Top five types of freelance writing for CFA charterholders

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In tough times, CFA charterholders are getting creative about their job options. That’s undoubtedly why the January 2009 panel on “Alternative Careers for CFA Charterholders” that I organized for the Boston Security Analysts Society was well attended. Freelance writing is one non-traditional option. In this blog post I discuss five types of writing.

1. Investment performance commentary for institutional portfolios or mutual funds
Reporting and explaining a portfolio’s investment performance is an important component of client service. In the case of mutual funds, annual and semiannual reports are mandated by law.

In my experience, this is the freelance writing gig that requires the least writing skill because reports follow a strictly defined model. There’s no room for individual creativity. It’s more important that you understand attribution analysis and other components that feed into reports. You should also be accurate and detail-oriented.

2. Company reports for websites or newsletters
Lisa Springer, CFA (lisa AT beaconequityresearch.com), says

The great thing about writing for a newsletter or website is it’s steady, predictable work, typically involving weekly assignments. In most cases, they pick the stocks they want you to write up. Most jobs are free-lance and permit telecommuting. I think there are probably more opportunities out there writing for websites than for print newsletters since most newsletters are 1-2 person operations.

Here’s her advice on finding opportunities:

This is not the best time to be looking for this type of work since ad revenues are way down and the investment web sites are mostly ad-driven. There is also a trend towards smaller “sound bytes” (100 words or less) rather than 500-800 word articles. Still, sites like Motley Fool and Street Authority were recently hiring free-lance writers. I’ve also found opportunities on free-lance writer boards, contacting sites that interest me directly (just google investment web sites and you will find hundreds of sites) and even on Craigslist.

3. Market commentary
Market commentary requires a mix of writing skill and investment knowledge. Sometimes clients want you to write commentary from scratch, reporting your own opinions and statistics. Other times, they’ll want you to interview their investment professionals to reflect their take on the market.

4. White papers
The ability to identify the client’s problem and write persuasively about it is key to a successful white paper. White papers are a cross between an article and a brochure. They typically pose a problem faced by clients and tell how to solve the problem. While the solution is offered by the company commissioning the white paper, the most credible white papers don’t overtly flog their products.

Information for your white papers may come from different sources: your own research, materials provided by your client, and interviews with experts at your client’s firm.

5. Articles and books
Of the five kinds of writing discussed here, articles and books require the highest degree of writing skill. They may also expose you to clients who don’t understand your topics. Writer Annie Logue, CFA, author of Socially Responsible Investing for Dummies, says “editors don’t always understand finance. If you can make it understandable to the editor, you can make it understandable to anyone.”Writing for individual investors may force you to work hard to describe your topic in less sophisticated terms.

Writing articles and books also requires the ability to develop story ideas and pitch them to editors. That’s something you don’t typically do with corporate clients.

Resources for freelance writers
Freelance writing isn’t just about the mechanics of writing.  As Logue says, “You have to spend time on marketing, information technology, accounting, etc.”

A number of websites and blogs offer advice, classes, and other resources for freelance writers.

Investment Writing blog posts:

 

Tips for streamlining your writing from the Word Wise blog

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Shorter is almost always better when you write.

Check out “One (Isn’t) the Loneliest Number,” a list of phrases that can be replaced with a single word, from Dan Santow’s Word Wise blog.

It’ll teach you to use words like “now” instead of “at the present time” or “at this point in time.”

"50 Things Your Customers Wish You Knew"

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“50 Things Your Customers Wish You Knew” by Sonia Simone  on the Remarkable Communication blog gives you some great insights into your clients.

Client opinion #10 is: “I don’t understand a lot of the messages you send me. Can you make them clearer?” That resonates with me.

I wonder about #16, “The wealthier I get, the more I like free stuff.” Is that true of your clients?

How about #34? “I have the attention span of a goldfish. Go too long without contacting me and I’ll simply forget you exist.“

Most important of all, at #50: “It really is all about me.” 

Can you add something to this list that’s specific to clients of financial advisors? 

I found “50 Things” thanks to “Top 10 Blog Posts for Writers (The Best From The Best in 2008!)”  by Michael Stelzner.


"The Seven Dirty Words You Can’t Say in Email Subject Lines (Plus 100 Others You Shouldn’t Use, Either)"

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You don’t want your emails to get tagged as spam. So stay away from the words listed in “The Seven Dirty Words You Can’t Say in Email Subject Lines (Plus 100 Others You Shouldn’t Use, Either).”

This list is old, so keep your eyes open for updates. If you ever look at your spam folder, you can probably identify questionable words that haven’t made it onto the list yet.


Creating Pitch Books Without Losing Your Mind… a Sequel

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“Creating Pitch Books Without Losing Your Mind… a Sequel: Your Pitch Book – a Foundation for Customizing” is a guest post by designer Margaret Patterson. Her 2007 series about “Creating Pitch Books Without Losing Your Mind” has attracted lots of attention. Thanks for your latest contribution, Margaret!

If you have questions for Margaret, please leave them as a comment. I’ll make sure she gets them.


My first article about pitch books provided several “must do” tips to help your firm develop presentations that others will plagiarize, the best compliment attainable.  Readers’ questions have prompted additional pointers about the next phase: customizing.

When is it worthwhile for institutional and high net worth asset managers to customize?
Your first pitch book is a base. But it doesn’t always address your prospective client’s unique concerns. Your key contact at the prospect can tell you what points are most crucial. Add information that addresses their concerns. But be succinct or you’ll overwhelm your prospects with too much information.

