Guest post: “Good Writing is Good for Business”

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Gil Weinreich and I had a great conversation about the importance to advisors of good writing when he interviewed me for an article about email that appeared on AdvisorOne. I’m delighted that I convinced him to share his thoughts in this guest post.

Good Writing is Good for Business

By Gil Weinreich

More than 15 years of financial journalism experience have convinced me that a high proportion of financial services industry professionals – be they corporate executives or retail financial advisors – are poor communicators.

I recall one broker, who expensively branded around the motto “I value every sale.” Of course you do. Each sale makes you richer. But what does it do for me?

That is typical of an inability to imaginatively penetrate the deep-seated concerns of clients, who are looking for someone they can trust to help manage their personal finances, not a parasite to feed off their hard-earned assets.

Another common communications flaw is self-important verbosity, which gives the appearance that the writer was hoping a quantity of words would somehow give the impression of quality: “We help clients achieve their investment goals and objectives in light of their various needs and circumstances through ongoing consultation and periodic reviews.”

Just one of each pair (i.e., goals or objectives, needs or circumstances, consultation or periodic review) would do, and a competent writer could embellish each of these subjects rather than numb readers’ interest through repetition.

Poorly thought out word choices is another common malady: “From today’s needs to tomorrow’s goals, we will guide you on your financial path.” But most clients want to discuss today’s goals and tomorrow’s needs.

An asset manager executive once shared with me some shareholder newsletters that were uniformly ponderous, numeric and insipid. What the firm needed, I advised, was to find a capable person with investment knowledge but also literary skill to be put in charge of these communications. What they needed, in short, was a Chief Literary Officer.

The firm’s principals, all MBAs, nodded their approval, but it was clear they didn’t really get it since it violated all their business-school biases. They eventually hired a marketer – though, the firm already had marketers on staff – to oversee their investment communications. Years later, the firm has not grown much in assets under management and their communications do not appear to have much improved.

And that’s the thing of it. It’s hard to stand out in a crowded marketplace when you look, act, think, speak and write like all your competitors. Part of what B-school is about is making money, and financial professionals often, unwittingly, convey the impression that they make money from you rather than for you. Missing is insight into how to connect with customers, clients or prospects on a deeper level. And that is a task that requires broadmindedness and communications expertise.

Kyle Wiens, founder of two high-tech start-ups iFixit and Dozuki, requires all his employees, even salespeople and operations staff, to pass a grammar test as a condition of employment.

Writing in the July issue of the Harvard Business Review, Wiens says:

“If it takes someone more than 20 years to notice how to properly use “it’s,” then that’s not a learning curve I’m comfortable with. So, even in this hyper-competitive market, I will pass on a great programmer who cannot write.”

Poor grammar in financial communications leaves a bad impression, to be sure. But more than that, literarily accomplished financial communications can impress prospects and clients in ways that your average salesperson may not be able to achieve (but which he or she will find to be an indispensable aid). Simply put, good writing –especially because it is increasingly rare — is good for business.

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Gil Weinreich is the editor of Research magazine and a daily contributor to AdvisorOne, financial advisor-targeted publications owned by Summit Business Media. He can be reached at gweinreich@sbmedia.com.

Finding easy-to-follow formulas for your blog posts

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WSJ formual“Are there writing formulas I can follow?” This question from one of my blogging class students popped into my head as I read a Wall Street Journal article.

Find formulas in newspapers

If you’re an analytical, formula-loving blogger, then turn your eyes to The Wall Street Journal or another newspaper. You’ll find great models there. I especially like newspapers as models because their articles are short and typically get to the point right away. This is perfect for financial blog posts.

Formula: Summary + examples + explanation

“U.S. Profit Streak Hit by Global Weakness” on the Wall Street Journal‘s front page on July 30, 2012, suggested a formula to me. Start your article with a short summary statement. Follow it with short examples. Then dive into explanation.

Here’s how it looks in the article.

Intro: Bid adieu to growing profits.

