Five-Week Writing Teleclass for Financial Advisors: "How to Write Blog Posts People Will Read"

/in , , , , , , , , , /by

Blogging has become a “must” for many independent and fee-only financial advisors. It’s a great way to connect with current and potential clients. Blogging also helps drive traffic to your website and cement your reputation as a leader in your field. But many advisors struggle to crank out a steady flow of compelling blog posts. That’s why you need to enroll in “How to Write Blog Posts People Will Read,” my NEW five-week teleclass for financial advisors.

You will learn how to
o  Generate and refine ideas for blog posts that will engage your readers
o  Organize your thoughts before you write, so you can write more quickly and effectively
o  Edit your writing, so it’s reader-friendly and appealing

The inaugural class will be offered exclusively to my newsletter subscribers and to clients. Participants in the initial class will receive a 50% discount in return for participating fully and providing detailed feedback.

When you participate fully in this class, you’ll end up with one polished blog post–and a process you can follow to generate many more.

How you’ll get there
o Small class–limited to 12 advisors–so you can participate, not just listen passively. Research shows that people learn best when they act on new information.
o Classes will meet on five successive Thursdays–Feb. 25, March 4, March 11, March 18 and March 25– on a teleconference call from 1:00 p.m.-2:00 p.m. Eastern Time
o Convenience because you can dial into the weekly phone calls from anywhere–and classes are recorded, in case you can’t attend “live”
o Guidance through a step-by-step process of writing blog posts, including
o  Generating blog post topics
o  Organizing your thoughts before you write
o  Positioning your blog post to appeal to readers
o  Editing your posts to boost their reader-friendliness      
o  “Hands on” practice through completing your weekly homework assignments
o  Resources for the future because you can download
o  Class recordings
o  Class handouts
o  E-booklet
o Feedback from a seasoned financial writer-editor whose clients range from the country’s largest asset managers to solo professionals to trade and retail publications

Register Now!

TESTIMONIALS
What advisors say about other workshops by Susan Weiner, CFA
o “I found this presentation very helpful because it focused on key elements to being an influential but understandable advisor.”
o  “Susan’s presentation brought to life the benefits of better writing.”
o  “Great tips for jump starting my client communications”
o  “Susan’s presentation made me want to go back to my office and juice up my emails and letters.”
 
DO YOU HAVE QUESTIONS?
Contact Susan at learn@investmentwriting.com or 617-969-4509.

Register Now!

Bloggers, one theme per post, please

/in , , , /by

Blog posts aren’t books. You only have time to make one major point per post.

In support of my thesis, I offer three quotes from The Elements of Story: Field Notes on Nonfiction Writing by Francis Flaherty, an editor at The New York Times.

  • “A writer is like a gardener who knows one tree can serve as a focal point in a garden, but that many trees will just muck up the impact of each. Also, a good writer realizes that readers have the mental room to store just one large thought from a story,” pages 32-33.
  • “A subject is not a story; it is many possible stories. To write is to choose, which is to exclude,” p. 33.
  • “No detail belongs in a story if it doesn’t serve some role therein. As Chekhov said, don’t put a gun on stage in Act I if it doesn’t get used by the end of the play,” p. 37

What do YOU think of Flaherty’s quotes?

By the way, if you’re struggling to crank out a steady stream of readable blog posts, consider enrolling in my five-week class for financial advisors, “How to Write Blog Posts People Will Read.”

Related posts
*  Five great writing tips: They’re not just for ads
*  Financial writers, lead with your message, not your source
*  Bloggers’ top two punctuation mistakes 

 

NOTE: On May 25, 2021, I updated the link to my financial blogging class and to my related posts.

RIAs with DC assets are in demand by fund companies

/in , , , /by

Registered investment advisors (RIAs), if you control significant defined contribution (DC) assets, then mutual fund companies are hungry for your business and will do whatever they can to accommodate you. That’s the message I took away from “The 2010 Distribution Landscape,” at panel at the NICSA East Coast Conference on Jan. 14. The panel, which was moderated by Matthew Bienfang of TowerGroup, included Catherine Saunders of Putnam Investments, Daniel Steele of BNY Mellon Asset Management/Dreyfus Investments, and Bill Taylor of Pioneer Investments.

