"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.

Compliance makes social networking tougher for registered reps than RIAs

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Here’s a guest post by Bill Winterberg, CFP®, an operations and efficiency guru to independent financial advisers, who blogs at FP Pad. He made me realize that RIAs have more leeway than registered reps when it comes to social networking.
Websites like Twitter, LinkedIn, and blogs present compliance issues for registered representatives subject to FINRA regulations. All reps must obtain approval from the broker/dealer compliance department before posting anything on the Internet, as postings a considered advertisements.

FINRA has published guidelines for use of the Internet by registered representatives of broker/dealers. It’s worth reading if you are affiliated with a broker/dealer.

The SEC has similar guidelines that govern advertisements, including postings to public Internet forums. However, investment advisers are generally responsible for self-supervision by Chief Compliance Officers. In my opinion, investment advisers not subject to FINRA regulations have quite a bit more flexibility when using Internet and social networking websites. See http://www.sec.gov/divisions/investment/advoverview.htm and http://www.sec.gov/info/iaicccoutreach.htm.

RIAs definitely have more flexibility over registered reps when it comes to the use of the Internet. However, common sense must always prevail when using the Internet to avoid publishing security recommendations or any testimonial, which are explicitly prohibited by the SEC and state regulatory authorities.


Top 10 tips for CFA charterholders considering freelance writing

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If you’re a CFA charterholder considering a freelance writing career, here’s advice from Omar Bassal, CFA. Omar is the head of asset management at NBK Capital, a freelance writer, and the author of Swing Trading for Dummies. 

I’m posting Omar’s article as part of my preparation for a panel on “Alternative Careers for CFA Charterholders” to be presented to the Boston Security Analysts Society on January 14, 2009.

Here’s Omar’s advice.


1. Choose your work carefully: Part of being a good writer is choosing the right businesses and people to work with. There are a lot of fly-by-night operations that want text to fill space. While they might pay the bills, they won’t further your professional development.

2. Get a proofreader: No one is perfect—not even CFA charterholders. Having a second pair of eyes before you submit your work is always smart. Find a reasonably priced person via Craigslist.

3. Know your audience: Be able to differentiate between unsophisticated audiences (where “standard deviation” is too technical a term to use), semi-sophisticated audiences (where “standard deviation” needs no further explanation) and sophisticated audiences (where “standard deviation” is an incomplete view of risk).

4. Get paid by work, not by hour: Firms will want to pay you by the hour. But you should push to be paid a flat rate for your work. This doesn’t always mean you’ll get more. But over time, you’ll be more efficient and productive as a result. Plus, you won’t need to keep tabs on every minute you’re working versus checking e-mail.

5. Seek contracts: Monthly and quarterly newsletters and reviews are an excellent way to get your hands on steady income.

6. Network with other writers: There are many fish in the sea and writing as a CFA charterholder doesn’t mean you’re taking away business from a fellow CFA charterholder. Sometimes clients will come to you with requests that you’re unwilling or unable to do. Being able to pass that work onto other contacts means your client feels his/her needs are being met by you. Do it often and others will return the favor.

7. A CFA charter does not mean you know everything: If you’re an expert in equities, you may find navigating fixed income waters tough. Make sure you thoroughly understand what you’re getting into before you agree to do a job.

8. Have a contract: Approach writing as you would any other business. Have a contract in place for every writing job which explains  your responsibilities, your contractor’s expectations, delivery schedules, terms of cancellation and prohibition of passing your work on to other parties. Besides protecting your interests, a contract will flash a signal that you’re a professional writer.

9. Seek out non-traditional clients: Realize that your easiest business may come from non-traditional clients. “Traditional clients” may be mutual funds, financial advisors and institutional asset management firms. Non-traditional clients include trade groups with pension plans, foundations, endowments and other less sought after institutions.

10. Punctuality is everything: Don’t view your text as the finish line for your contractor. Your work will likely be checked by senior staff or formatted for e-mailing or printing—all things based on firm schedules. Treat your work as a business. Being late means being unreliable—no matter how great the final text may be.