Short examples: Slowing economies from the U.S. to China, increasingly wary shoppers, recession in much of Europe and a stronger dollar…

Explanation: Until Friday, the outlook had been for further growth in earnings. But forecasts are now turning negative…

Does this formula work for you?

If you use this formula, I’d like to see examples of your work. Please post them below.

By the way, if you like this post, you might also like “Make your writing easier with my fill-in-the-blanks approach for structuring articles.”

Monetary policy in plain English–Can you do better?

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Monetary policy. If you’re a financial advisor or investment manager, you know exactly what that means. But what about your clients and other readers of your communications? Do they get it?

Sometimes it’s useful to give a brief explanation of technical terms, as I described in “How to make one quarterly letter fit clients at different levels of sophistication.”

Plain English may not come easily to you. If not, look elsewhere for ideas. The Wall Street Journal is a good source for explanations of such terms.

For example, here’s how columnist David Wessel explained monetary policy in “Central Bankers’ Political Conundrum“:

. . . the interest rates the Fed controls and its ability to print money and buy assets.

I like Wessel’s brief explanation. Sure, he could explain more, but writers must strike a balance between clarity and length.

How would YOU explain”monetary policy”?

There are other ways to explain “monetary policy.” If you have an equally good or even better explanation, please share it below.

If you have plain English challenges

Are there financial terms that you struggle to explain in plain English? If you share them below, I’ll consider them as the topic of a future blog post.

Photo + Mind Map = Blog Inspiration

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It’s not easy generating ideas for a steady flow of blog posts about financial planning, investments, or related topics. When your well runs dry, consider looking through your old photos for inspiration. This blog post was inspired by stumbling on a Barbie on a Rhode Island beach this summer.

Turn your photos into blog posts infographic

Step 1: Pick a photo

Choose a photo to spark your brainstorming. I suggest choosing one that has no obvious connection to your blog’s topic. No dollar bills, piggy banks, or smiling retirees. This will free your mind to go in any direction.

There is no obvious connection between Barbie and writing. At least none that I can think of.

Step 2: Jot down any thoughts that come to mind

Look at your photo. Write down any thoughts that occur to you.

Some of you may come up with fully formed topics. If that’s not true for you, then organize your thoughts into a mind map in the next step.

Step 3: Draw a mind map

Draw a mind map with your photo at the center. As branches, draw potential blog post topics.

I drew the mind map below on the Green Hills Beach in Rhode Island’s South County region. If you find my handwritten map hard to read, look farther down for the same map, recreated using Mindomo.

As you can see, the Barbie on the beach sent my mind in many directions.

mind map

Mind map

Mind map

Barbie mind map created using Mindomo

Your mind map will look different, reflecting your interests and inclinations.

Step 4: Write your blog post

Your next step? Pick the topic that most appeals to you and start writing!

If this idea sparks a new blog post, please link to it below. Some vacation photos inspired one of my most popular blog posts: “Writing tip: Pop the balloon or make it your focus.”

Are your paragraphs the right length?

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The length of your paragraphs can help or handicap your readers.

I favor short paragraphs, especially when I’m writing blog posts for readers in a hurry. However, I also believe you should vary paragraph length according to the length demanded by your subject matter. It’s better to run too short than too long in these days of information overload.

For another perspective, here’s Roy Peter Clark quoting H.W. Fowler’s Modern English Usage:

…white space is the writer’s friend–and the reader’s. “Paragraphing is also a matter of the eye,” writes Fowler. “A reader will address himself more readily to his task if he sees from the start that he will have breathing spaces from time to time than if what is before him looks like a marathon course.”

In other words, please don’t write paragraphs that take up an entire page.

What do you think about paragraph length?

Miller’s Killer: Paper swap brainstorming blog and article ideas

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How can you come up with fresh ideas for your blog, newsletter, or white papers?

I recently discovered a new technique, The Paper Swap in “Think Bank: Break out of brainstorming boredom with these thought-provoking topics” in Spirit Magazine (no link available).

Here is a description of this group brainstorming technique:

Participants write ideas on pieces of paper, then swap papers and continue to add input.