DC plan assets offer mutual funds very attractive profit margins and RIAs are a significant source of growth in this arena, according to Bienfang. For example, defined contribution investment-only margins average 25% vs. about 17% for retail and 15% for SMA (separately managed account) assets. 

Bienfang stressed that fund firms need to sell to RIAs as if they were institutions rather than individual investors. Fund firms must also ask RIAs how they can help them grow and manage their businesses. Then Bienfang asked his panelists to talk about how they’re targeting RIAs with DC assets.

BNY Mellon: Game changer is coming 
Once IRS Form 5500 requires the disclosure of advisor compensation for retirement plans, “This will be a game changer,” said BNY Mellon’s Steele. Advisors won’t be able to pick up business simply “by golfing with the CEO’s brother,” he said. Instead, the business will shift to specialists. As a result, his firm is seeking wholesalers with a technical background investment management and retirement. “Ideally you want both, but those people are rare,” he said.

Steele also mentioned that his firm is using collective trusts, which are an institutional, less expensive way to offer the same investment strategies available in the form of mutual funds. Collective trusts are even less expensive than ETFs. Of course, as I recall, they also lack some of the transparency of mutual funds. For example, their net asset values aren’t published by newspapers. 

Pioneer Investments: Open architecture is key 
Bill Taylor said the spread of open architecture in DC plans is helping fund firms such as Pioneer. He is adding portfolio consultants who can interact with gatekeepers about portfolio dynamics and how the firm’s funds fit in portfolios. 

Taylor also stressed follow-up. He said that many RIAs have complained about salespeople who’ll take them to dinner, but won’t send the materials they promise. It’s a cultural challenge for salespeople that customer relationship management systems alone aren’t enough to solve. 

Putnam Investments: Give RIAs what they want 
Cathy Saunders said she has learned that it’s important to call on RIAs the way they want to be called on. Communication via webinar and phone call can be just as effective as face-to-face, if that’s what RIAs want.

Saunders has found that many RIAs want to dig deep into the firm’s thought leadership and market outlook. They have a strong appetite to bridge the knowledge gap, she said. In addition, advisors from wirehouses are looking for business management tools and they want companies to support the tools they’re accustomed to using. 

Implications for fund firms

  • Fund fees will fall because of increased competition, as Taylor noted.
  • It’s important to segment RIAs. About 15% of RIA firms control 80% of the assets and 30% of the RIA channel is in the Northeast Corridor of the U.S., from Washington, D.C. on up, said Saunders.
  • Target date funds (TDF), the most popular DC plan option, remain a barrier to entry for fund firms because 92% of TDFs are proprietary funds of recordkeepers. However, Taylor believes the open architecture will chip away at the dominance of proprietary TDFs. Steele said that in 2010 non-proprietary funds will finally surpass proprietary funds in DC plans.
  • Providing incentives to sales people is difficult because of DC plans’ omnibus accounting, as Taylor and Steele noted. However, the situation is improves once a firm becomes a “premier provider,” Taylor said. He also noted that it’s important to get retail and retirement wholesalers to cooperate. Sometimes retail wholesalers want the retirement wholesalers to help the retail wholesalers’ RIAs to sell to DC plans when the retirement wholesalers are aware of other RIAs who are much better suited to DC sales.

Implications for advisors

  • You’ll find more actively managed funds available for lower fees.
  • Fund firms will take a more consultative approach to their interactions with you. Saunders said she has learned that it’s important to understand RIAs’ business models before deploying resources.

Related posts
* If you’re marketing to RIAs

Guest Post: My Six Best Marketing Tips for Independent Advisors

/in , , , /by

When Steve Lyons spoke with me about his tips for helping financial advisors market themselves, I knew that I’d like to share them with you. When I first met Steve, he was a copywriter for Fidelity Investments. Today he enjoys working with clients of all sizes, including individual advisors.

My Six Best Marketing Tips for  Independent Advisors
by Steve Lyons


As a professional marketer and copywriter specializing in advisor communications for print and the Web, I know firsthand the challenges independent advisors face in marketing their business to investors. Whether  you’re a veteran or just beginning your practice as an independent financial advisor, these marketing tips can help you stay on track to achieve your goals.

