Marketing via U.S. mail still pays

"Don't give up on mail," wrote marketing consultant Libby Dubick in "Four marketing resolutions for 2010." I agree that investment and wealth management firms should continue to use the U.S. mail.

Letters and brochures ranked high when Dubick conducted an informal survey of how senior marketing executives would like to be introduced to a wealth manager. They came in second only to personal referrals.

If you write a sales letter, remember these tips

• Emphasize your prospect's WIIFM--What's In It For Me--rather than talking about your firm
• Keep it short--People have short attention spans.
• Don't send it and forget it--Follow up with the individual.

Related posts

• Guest post: "The Lost Art of the Thank You Note"
• Your mail has three seconds to grab your reader's attention
• Guest post: Can I replace my print newsletter with an e-newsletter instead?" 

 ____________________
The next session of "How to Write Blog Posts People Will Read: A Five-Week Teleclass for Financial Advisors" will start in September. For more information, sign up to receive "Information on upcoming classes, workshops, and other events" as well as my free monthly newsletter. Copyright 2010 by Susan B. Weiner All rights reserved

No more fancy-pants prose, please

"The writer who indulges in fancy-pants prose sometimes has too large an ego, and sometimes one that's too small," says Francis Flaherty, author of The Elements of Story.

Fancy-pants prose--in other words, highfalutin, multisyllabic words--rarely serve writers well. Instead, as Flaherty suggests, they're evidence that the author is trying to impress his or her audience.

In the investment and wealth management world, this shows up in the use of words such as "mitigate" when "reduce" or "cut" would serve the purpose. 

Can you think of fancy-pants words you'd like to eliminate from our industry's publications? Please leave a comment.
 
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Susan B. Weiner, CFA
Check out my website at www.InvestmentWriting.com or sign up for my free monthly e-newsletter.
Copyright 2010 by Susan B. Weiner All rights reserved

Treasurys vs. Treasuries -- Which is the right spelling?

What's the right way to spell the plural of Treasury, as in U.S. Treasury bond?

Should it be "Treasurys," following the rule that the members of the Murphy family become Murphys? Or should it follow the normal rules of creating plurals for words that end in the letter y?

I panicked when I saw "Treasurys" in The Wall Street Journal. Eek! Have I been spelling the word wrong for 20-odd years?

However, I quickly discovered that opinions are split. When I Googled the terms, there were 2.2 million results for Treasuries vs. only 1.5 million for Treasurys. 

The evidence for Treasuries
Here's the rule that would typically apply. "...if a word ends in a -y that isn't preceded by a vowel, the plural is formed by omitting the -y and substituting -ies...," according to Garner's Modern American Usage. Garner makes an exception for proper names ending in y. He agrees that Murphy becomes Murphys.

Does Treasury qualify as a proper name? Proper names are usually personal names--such as Murphy--or geographic names--such as Washington, D.C. Following this reasoning, Treasuries makes sense.

My friend, financial editor Harriett Magee, found that sources including the Barron's Dictionary of Finance and Investment Terms agreed with Treasuries. Plus, her spell-checker flagged Treasurys as a mistake. 

If you prefer Treasurys...
You've got some high-powered company if you stick with Treasurys. When The Wall Street Journal spells it that way, that legitimizes it in my eyes.

If you can't bear not knowing what's 100% correct, then use the workaround that Harriett Magee suggests. Refer to Treasury bonds, Treasury notes, and so on. It's bit wordy, but correct. 

Follow this advice, no matter what you decide
It's important to use your words consistently in your corporate communications. Pick one spelling and stick with it. 

Consider creating a corporate style guide that lists preferred spellings. It's a lot easier to have an authoritative source for your company than to try to keep the rules in your head.


My thanks go to David Glen, senior vice president at Boston Private Bank, for raising this question.
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The next session of "How to Write Blog Posts People Will Read: A Five-Week Teleclass for Financial Advisors" starts April 22. Sign up to receive my free monthly newsletter.
Copyright 2010 by Susan B. Weiner All rights reserved

How to guest- blog on personal finance or investments, Part II: Blogs that accept guest posts from financial advisors

Guest posts can launch investment and wealth managers into the blogosphere. This follow-up to "How to guest-blog on personal finance or investments, Part I," gives you names of blogs to target for guest posts. 