To enable participants to read one another’s ideas, you should ask them to print. Alternatively, a group with multiple tablet computers could  pass them around for inputting.

The Paper Swap technique makes it easier for shy people to participate. It may also inspire unexpected perspectives on topics.

For more ideas, you may wish to check out Miller’s book, Quick Brainstorming Ideas for Busy Managers: 50 Exercises to Spark Your Team’s Creativity and Get Results Fast.

How to add personality and warmth to your financial writing–Part two

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Personality and warmth help your readers connect with you. In part one of this post, we discussed using personal stories. In this post, I add four more techniques:

    1. Self-deprecating humor
    2. Analogies
    3. Distinctive language
    4. Quotations

 

1. Self-deprecating humor

Humor can be tricky because it can veer into the offensive. But gently poking fun at yourself is usually in good taste. It can also be disarming, as in the example below.

I like the following line written by Helen Lambiase, a student in my blogging class: “Keeping up consistently with a portfolio of individual stocks for the average individual investor is about as easy as sticking to a Weight Watchers diet (believe me, I can tell you about both.) ” Everyone in our class remarked on how friendly and approachable Helen sounded.

In another example, Bob Rall of Rall Capital Management titled his post “Are You Single?” and then wrote, “Before my wife reads that headline and thinks that I’m up to something that I shouldn’t be, I need to explain. If you are single, you have a different set of financial planning issues to deal with.”

A comedy-writing friend suggests that you use humor in moderation, or your shtick may become your identifying characteristic. If you recognize the name of Rodney Dangerfield, you know his most famous line is “I don’t get no respect.”

2. Analogies

Like flashlights, analogies illuminate murky areas. The analogies that you choose reflect your identity. For example, I’m unlikely to use sports, military, or science images. Gardening, travel, and books are more my speed.

3. Distinctive language

Write the way you speak, especially when you write blog posts. Everyday language makes you more approachable. (By the way, I originally wrote “colloquial language.”)

I’d love to see my client in Texas write blog posts that sound like his conversations. His colorful phrases, such as “drinking from a fire hose,” delight me.

I also like the following translation from a Chinese newspaper article, which I found in a Wall Street Journal article: “When the weasel pays a New Year’s visit to the chickens, nothing good will come of it.”

4. Quotations

If techniques 1-4 fail you, then find an evocative quotation to give a spark to an otherwise dry piece. The kind of person whom you quote can also reveal something about your personality. You’ll find plenty of quotation sources online, including the following:

As you do your daily reading, jot down great quotes in a notebook or electronic file. They may come in handy later.

How do YOU add personality and warmth?

I’m sure I’ve skipped some great techniques. Please share YOUR great ideas for adding personality and warmth to your writing.

 

Note: I updated this article on July 8 because I found my notes about that great weasel quote from “Chinese Media Open Cannon at U.S.” in The Wall Street Journal. Updated again on July 7 to correct a typo.

How to add personality and warmth to your financial writing–Part one

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Independent financial advisors find personality is a powerful marketing tool. It’s one thing that’s unique to you. However, it is not always easy to infuse your writing with personality.

In this two-part post, I address five tools you can use to address a personality gap in your writing, starting with personal stories.

1. Personal stories

Telling personal stories is an obvious way to give a flavor of your identity. It’s simplest if you’re an advisor who has grappled with many of the same financial issues as your clients. For example, you may have struggled with how much allowance to give your children. A story about how you reached your decision–or how you communicated it to your children–is a great kernel for a blog post, if you’re comfortable sharing.

Your personal story need not be directly related to a financial decision. I like how Jude Boudreaux of Upperline Financial writes about life lessons learned from his baby in “Baby Steps Aren’t Just for Babies.” Even non-parents like me can relate to a baby learning to walk. Jude takes pains to translate his little girl’s first steps into lessons for you, the reader, rather than focusing solely on himself and his family. He concludes by asking, “What baby steps can you take today to continue your growth as a person?”

Looking for inspiration?