1.    You’re not just a business, you’re a brand. True, your business relies on you – as a financial advisor and person. But take the initiative to create and build your business as something that is bigger than you are – a brand with goals and values. Work with a reputable marketing consultant or firm to help you understand and tell the world how unique you are. And more, take your brand development and marketing as seriously as the big firms. They’re spending and working overtime to make sure that investors do not notice you.

2.    Quit talking about yourself. Successful marketing begins with telling your audience the BENEFITS of working with you – not the details of your personal or professional life. It may be interesting that you have a master’s degree in finance, but it’s much more powerful to talk about how your degree creates opportunity for your clients.  Use your one-to-one sale time to be more specific about why you as an Independent Advisor and person and why you are the advisor for them (and they’re the client for you).

3.    Remember, you’re not selling only financial advice. You’re selling a lifestyle. What sets the larger and more successful firms apart from less successful independent advisory firms? They understand that money management is only the means to an end. The real goal is to help clients achieve their goals and dreams, whether it’s living in luxury, providing charitable contributions and/or leaving a legacy for family and friends.  Use imagery in your marketing that helps them see their financial future as they want it to be–fun, exciting, adventuresome and secure.

4.    Understand what makes you different.  It’s important to know what makes you different from the advisor down the street.  Is it your investment philosophy? Your investment strategy? Do you offer a fee-discount for multi-generation wealth management?  Do you accept only select clients by referral only? Whatever it is, and the list can be extensive, know why you are different from your competition.

5.    Create a marketing plan. And implement it. If there was ever a time for independent advisors to make a difference, the time is now. There is more cash on the sidelines than any time in modern history. How do you obtain some of the stockpile? By creating a marketing plan that includes long term and short-term goals. Regardless of your budget, there are opportunities for you to get your name out there.

6.    Think out of the box. Your clients are everywhere. You have to find them and they have to find you. Sponsor community programs, leagues and events. Create a billboard. Write guest columns for local publications. Create a blog. Use social networking on the Web. Make calls. Make more calls. If this feels overwhelming, hire a reputable consultant or firm to help you think out of the box and execute marketing programs that builds and supports your brand. 

Steve Lyons’s experience includes marketing, copywriting and content development for both Fortune 500 and small businesses, with clients including numerous independent advisors and wealth managers throughout the country. He is a principal in LD Marketing Communications Consultancy and SoWa Ad Group, a collaborative offering the full branding experience, including public relations, for businesses of all sizes.

Guest post by Roger Wohlner, a top advisor on Twitter

/in , , , , /by

Because some of my blog and newsletter readers still wonder why an investment or wealth manager would bother with Twitter, I jumped on the opportunity to feature “Financial Advisors and Twitter,”  a guest post by financial advisor Roger Wohlner who works in Arlington Heights, a Chicago suburb, about what he has gained from Twitter. 

The Top 10 Twitter Feeds for Career-Minded Advisers recently named guest blogger Roger Wohlner one of the top 10 people whom career-minded financial advisors should follow on Twitter.  I knew that already. I’ve been tracking Roger for awhile. I’ve even had the pleasure of speaking with him on the phone.

By the way, one Twitter advantage that Roger does not mention. His Twitter feed ranks high in a Google search for “Roger Wohlner.”




Financial Advisors and Twitter
By Roger Wohlner, CFP


Recently an article entitled The Top 10 Twitter Feeds for Career-Minded Advisers was published in the FINS section of the online Wall Street Journal. The article listed the top 10 Twitter feeds for financial advisors to follow. I was fortunate enough to be included in this list. I heartily recommend that anyone even remotely interested in personal finance follow the other nine folks listed.

Beyond the good natured ribbing that I am taking from some of my fellow advisors on Twitter about my new “celebrity” status, this article has made me stop and think about why financial advisors in general and me in particular are on Twitter.

I suppose the initial thought was that I would get on Twitter and clients would flock to me. That hasn’t happened and I think most other advisors on Twitter have had the same experience. However I think Twitter is a very worthwhile tool for several reasons:

I have met (in person and online) a number of fellow financial advisors from whose Tweets (posts for you non-Twitter users) I learn something new every day. Whether from their blogs or article links Twitter is a great source of information. Additionally I feel that I have greatly expanded my network of experts to whom I can turn with questions in areas where I may not have the direct expertise.