Investment blogs that accept guest posts
The granddaddy of investing blogs is Seeking Alpha, which publishes its submission guidelines. To be considered you must "Write about a  stock, sector, ETF or theme that is actionable for U.S.-based investors." 

Advisor Perspectives isn't a blog. But it publishes blog-like--and much longer--commentaries from registered investment advisors on "the market, the economy, or investment strategy," according to its submission guidelines. Disclosure: I occasionally have the pleasure of writing for Advisor Perspectives, although I write for them as a reporter rather than as a commentator. 

Personal finance blogs that accept guest posts

Wise Bread, which reports receiving one million page views monthly, provides its writers' guidelines on its "Guest Writer Showcase." Thanks to Aaron Pinkston of Clarifinancial for bringing this site to my attention. 

Jeff Rose of Good Financial Cents likes Wise Bread, too. He also shared the names of some additional blogs where he has been a guest, including
* Get Rich Slowly   
* Consumerism Commentary
* Cash Money Life
* Moolanomy
* Bargaineering  

Other blogs worth targeting
Your business niche may also have blogs that will accept your posts and help you educate your target audience.

Through my work with fiduciary advisors, I've become familiar with the fi360 blog. @Fiduciary360 told me that guest posts may be possible. However, "I should say that we'd want exclusive content from a guest blogger. We'd rather just link if it's on their blog as well."

Another potential target: your local newspaper's blog. Its reach may be small, but it could yield some great prospects close to your office. 

What else?
Have I missed any great tips for guesting between this post and my earlier post on this topic? Please chime in. I'd like to learn from you.
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You're running out of time to sign up for the next session of "How to Write Blog Posts People Will Read: A Five-Week Teleclass for Financial Advisors," starting April 22. Receive my free monthly newsletter.
Copyright 2010 by Susan B. Weiner All rights reserved

How to guest-blog on personal finance or investments, Part I: Your approach

Some financial advisors wonder if they can crank out a steady flow of compelling blog posts week after week. Before you make the commitment, consider testing your abilities by writing for other people's personal finance or investment blogs.

Some blogs publish their submission guidelines, so you know exactly how to apply to be a guest blogger. Others don't. But there's a simple process you can follow to propose a guest role. 

Step 1. Study the blog to figure out its audience and topical focus. 

Step 2. Come up with a topic.  Your description of your topic should identify the main point you're trying to make and why readers will care about it. In "How to Write Blog Posts People Will Read: A 5-Week Teleclass for Financial Advisors," you'll get help developing a strong topic. 

Step 3. Email the blogger to suggest a guest post. A strong proposal will include the following:
      a. Your understanding of the host blogger's audience and focus
      b. Your topic and why it will appeal to the blog's audience
      c. A brief bio to establish your credibility
      d. Your contact information

It isn't necessary to send your completed blog post right away. In fact, I think it's better not to send it unless requested by the blog's owner submission guidelines. 

A proposal lets the blog owner give you suggestions about how to adapt your idea to their needs. If you enroll in "How to Write Blog Posts People Will Read: A 5-Week Teleclass for Financial Advisors," you'll get my personalized feedback on your draft inquiry for guest blogging.

Financial advisors, you will get names of blogs that accept investment and personal finance guest posts in Part II of "How to guest-blog on personal finance or investments."

Related posts

• Which blogging platform should I use?
• Poll: Would you hire a ghost blogger for your company?
• Tip for organizing information in your blog posts and articles
• My best posts for financial advisors who blog

 ____________________ 
The next session of "How to Write Blog Posts People Will Read: A Five-Week Teleclass for Financial Advisors" starts April 22. Sign up to receive my free monthly newsletter.
Copyright 2010 by Susan B. Weiner All rights reserved.

Watch out for inflation, says veteran value manager Jean-Marie Eveillard

Value investing was the focus of the presentation by Jean-Marie Eveillard, senior adviser and board trustee to the First Eagle Funds and senior vice president of First Eagle Investment Management, LLC, to the Boston Security Analysts Society (BSAS) on April 13. Eveillard also opined on the world economic outlook.