Here are more examples of financial planners who share personal stories:

Still stumped? Father’s Day is coming up on June 17. Consider writing a post about “Lessons I learned from my father.” Be sure to include the implications for your readers. Give them a reason to care. If you write a Father’s Day post, please post a link in the Comments section. Thank you!

 

For more on this topic, please read the second part of this article.

 

Image courtesy of Stuart Miles at FreeDigitalPhotos.net.

 

5 Things to Stop Doing in 2016

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To improve your communications in 2016, I propose five things you should stop doing. If you’re making New Year’s resolutions, consider some of the items on my list to improve your relationships with clients, prospects, and referral sources.

1. Sending emails with missing or poorly written subject lines

For starters, never send an email with an empty subject line. People like me often delete those emails, assuming they’re spam. Another subject line “don’t”: keeping the same subject line even after the topic has changed.

If you’re writing to request an action, put that action in your subject line.

If your email is simply an FYI, say that in your subject line.

Whatever the purpose of your email, communicate that in your subject line.

For more on emails, see “Top four email mistakes to avoid when you’ve got a referral” and “4 reasons your emails don’t get results.”

2. Publishing or sending any written communication without proofreading at least once.

Example of typo that I'd like to eliminate as part of my New Year's resolutions

Sigh. I missed this typo.

Mistakes, especially stupid mistakes, make people wonder about your intelligence and attention to details.

Even writer geeks make mistakes. I am the poster child for that. I was so excited about finding a Strunk and White grammar rap video, that I posted it to my blog without proofreading my post. Oops! An obvious typo sneaked in.

3. Not blogging because you think your writing isn’t good enough

If you have a valid reason to blog, you can find a way to make it work. Keep your blog posts short. Use audio or video, if you’re more comfortable in those media. You can improve your blog post writing skills with my financial blogging class.

4. Avoiding social media

Social media isn’t going away. Dip your toes in the water. Get on LinkedIn and connect with as many people as possible, even if your Compliance Department limits your activity. You may be surprised by what you discover. Already on LinkedIn? Check out Twitter. Here’s how I built my Twitter following, which currently consists of more than 11,000 followers.

5. Ignoring your most common writing mistakes

You have lots of company if you’re making “Bloggers’ top two punctuation mistakes.” If you’ve moved beyond those mistakes, you may benefit from my favorite online resources for grammar, punctuation, and word usage help.

Thank you, Dorie Clark for inspiring this post!

Clark’s “5 Things You Should Stop Doing in 2012” is a good read. What are your New Year’s resolutions related to writing and communications?

This blog post was edited on June 11, 2012 to correct a typo and in Dec. 2015 to update the post, which was originally published in 2012, for 2016.
Image courtesy of Prakairoj/ FreeDigitalPhotos.net

Guest post: “Do Questions Make Good Titles?”

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Do Questions Make Good Titles?

By Ady Dewey

In finance-related writing, it seems that titles posing questions are popular. Scan the news, or bloggers’ posts, on any given day and you’ll find queries as headlines.

Is it an effective approach? It depends on the question. In my opinion, literal questions can be more successful than rhetorical ones. This is especially true if the article succinctly answers the question. Your question tells your audience exactly what will be covered, much like how a frequently asked question (FAQ) is formatted. It may draw readers who have that question in mind.

Questions that are rhetorical can mask the subject or be perceived as cynical. When the article does not address what readers expect, they may leave your page—or click to continue searching.

A question also needs to end in a question mark. However, if you are a writing a movie script, you may wish to reconsider this approach entirely as there’s a superstitious belief that films with a question mark in the title do poorly at the box office. This is why the punctuation is missing from “Who Framed Roger Rabbit.”

So unless you’re writing a financial box-office hit, use questions for titles. They can be an effective hook to assure hits, generate interest, and draw in readers.

And there’s another use of questions as titles: ask yourself the question before you even begin to write. It can help you keep your prose or analysis succinct and focused on your audience’s needs.

 

Ady Dewey writes the blog PensionDialog covering issues in public pensions and retirement security. She is also an associate professor at the University of Maryland University College teaching communications.