I do think Twitter is an excellent PR tool and I feel that my name is out there a much more than it was when I first signed onto Twitter this past April.

Twitter allows you to follow and participate in the “conversation” about any number of topics. I am particularly interested in the Fiduciary movement; 401(k) plans, investing, and financial planning. Twitter is filled with information about thousands of topics and companies, plus politics, entertainment, culture, and sports to name a few.

As a financial advisor I am always careful not to recommend specific investment vehicles or courses of action. Twitter to me is just not a medium to provide specific advice. Financial advice is best given in a one-on-one situation, each client and their situation is different.

Lastly let me share some of the folks that I follow in addition to those listed in the article above. Some are fellow financial types, some not. This is a Twitter idea inspired by Gini Dietrich ginidietrich a Twitter superstar and a bright young Chicago CEO. If you follow Gini you will move up the social media learning curve very quickly. Below is a great “Follow Friday” list:


My “Core Favorites” List

davegalanis Dave is one of the sharpest financial and business consultants I know. Dave is the one who turned me on to Twitter in the first place. We were cubicle neighbors back in the day at our first jobs out of school. Dave is a connoisseur of most foods served on a bun.
gtiadvisors Greg is into due diligence, corporate security, espionage, and also maintains a cooking recipe blog. When my daughter was traveling to Russia he indicated that he had contacts that could be of help if she found herself in a bad situation, Greg is a great guy to know.
IKE_DEVJI Ike is an attorney and advisor focusing on asset protection. Really knows his stuff.
venturepopulist Jeff is a private equity and hedge fund guy with some interesting opinions on investing.
dgvelaw Danielle is the mother of three, a really sharp estate planning attorney, plus she is a Packer fan by marriage.


Other folks I suggest following listed by Twitter name


Brightscope
CurtisASmithCFP
feeonlyplanner
TeriTornroos
williger
RussellDunkin
susanweiner
KristenLuke
TheMoneyGeek
mlimbacher
smart401k
Vantage401k
BeManaged
onlymoney
RockTheBoatMktg
FiduciaryNews
nevinesq
obliviousinvest
JonChevreau
wisebread
EvolutionWealth
GregPorto
DianeKennedyCPA
FernAlixLaRocca


If you are new to Twitter or have been on for awhile, this list plus the folks listed in the article are a great group to follow.

There are many other people and organizations that I enjoy following on Twitter as well. One tip that helped me early on was to look at the followers and those followed by the people I was following. I still do this to this day. The new Twitter list function is another way to do this as well.

Check out Twitter and join the conversation. You’ll meet some interesting people and you might learn something in the process.

Harvard’s Charles Collier on "The Practices of Flourishing Families"

/in , , /by

 “The critical challenge you face is not financial,” said Charles Collier, senior philanthropic adviser at Harvard University in his presentation on “The Practices of Flourishing Families” to an audience composed mostly of wealth managers at the Boston Security Analysts Society on December 15, 2009. He believes “The most critical challenges are relationship-based and family-based.”

Of course, money plays a role in these challenges, so this is a topic that should concern all wealth managers. Whether it’s scarce or abundant, money is a challenge in every family, said Collier.

Three questions are critical to addressing family challenges, said Collier.

  1. What topics are easy or difficult for your family to discuss?
  2. How do you manage yourself in life’s transitions?
  3. Is family harmony an important principle for you, and, if so, why? 

Collier’s interactive presentation focused on Question 1 and raised the following difficult questions around finances:

  1. What is an appropriate inheritance for your child?
  2. Who gets the money, and when? Do they get equal shares?
  3. Who gets information about the money and when?
  4. How much will go to philanthropy?
  5. What do you think will be the impact of unearned money on your child’s life?
  6. How can you encourage your children to find their life calling?

Collier did not suggest how financial advisors should raise these questions with their clients. So, I’m asking you, how do YOU address these questions with clients? Do you address them at all?