Three economic scenarios
Eveillard thinks there are three potential directions for the U.S. from here.
1. A typical post-WWII expansion-- In this scenario, the authorities lever up the system again, so we get a three- to five-year expansion, Eveillard said. This would mean that we are still in a post-World War II environment. Eveillard is concerned about the short-term, even speculative orientation of investors in an environment in which equity mutual funds average 100% annual turnover.
2. Japanese-style stagflation--As the private sector continues to deleverage, the U.S. might fall into stagflation similar to that experienced in Japan for the past 20 years. This would happen if lenders don't want to lend and borrowers don't want to borrow, despite the government's efforts to combat their resistance. Eveillard considers this unlikely because, unlike the Japanese, Americans are not resigned to economic stagnation. We'll act.
3. Negative, unintended consequences including inflation--Eveillard is concerned about the unprecedented scale of the U.S. government's intervention. This includes a gigantic budget deficit, zero interest rates, and the ballooning of the federal balance sheet.

The third scenario is most likely, said Eveillard, who spoke about the lessons of the Austrian school of economists. The main lesson: If you're stupid enough to get into a really bad credit boom, you'll have a bad credit bust. However, the Austrians also say not to do a short-term patch after a bust because you'll compromise the medium-term and long-term recovery. This seems to be one of the roots of Eveillard's fear of the third scenario.

But Eveillard's inflation fears haven't made him give up on stocks. People make the mistake of thinking that inflation is all bad for stocks, he said. He believes in owning the stocks of companies that are able to raise prices as their costs rise. For example, that's something that newspapers were able to do back in the 1970s.

Eveillard did not comment on specific stocks that he favors now. "If I knew what my five best ideas were, that's all I would own," he quipped.

Benjamin Graham and The Intelligent Investor
Eveillard spent most of his time with the BSAS talking about the history of value investing. For him, the two big names are Benjamin Graham, author of The Intelligent Investor, and well-known investor Warren Buffett.

Graham's emphasis on the role of humility, caution, and order in investing make sense to Eveillard. He illustrated Graham's approach to investing as finding a business with an intrinsic value of $50 per share, buying it at $30-$35 per share, and starting to sell it at $40. This is what Warren Buffett called the cigar butt--one puff and it's over, said Eveillard.

Although Eveillard conceded that Graham's approach to investing is static and balance sheet-oriented, it still offers opportunities. There are "Ben Graham-type stocks" in Japan, especially among small caps, he said. Because "net cash is greater than market cash...you get the business for less than nothing," he said.

Warren Buffett added qualitative to quantitative
Benjamin Graham was "all about numbers." Even today,  value investors all start with companies' publicly available financial information, and then move on only if they're satisfied with the public numbers, said Eveillard.

Warren Buffett added qualitative analysis on top of Graham's quantitative analysis, said Eveillard. For example, Buffett likes companies that have a "moat," a sustainable competitive advantage.

Comparing Graham and Buffett, Eveillard said that the Graham approach is much less time-consuming, though potentially less rewarding, than the Buffett approach. The First Eagle Funds started out in Graham style, then switched to Buffett's style after adding the analysts that enabled them to do the necessary research, said Eveillard.

The case for value investing
Eveillard gave two reasons for pursuing value investing. First, it makes sense. Second, it works over time. He doesn't buy the argument that value investing works only in the U.S. In fact, First Eagle has never opened offices overseas because it doesn't want to be influenced by how the locals think. Still, he noted, "There are few genuine value investors in the U.S., but even fewer outside the U.S."

Why so few value investors? For starters, it's hard work. "Sell-side research is seldom useful" because of its six- to 12-month time horizon, said Eveillard. When your time horizon is five years, it makes a big difference in how you look at a business. That's why First Eagle's 11 analysts are "the true heart of our operation," he said.

The psychological hurdle to value investing is even higher than the research hurdle. It's not easy sticking with value investing's long-term time horizon. That's especially true when it means your investment performance may lag its benchmark in the short-term. First Eagle lost seven out of 10 investors during the period when its performance lagged from Fall 1997 to Spring 2000, said Eveillard.

