Guest post by Roger Wohlner, a top advisor on Twitter

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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.

Investment management job outlook for 2010

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There are glimmers of hope in the investment management hiring outlook for 2010, especially for job applicants who help to generate revenues or who are in an area where cuts have been too deep. That’s what I gathered from exchanges with three observers, Michael Kulesza, managing director of Horton International‘s Boston office; Bob Gorog, partner in CT Partners’ Boston office; and Michael Evans, president, FUSE Research Network in Boston. This updates my 2008 posts, “Three recruiters talk about hiring at investment management and mutual fund firms” and “Who’s hiring CFA charterholders.“

“I do sense an uptick in hiring for 2010,” said Kulesza. “Many companies scaled back heavily, so now they and are planning to add people to their organizations.” That’s particularly true in the areas of sales, new business development, mutual fund wholesalers, and advanced sales support, he said.

Smaller firms hiring to grow market share 
Small- to medium-sized firms are hiring more aggressively than bigger firms, added Kulesza. They’re taking advantage of large-company layoffs to upgrade their staff and to increase market share. 

Given the big banks’ involvement with mergers and TARP funds, some smaller banks see an opportunity to expand their  high-net-worth businesses. “Customers are gravitating toward more local or regionalized high-net-worth services,” he said. 

Aside from these sales and marketing opportunities, Kulesza believes there may be additions to investment research and analysis. “Back office operations will stay lean,” he said. 

Privately held and mutual companies are freer to take advantage of hiring and market share expansion opportunities, said Kulesza, because they aren’t answerable to the stock market. Meanwhile, it will take four to five years before investment management hiring returns to its previously high levels, he predicted. 

Some niches offer more opportunities  
“The better firms are coming back into the market,” said CT Partners’ Gorog. On the investment side, he sees more searches for international equities than for domestic equities. Opportunistic hiring is also happening in fixed income areas such as credit and distressed debt.

Some hedge funds are beefing up their distribution. They’re trying to upgrade their clients to include institutions as well as the high-net-worth, fund-of-fund, and family office clients with whom hedge funds typically launch. Funds that have survived three years and delivered decent relative performance over that period figure they have a good shot at expanding their client base. 

Hiring in product management
Fuse’s Evans shared the hiring outlook uncovered by the firm’s recent research report on product management at asset management firms. His comments are reproduced below with his permission.

Increased Activity – Two areas in which product leaders anticipate increased activity is improving web content and capabilities, and hiring of additional staff. A review of firm websites indicates that much of the research and marketing content is dated. In terms of the actions listed, improving web content and capabilities was among the least time-consuming and least expensive actions firms could take, but its impact could be great in that it would signal to advisors and investors that the firm is moving forward.

In terms of hiring, firms indicated a strong desire to add back staff. Fully 50% of respondents indicated that they plan to hire in 2010. When asked the areas to which they planned to add staff, responses included:
·  Product managers
·  Marketing managers
·  Associates/analysts
·  Junior product managers
·  Manager research/due diligence

This suggests that firms may be feeling the burden of carrying out new organizational initiatives using skeleton staffs. Recent analysis by Russell Reynolds Associates concurs that hiring should resume in 2010; particularly on the sales and marketing sides of organizations, as these were among the hardest hit in terms of headcount reduction.

For wealth managers and financial planners 
Wealth management professionals and employers should check out Bill Winterberg’s “Your Next New Hire: By Providence or Planning?” Bill lists some resources that may help both job hunters and those who are looking to hire. He also links to some trade publications suggesting that hiring in this arena will pick up in 2010.

By the way, Winterberg hopes that operations hiring is more robust than Horton International’s Kulesza suggests. “If anything, firms need to support additional capacity ahead of growth, rather than hire after growth exposes bottlenecks in operations.” 

Good luck to all of you job hunters out there!

JAN. 12 UPDATE

If you’re willing to be interviewed by a reporter–and you fit the criteria mentioned below–please contact Emma Johnson at the email address she provides.

“Hey Wall St., what’s the job market really like? For a story, looking for those currently or recently employed in finance to comment on job outlooks. Anonymous sources OK. emma@emma-johnson.net“

Registered reps, it’s time to ‘fess up

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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"

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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.

Thank you, NAPFA MA Study Group, for your great response to my email/letter writing workshop

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The NAPFA MA Study Group asked lots of great questions during my November presentation to them on  “How to write effective emails to your financial planning clients.” Thank you, NAPFA members and guests, for your energetic participation!

Here’s some of their feedback.

  •  “I found this presentation very helpful in the sense that it focused on key elements to being an influential but understandable advisor.” 
  •  “Susan’s presentation brought to life the benefits of better writing.”
  •  “Great tips for jump starting my client communications”
  • “Susan’s presentation made me want to go back to my office and juice up my emails and letters.”
  • “I learned how to make my emails and letters more reader-friendly, how to simplify technical information, and how to entice people to actually read the email.”
  • “I have been making presentations to Fortune 500 companies for 20 years. I wish I had taken Ms. Weiner’s course years ago!”
  • “It was a very good presentation. I found it very useful and helpful….I learned how to simplify sentences, how to emphasize client’s interests, and how to structure emails or newsletters.”
  • “I feel like I now have a variety of tools available to write better emails, letters, and all correspondence.”

Now I can’t wait for my next opportunity to present this workshop to financial advisors!

Five great writing tips: They’re not just for ads

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Even if you’ve never looked at Twitter and you’ll never advertise, you should take the time to read “what can Twitter teach us about advertising?” (sorry, this article is no longer available).