Guest post: "How to Use LinkedIn When Your Compliance Department Says No"

/in , , , , /by

Financial advisors–and all kinds of professionals in investment and wealth management–need to be on LinkedIn. I feel strongly about this, so I’m happy to feature a guest post from marketer Kristen Luke. In this post, which originally appeared on Kristen’s Financial Marketing Wire blog, she tells you how to benefit from LinkedIn, even when you must work within compliance constraints.

Recently I have been conducting one-on-one LinkedIn training sessions for advisors on how they can better utilize the professional social networking site. Each advisor has different restrictions on how they can engage with the site depending on the rules set forth by their compliance department. I have found that most compliance departments will allow advisors to have LinkedIn profiles, but will not necessarily allow them to actively participate in groups, install applications, update their status or mass email their connections. For those advisors who are allowed to have a LinkedIn profile but have been restricted in their use of the site, there are still strategies that can be utilized to make LinkedIn a valuable sales and marketing tool. Below are four strategies to implement even if you can’t use LinkedIn to its fullest potential.

Strategy 1: Build Your Network

LinkedIn becomes more powerful as the size of your network increases. This is because you are only able to see profiles of people within your network (i.e. 1st, 2nd or 3rd Connections and Group Members). To make effective use of LinkedIn, you will need to continuously build your network. This will allow you to discover more potential clients and centers of influence. Start expanding your network by importing contacts. You can do this by selecting “Add Connections” in the Contacts menu and uploading a spreadsheet of your contacts’ email addresses. The resulting list will show you who is on LinkedIn and will allow you to send a mass invitation to connect.

Once you have started with your initial network, you’ll want to continue adding all new contacts to your network. Make inviting all new contacts to join your LinkedIn network a part of your weekly routine. This includes people you meet professionally and socially. You never know where the next client or referral will come from, so don’t exclude people from your network.

Another way to build your network is to install an Outlook toolbar which will notify you when an email contact is on LinkedIn. You can download and install either the LinkedIn or Xobni toolbar which will show you LinkedIn profile information about each of your email contacts and provide you with a link to send an “invitation to connect” request. These tool bars eliminate the need to manually look up a contact to see if they are on the site and then send an invitation request. Plus, they constantly remind you to build your network.

Strategy 2: Join Groups

You may have been told by your compliance department that you can’t post a discussion question, answer a discussion question, post a news article, or comment on a news article. That doesn’t mean that joining groups is a waste of time. Even if you never actively participate in a group, joining allows you to expand your network. By joining a group, you are able to view the profiles of everyone in the group. This helps when you are researching prospects since their profiles might not be available to you otherwise. In addition, you are able to send an email directly to fellow group members without being linked in with them through the “send a message” function. Joining groups provides you with direct access to hundreds if not thousands of individuals who would otherwise be outside of your LinkedIn reach. Just be cautious when emailing through LinkedIn since some compliance departments require a screenshot of the message you are sending including the name of the person to whom who you are sending it.

Strategy 3: Research Prospects

LinkedIn provides a wealth of information about a prospective client. By reviewing a prospect’s profile prior to your first meeting, you can discover past employment history, educational background, professional associations and personal interests. This will give you a better understanding of the prospect and may assist in directing the conversation during a first appointment. The only limitation with this strategy is that you are only able to view profiles of people within your network. Having a larger network, as described in strategies one and two, will increase the likelihood of being able to see a prospect’s profile.

Strategy 4: Research your Network for Introductions & Referrals

Do you know which of your clients have relationships with the types of people you would like to meet? If they have a LinkedIn profile you can easily find out. When you connect with your clients, centers of influence or networking contacts on LinkedIn, you can look through their connections to see who they know. By researching your LinkedIn contacts’ network, you can make informed decisions about who has the ability to make quality referrals and introductions and create a marketing strategy around that information. For example, you can ask for referrals and introductions to specific people within your contact’s network when you have a referral conversation. Or, you can plan a private client event and make extra effort to ensure that clients with strong networks attend. Researching your network will allow you to focus your referral efforts.

Conclusion

In my personal experience, the strategies listed above are acceptable by most compliance departments who allow advisors to use LinkedIn. However, you will want to consult with your compliance department before implementing any of these ideas to make sure you are in observance of your firm’s policies.

For information about Kristen’s marketing strategies and support for financial advisors, visit www.wealthmanagementmarketing.net.