To be a value investor, "there has to be a willingness on the part of the investor to take the short-term pain." In addition, you have to be willing to move away from the herd when it's nearing the cliff, said Eveillard, citing Warren Buffett. Value investing takes a temperament that many lack.

If you'd like to learn more about Eveillard's views, he's scheduled to appear on Bloomberg TV on Wed., April 14 April 14 at 5 p.m. EST, according to the First Eagle Funds website.
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The next session of "How to Write Blog Posts People Will Read: A Five-Week Teleclass for Financial Advisors" starts April 22. Sign up to receive my free monthly newsletter.Copyright 2010 by Susan B. Weiner All rights reserved

Teleclass FAQ--Answers to common questions about "How to Write Blog Posts People Will Read"

Are you a financial advisor with questions about whether my teleclass on "How to Write Blog Posts People Will Read: A 5-Week Teleclass for Financial Advisors" will work for you?

You'll find answers to common questions below. Do you have questions I haven't answered below? Leave them as a comment or call me at 617-969-4509.

Q. What if I can't attend all of the scheduled class meetings? Is there a way to catch up on the content?

A. It's no problem if you miss a class.

You can download an audio recording within 24 hours after the class. It's easy to catch up with a mp3 file that you can listen to on your computer or your mp3 player.

You can save all the audio files to give yourself a refresher course months or even years after your formal training ends.



Q. What if I don't see myself as a "financial advisor"? Can I still take your class?

A. I use the term "financial advisor" as shorthand for my target audience, which includes employees of investment, wealth management, and financial planning firms.


Q. Why is the class limited to 12 students?

A. You'll learn more when you get the personal attention that comes with a small class. You'll have plenty of opportunities to ask questions during our telephone call. Plus, you'll get written feedback on your homework assignments.

 
Q. How are classes taught?

A. You dial a teleconference number to participate in your weekly teleclass. Prior to the class, you'll download a handout so you can follow along and take notes during class. You'll also receive weekly homework assignments, which you'll post to a private website, so you can get feedback on them.

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The next session of "How to Write Blog Posts People Will Read: A Five-Week Teleclass for Financial Advisors" starts on April 22. Sign up to receive  my free monthly newsletter.
Copyright 2010 by Susan B. Weiner All rights reserved

What students say about "How to Write Blog Posts People Will Read: A 5-Week Teleclass for Financial Advisors"

The investment and wealth managers who've taken my writing class, "How to Write Blog Posts People Will Read: A 5-Week Teleclass for Financial Advisors," have enjoyed it. 

Here's a sampling of what my students have said on their evaluation forms and in phone calls with me.

*  What was valuable for me was the structure. The handouts, the thesis statement, the rules.

*  Your class delivered exactly what it promised.

*  The best part for me was having my work edited and critiqued by a professional.

*  Susan is onto something unique. There's no one else doing exactly what she does.

*  The class is great! I'm really getting a huge amount of value -- there really is a process to writing.

*  Any advisor who's serious about blogging should take this class.

*  Susan's coaching is a classic case of "under-promise, over-deliver." I highly recommend her as a writing coach or teacher. Her coaching has improved the quality of writing in my blog posts. My writing skills were very rusty when we started. Susan's practical, insightful suggestions--along with her Blog Post Preparation Worksheet--have been an incredibly valuable resource.

*  I have Susan's checklist out on my desk to help me review my blog posts.

*  You really helped me with how to organize my thoughts before writing.

* I liked how you gave us outside-the-box ideas. 

* You really helped me by saying that not everyone can immediately write everything down right

*  I would sign up for another class with you.  Have you thought about offering a class about writing emails?

I'd like to thank the great students who made teaching this class such a pleasure!

This post was updated on April 25. 

