

Has the economy got your clients feeling blue? 

Cheer them up with some statistics from “How Are We Doing,” an article by W. Michael Cox and Richard Alm of the Federal Reserve Bank of Dallas.


For example, over the past 20 years, “in terms of time worked at the average pay rate, the real cost of a 12-item basket of basic foods has hardly budged.” You can see that for yourself in Figure 3, “What Work Buys.”


I learned about this article from “Cheer up — these are the good old days,” a Boston Globe column by Jeff Jacoby.

How to publicize your white paper using LinkedIn

/in , /by

You can leverage LinkedIn to publicize your white paper. It won’t cost you anything more than the time it takes to write a LinkedIn Question.

“Free White Paper: A Step-by-Step Guide to Producing High Quality Case Studies.”  That’s what Toby Younis put in the headline as his “question.” Okay, so it’s not really a question. That means it’s breaking LinkedIn’s rules.

But it works. Younis got me to download his white paper on case studies. I noticed it because on my LinkedIn home page I track “Answers” for “Writing and Editing,” which is one of the two categories Younis picked for his “question.”

"Let Content Determine Podcast Length"

/in , , , /by

The best podcasts tend to run 5-7 minutes long, according to “Let Content Determine Podcast Length” on MarketingSherpa (paid registration may be required for article access). However, longer podcasts can work if the content is compelling.

Another key characteristic:  they focus on one topic. 

So, if you’re considering adding podcasts to your menu of investment or wealth management communications, keep them short and focused.

Can you help your clients to control their fears?

/in , , , , /by

The Intelligent Investor’s column on “How to Control Your Fears in a Fearsome Market” inspired this blog post.

Author Jason Zweig lists four techniques that individuals can use to manage the stress they feel when the market tanks. You might be able to apply some of them in your conversations with clients.

For example, consider his advice to reappraise.

Forget what you paid for that stock or fund; instead, imagine it was a gift. Now that it is priced, say, 20% more cheaply than in December, should you want to return the gift? Or should you buy more while it is on sale? (If rethinking a fallen price this way doesn’t make you feel better, maybe you should sell.)

I think that you could talk your clients through a reappraisal following Zweig’s advice.


It might not work for every client. But you–and your client–will feel good when you success.


Have you ever tried this? Leave your comments below.

 

How to boost your website’s rank in Internet searches

/in , , /by

Use keywords well and you boost the odds that potential clients will find you in their Internet searches.

“Fifteen places you must place your Keyword Phrase and the why behind it” provides some helpful hints. At a minimum, make sure the person putting up your website knows the “behind the scenes” tricks for placing keywords. 

Tread more carefully when it comes to inserting keywords into your text. Excessive use of keywords can make your writing clunky. It can drive away the very people you want to attract.

Website demystifies confusing words

/in , /by

NOTE: The Confusing Words website no longer exists. 

Try searching  the Common Errors in English Usage website. Or, search in Google for the confusing pair, for example, “capitol vs. capital” to check if you’re right.

The Confusing Words website clarifies the differences between sets of two or more frequently confused words. Visit it when you’re confused about which word to use.

According to the website, some classic pairs of misunderstood or misused words include:

  • Affect vs. effect
  • Capitol vs. capital
  •  Affluent vs. effluent — I’ll bet there aren’t any financial advisors who make this mistake!
  • Atheist vs. agnostic

I read about this in Daphne Gray-Grant’s Power Writing e-newsletter.

April 9, 2013 update: Common Errors in English Usage covers some similar information. Thanks, @Blano, for bringing it to my attention!

March 23, 2018: I updated this post to reflect the disappearance of the Confusing Words website.