Registered reps, it’s time to ‘fess up

/2 Comments/in , , , , , /by

Ghostwriters offer valuable marketing support to financial advisors. But some registered reps–and the marketers who support them–have felt confused since the issuance of “Misleading Communications About Expertise,”  FINRA Regulatory Notice 08-27,  in May 2008. They don’t know how much editorial assistance reps can receive before they must acknowledge the assistance in writing–or even sacrifice their byline.

At least one compliance officer is interpreting the rules relatively strictly. Paul Tolley, chief compliance officer of Commonwealth Financial Network in Waltham, Mass., says that registered reps should disclose the role of any other writers who contribute to text for articles or books that a rep would like to distribute under the rep’s name.  That’s much stricter than the informal advice I received from some financial marketing writers when I drafted “FINRA’s limits on registered reps use of ghostwriters,” an earlier blog post on this topic.

FINRA’s “Misleading Communications About Expertise”  says, “Registered representatives may not suggest (or encourage others to suggest) that they authored investment-related books, articles or similar publications if they did not write them. Such a publication created by a third-party vendor must disclose that it was prepared either by the third party or for the representative’s use.”

Tolley thinks FINRA’s intentions are clear. “Few things in compliance are black and white, but this is one of them” he says. If the rep’s only contribution was to pay for an article, then the rep can’t take credit for the article. However, “Reps who pay for someone else to write an article can still put their name on it, as long as the actual author is credited,” says Tolley. An appropriate byline might be “Submitted by Rachel Registered-Rep and written by Glenda Ghostwriter” or “Written for Rachel Registered-Rep by Glenda Ghostwriter.”

But what if the registered rep contributes content and editorial guidance to a ghostwriter? For example, what if a ghostwriter pens an article based on interviews with a registered rep? Can the registered rep claim authorship?

“What it really comes down to is that you can’t say it if it’s not true,” says Tolley. If reps are 100% responsible for the text of an article or other written communication, they can claim sole authorship.  If not, they should disclose the details of who contributed what, he says. For example, if someone writes an article on the basis of content and editorial review provided by a rep, the article’s byline should include the writer’s name in addition to the rep’s. “The rep can’t claim sole authorship because it’s not true,” he adds. However, a byline such as “By Rachel Registered-Rep with Glenda Ghostwriter” could work, as long as Rachel truly contributed to the writing.

Tolley says that it’s probably okay for a rep to send an ghostwritten article to a newspaper  with a note that it was “submitted by Joe Smith,” when Joe Smith is not the author. However, I doubt that most newspapers would accept this. They’d want to credit the real author.

On a related note, “In accordance with Notice 08-27, if a rep is merely paying for a publication that is designed to look like a magazine, article or interview, the material must be clearly identified as an advertisement (typically by including the word ‘Advertisement’ at the top center of the publication),” says Tolley.

Registered reps, it’s time for you to ‘fess up, if you’re not really the author of your bylined articles or books.

Background of FINRA rules
Tolley says that FINRA’s approach to ghostwriting has its roots in Conduct Rule 2010, which says that all FINRA members, “in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.”

But ghostwriting first became an issue in 2007. That’s when FINRA became aware of reps who, as part of their marketing to seniors and retirees,  paid to have their names presented as authors of books written by others. “FINRA made it clear they thought that was a violation of conduct rule 2210 and just and equitable principles of trade,” says Tolley. FINRA expressed its views in Regulatory Notice 07-43 “Senior Investors: FINRA Reminds Firms of Their Obligations Relating to Senior Investors and Highlights Industry Practices to Serve These Customers.”  In 2008, as mentioned above, FINRA extended that explicit prohibition beyond communications aimed at seniors, so it applies to any ghostwritten materials.

What about registered investment advisors?
I’m not aware of any rules governing the use of ghostwriters by registered investment advisors (RIAs).  Should there be? I’d like to hear what you think.