The IDTAGS blog’s five tips include

  1. Be brief.
  2. Be impactful.
  3. Less is more.
  4. No one likes to read.
  5. Just give us the headlines.

That almost sums up what I spend 60-180 minutes discussing in my writing workshops.

If you visit theIDTAGS blog, you’ll see the power of brevity combined with visual images.

Thank you, @MarkRaganCEO, for pointing me to this IDTAGS piece.

Thank you, Boston Women in Finance, for your feedback on my writing workshop

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Boston Women in Finance gave me great feedback on my workshop “How to Write What People Will Read About Investments.” Before I share some their feedback with you, I’d like to thank all of the participants. Your energetic participation made it a very enjoyable workshop for me, too.

Here are some participant comments.

  •  “A very practical workshop! You’ll get tips you’ll use as soon as you return to the office.“
  • “I truly learned a lot from this presentation. It was refreshing to have someone break down how to best reach people and to say it’s okay to write in simple short sentences.”
  • “It’s always good to hear these reminders to get you back to the basics of effective writing. This seminar was a great way to refocus.”
  • “The mapping technique was helpful. I will use this for brainstorming and helping with project plans and meetings.”
  • “Susan’s ‘how to’ approach packed dozens of indispensable tips into 1 1/2 hours. Incredible!”
  • “I believe the mapping exercise will help me organize my thoughts and overcome writer’s block and get past the first blank page or screen.”

Some of you said that you would prefer “More time; more opportunity for individual exercises.” I’m interested in creating longer, customized training sessions for corporate clients that would allow more interaction. I’m also for hire to present the one-and-one-half hour version I delivered to Boston Women in Finance.

Interesting example of fund company using YouTube

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I  normally think of a fund company using YouTube–if it uses YouTube at all–to show off its talking heads. But times are changing.

U.S. Global Investors’ “Shanghai City Lights” video, which you can view below, doesn’t mention the fund firm’s name or investments. It doesn’t even show any people. I think this video has the potential to reach more viewers than the firm’s more traditional videos. Heck, I already forwarded the video to my husband to remind him of our visit to Shanghai.  However, I wonder how many of this video’s viewers will be potential fund buyers.


US Global Investors seems to have moved away from talking heads and toward more visually appealing pieces. Its initial YouTube video was “Frank Holmes Explains the Key Drivers for Gold and Mining Stock,” followed by “What the Global Infrastructure Story Looks Like” and “A Firsthand Look at Mining Operations in Brazil.” To view these videos, go to the USFunds YouTube channel. So far the Frank Holmes video has gained the most viewers on YouTube, with 218 views as of Nov. 16.

However, US Global Investors hasn’t given up on more traditional communications. For example, “Five Reasons China is Not a Bubble” appears on its blog and the firm’s Fall 2009 Shareholder Report leads with a letter titled “Just Back from Shanghai.”

Do you think US Global Investors’ YouTube video about Shanghai represents the start of a trend? While their videos haven’t attracted many viewers yet. the firm’s YouTube presence is pretty new.

If you’re marketing to RIAs…

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…email should be your top method for communicating with them. That’s the message I took away from “Marketing to Today’s RIA: What Every Asset Manager Should Know,” a webinar and report from Morningstar Advisor and Swandog Strategic Marketing. Their webinar and report are based on an online survey of 500 financial advisors that was supplemented by interviews.

Their research suggested some lessons that may apply to everyone marketing to registered investment advisors (RIAs), even though the Morningstar-Swandog report focused on RIAs’ interactions with asset managers. 

Lesson 1: Stay in touch via email rather than heavy-handed personal contact or expecting RIAs to visit your website. The graph on p. 13 shows a strong preference for email communications over web access, wholesaler visits, and phone calls.

Lesson 2: Tailor your marketing materials to RIAs rather than using materials for registered reps. RIAs fall between registered reps and institutional investors in their sophistication. The Morningstar-Swandog webinar quoted one RIA saying, “Give me substance!” RIAs want meatier content than registered reps. Another telling quote: “Most info from investment managers is propaganda. Real objective analysis is rare and valuable” (p. 7).

Lesson 3: Get your company’s thought leaders exposure in  arenas that confer apparent third-party endorsements. Print publications used to be the best method for this. But now, as moderator Leslie Banks pointed out, you can use Facebook, LinkedIn, and Twitter to push out your content AND get it endorsed by people whom RIAs respect.

Take the time to read the report and watch the webinar on “Marketing to Today’s RIA: What Every Asset Manager Should Know.” I’ve barely touched on their content and each covers slightly different content.

Poll: Which brings you the most new business–email or U.S. mail marketing?

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Contact via email and U.S. mail can spur referrals and turn prospects into clients. Accordingly, this month’s poll asks which brings you the most new business–email or U.S. mail marketing? Please answer the poll in the right-hand column of this blog. Thank you! 

Also, if you have time, leave your comments about why you prefer one form of communication to the other. In addition, I’d enjoy hearing about what kind of communications you send. Newsletters? Sales letters? White papers? Invitations to in-person or virtual gatherings? It would be great to get a conversation going.

My monthly e-newsletter has brought me new clients. Sometimes new clients have called me within 24 hours of publication. Other times, they’ve sent an email inquiry as a reply to my newsletter. Perhaps U.S. mail marketing would work for me, but I haven’t done much with it because of the costs and additional steps required when compared to email.