As you customize, you should communicate value statements – to your audience, about your audience – to the extent reasonably possible.

What do you mean by value statements?
Focus on how your strategy is a good fit for the prospect’s objectives, your ability to provide the level of service the prospect needs, and providing adequate diversification, considering prospect’s current investment profiles.

Will customizing dilute our firm’s branding?
You run the risk of diluting your branding when many employees and consultants contribute to your pitch books. That’s why these projects should be managed and maintained by your marketing department.

Remember that content is both text and graphics. After all, our actions are prompted every day by both words and images. Your book should look and sound impressive. Your writer  can develop Writing Guidelines for your firm, language that consistently supports your branding. You also need Design System Guidelines, if they do not already exist. Share these guidelines with the contributors to your pitch books.

I keep a sign on my office wall, “Big Company Seeking Big Clients.” Keep this mission in mind as you ponder complicated content.

If you customize, how do you keep the versions from getting out of control?
A customized pitch book is a script for your meeting. Limit yourself to information you can comfortably handle in the scheduled meeting time. Allow for Q&A.

Additional valuable information can be provided in companion pieces – market commentaries, performance summaries, firm overview, etc.

Updating charts and tables is a constant problem.
Delegate database updating to employees endowed with considerable diplomacy and perseverance. Make this their primary responsibility. They will acquire information from very busy investment management teams.

Investment managers need deadlines in advance. Allow elbow room.

Feedback?
Input is welcome. Your thoughts may show up in future articles. Let me know if I may quote you.

Margaret Patterson Company creates sales support materials, develops identity systems, and provides production supervision for financial services firms.

Margaret Patterson Company
Corporate Identity & Communications Graphics for Financial Services Firms
mpco AT verizon.net         t   617.971.0328        f   617.971.0327


Advice from a hiring manager for CFAs who want to freelance

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If you’re a CFA charterholder considering a switch to freelance writing, read on for advice from the perspective of the corporate manager who may hire you.  The manager asked to remain anonymous. Thank you, generous manager, you know who you are! 

1. What type of writing assignments best match the freelancer’s skills?  Is he or she a strong technical writer with a bent toward white-paper research, or does he/she lean toward less technical writing such as newsletters, brochure text, Web site communication? 

2. Does he/she have a strong background in either retail or institutional investment management?  I am frequently contacted by freelancers with good retail communication skills, who aren’t familiar with the more technical needs of our institutional audience.

3. What is a realistic client/workload?  Most freelance needs relate to quarter- or year-end crunches.  How will a writer fill the ‘tween time? And how many of those quarter cruncher assignments can he/she expect to fulfill? 

4. Does the writer have the most state-of-the-art communication systems at home/office?  He/she will be dealing with a variety of systems at the client level while on tight deadlines.  Incompatible systems can be a deal-killer. 

5. Is the writer’s style compatible with that of the client?  We ensure that our writers receive our internal newsletters, opinion pieces, Web updates to provide continuity of “voice” as well as keep them apprised of activities at the firm.

6. Corollary to point 5, a freelancer needs a strong point person at the client firm to ensure he/she receives attribution reports, performance numbers, background literature, etc. in a timely manner to complete the assignment.

7. Join a local business-writing association (or work through your CFA society!) to keep abreast of current freelancing rates and to learn of independent contractors who may be able to subcontract your skills. 

8.  NEVER MISS A DEADLINE!!   Deliver the written assignment with sufficient time for compliance, proofing, portfolio manager review, etc. at the client, before the material must go to print. We look for material one-two days before the “actual” deadline. 

This article complements an earlier list of tips by freelance writer Omar Bassal, CFA. Note that both Omar and this corporate manager stress the importance of making deadlines.

This website helps you with acronyms

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Puzzled by an acronym? 

Acronyms are abbreviations formed using the initial letters–or syllables–of a phrase.

The Acronym Finder will uncover the complete phrase that underlies the acronym.  Like “grantor retained annuity trust” for GRAT.


Boost readership of your e-newsletter with powerful subject lines

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More people will open your email newsletters if your subject line shows value in the first two words. That’s according to “4 Takeaways from MarketingSherpa’s Newsletter Subject-Line Analysis” (accessible only to MarketingSherpa members).

How do you show value? Start your e-newsletter subject lines with phrases such as:

  • Top Five
  • How to
  • Best Time

Your subject line should focus on the benefit that your content provides to readers. It’s especially powerful to indicate that you’re giving readers information they can act on.


Good wording: "Has the Market Wreaked Havoc on Your 401(k)?"

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Morningstar has a knack for good email subject lines. Like “Has the Market Wreaked Havoc on Your 401(k)?” That’s a line that many people can relate to.

Morningstar also achieves a nice conversational tone in its email, which starts out:

Yes, it feels awful right now. And it’s possible things could get worse before they get any better. But as unnerving as recent events have been, history has shown us that the economy will come back–and that means the market will, too.

This email was an advertisement for Morningstar Fund Family Reports. I’ll bet some folks signed up for trial subscriptions in response.

I made the Top Ten!

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Well, not me, exactly. My article, “Dan Fuss: The 50-Year Opportunity in Bonds,” made the list of Advisor Perspective‘s top ten most read articles for 2008. 

“Dan Fuss” commanded the #3 spot behind “Jeremy Siegel on Why Equities are ‘Dirt Cheap’” and “Our Interview with Mohamed el-Erian.”

It looks like legendary investors draw readers.