Guest post: "Seven steps toward a better webinar"

/in , , , /by
More financial advisors are using webinars to market themselves. That’s why I’m featuring this guest post, “Seven steps toward a better webinar” by D. Bruce Johnston and John Drachman. Bruce Johnston is a social media financial distribution consultant with 25 years as a  senior executive for asset management firms. John Drachman is a senior writer and integrated communications expert who has developed the content for financial services marketing communications programs for almost two decades.
Seven steps toward a better webinar

Easy to set up, webinars are a friendly, low-cost way to help you develop your peer network. The webinar tool box provides you with a turnkey way to establish your thought leadership, expand your presence and measure the results.

Here are seven suggestions that can add some luster to your next webinar.

1.    Write down your objectives 

What are the specific actions you want your audience to take? Be as specific as possible. Develop a pathway for your audience to learn more about you. For example, many webinars urge attendees to request a white paper. This action permits a greater degree of contact capture and qualification. The goal is to provide your audience with just enough information to realize they can benefit from your insights and service offering. At the end of the day, know precisely those outcomes that would make your webinar successful for you. We had one client whose goal was to attract 10-15 new clients with investable assets of $1 million-plus. The client signed up 12 new clients and considered the experience to be a grade-A success.

2.    Find a Center of Influence in your region to collaborate with 

Put a financial advisor together with a tax attorney and the possibilities for timely topics are endless. Sharing each other’s e-mail lists is a valuable way to reach out and connect to new audiences in a way that does not detract from each professional’s capabilities.

3.    Use a moderator 

Flying solo in a webinar creates a lot of pressure. You are out there all by yourself. Moderated webinars on the other hand are more engaging and relaxing. The moderator can even serve as a counterpoint to your position, which makes your presentation sound more like a news event and less like a sales presentation. You don’t need to rent a moderator either. Look around your office or circle of friends for a volunteer.

4.    Encourage real-time dialogue 

The webinar is a specific type of web conference, mostly one-way from the speaker to the audience. You can still give your webinar a real-time sense of one-to-one collaboration. Most webinar teleconferencing services make it possible for your audience to respond through on-line polling. You can also solicit questions that can be posted and addressed real-time through the course of the webinar.

5.    Treat your webinar like the news event it is 

The degree of media penetration that an interactive press release from BusinessWire or PRWeb can achieve is remarkable. Thanks to powerful news aggregators that search out keywords from your press release to publicize your webinar news event, you can dramatically expand the reach of your message to attract a bigger audience. Pay services permit a rich degree of hyperlinking opportunities to your web site, blog, Twitter account, social media site – and the list goes on. Also, if you are budget-minded, consider some of the free press release services. The namesake www.free-press-release.com even facilitates feeding your article to social media sites like LinkedIn and FaceBook for free.

6.    Learn from your metrics 

Webinar software generally has easy-to-use contact capture tools, as well as analytics that track attendees, who registered, who are prospects (requested information), who are already existing clients, who viewed replays, forwarded replays to friends and colleagues and more. A quick look at the numbers can tell you a lot about the degree of acceptance your webinar engendered in your audience.

7.    Let your webinar live again as a webcast 

Keep a good thing going. Consider uploading your presentation to SlideShare, adding a voice track and retweeting it to the world as a webcast. You will be surprised how many will download your presentation if your key words lead them to your message.

Which wealth managers have the highest profit margins?

/in , /by

People are always curious about who makes how much money. That’s probably why I zeroed in on the profit margin comments made by investment banker Elizabeth Nesvold, managing partner of Silver Lane Advisors, when she spoke about “Trends Amid Turmoil in the Wealth Management Business” to the Boston Security Analysts Society on November 18.

Because multi-family offices (MFOs) deal with wealthier clients than financial planners, I was surprised to learn that their margins are lower than financial planners’ in typical market scenarios, ranging from 10%-30% vs. 20%-35% for financial planners and asset allocators. However, the difference made sense when she explained that MFOs get hurt by “scope creep.” It’s expensive to service a multi-generational family as compared to an entrepreneur who just sold his or her business, Nesvold said.

Here’s the hierarchy of margins under typical market scenarios, in descending order, according to Nesvold.

  1. Hedge funds, 50%-70%
  2. Hedge funds of funds, 25%-60%
  3. Traditional institutional, 30%-70%
  4. Investment counsel, 25%-40%
  5. Financial planning/asset allocation, 20%-35%
  6. MFOs, 10%-30%

Do these margins sound realistic to you?