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The next session of "How to Write Blog Posts People Will Read: A Five-Week Teleclass for Financial Advisors" starts April 22. Sign up to receive my free monthly newsletter. 
Copyright 2010 by Susan B. Weiner All rights reserved

Last day to register at EARLY BIRD rate for "How to Write Blog Posts People Will Read"

                           

This is your last chance to register for my next teleclass at the Early Bird rate of only $300 for my e-newsletter subscribers and clients. The next session of "How to Write Blog Posts People Will Read" starts on April 22, 1:00 -2:00 p.m. Eastern Time and runs for five consecutive weeks through Thursday, May 22. You'll find all of the details on the registration site. The teleclass price rises to $450 at 12 midnight (Eastern) on Wed., April 7. Of course, $450 is still a significant discount from the full price of $600 for non-subscribers.   You will learn how to Generate and refine ideas for blog posts that will engage your readers Organize your thoughts before you write, so you can write more quickly and effectively Edit your writing, so it's reader-friendly and appealing Here's what advisors say about Susan as a teacher of blog post writing: "The class is great! I'm really getting a huge amount of value -- there really is a process to writing." "Loving the blog writing class I am taking with @susanweiner #FF" "Susan's coaching is a classic case of 'under-promise, over-deliver.' I highly recommend her as a writing coach or teacher. Her coaching has improved the quality of writing in my blog posts. My writing skills were very rusty when we started. Susan's practical, insightful suggestions--along with her Blog Post Preparation Worksheet--have been an incredibly valuable resource." This teleclass won't be offered again until the fall. Do you really want to wait?

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Copyright 2010 by Susan B. Weiner All rights reserved

Which blogging platform should I use?

If you're not yet blogging, you're probably wondering which blogging platform to use.

WordPress seems the most popular. If I were starting my blog today, I'd probably go with WordPress rather than Blogger. I'm no expert on blogging platforms, so you'll find below some opinions from folks who know more than me.

Technology specialist Bill Winterberg told me via Twitter that he prefers Wordpress "because if you need new functions, there's likely a plugin available. Support and forums are comprehensive, too." Speaking of plugins, Bill told me about Akismet, a spam-blocking plug-in that's available for WordPress, but not Blogger. By the way, as I understand it, a plug-in is software that expands the capabilities of a larger piece of software--but don't quote me on that.

The Tech for Luddites blog, written by my friend Elizabeth Kricfalusi, compares Blogger vs. TypePad vs. WordPress in "Picking a Platform for Your Blog." She also favors WordPress. If you're a non-technical person with computer questions, you may enjoy her blog, with its motto, "Increase Proficiency. Decrease Profanity." 

For a blogging platform comparison from another source, check out the "Blogger vs. WordPress Comparison Table 2010."

WordPress was also the choice of the financial advisors who took my recent class on "How to Write Blog Posts People Will Read" (next session starts April 22).
 
I'd be happy to get comments on this post from those of you who are more knowledgeable about blogging platforms.
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Sign up for  "How to Write Blog Posts People Will Read: A Five-Week Teleclass for Financial Advisors" starting April 22 or join the list for my free monthly newsletter.
Copyright 2010 by Susan B. Weiner All rights reserved

Guest post: Five Tips for Delivering Bad News to Clients

Everyone struggles with delivering bad news to clients--and financial advisors have had to deliver plenty of bad news over the past couple years. 

That's why I felt excited when I discovered that Kathleen Burns Kingsbury, the author of this guest post, can help advisors manage difficult communications with clients.

Five Tips for Delivering Bad News to Clients

By Kathleen Burns Kingsbury, LMHC, CPCC

Delivering bad news to your clients is not easy. It often stirs up uncomfortable emotions--for clients and for you. Learning how to deliver troubling news effectively in conversation and in writing newsletters is the key to maintaining good relationships with your clients in good times and bad. 

Here are five tips for delivering bad news more successfully: 

1. Sandwich the bad news. Use the following analogy to guide you. Think of bad news as the meat in a sandwich that's surrounded by two pieces of bread and some dressing to make it taste better. Start the conversation with thoughts or facts about what is working in the markets, your company or  the client’s portfolio. Then share the bad news or the meat of the issue. Last, end the dialogue on a positive note. Clients are human. We all find difficult news more palatable when surrounded by some good delicious information.

2. Be direct. Advisors and wealth managers have a tendency to talk too much when sharing bad news with clients. This is often because being the messenger makes you feel uncomfortable emotions, such as anxiety, fear or worry. Talking more may help you feel better, but it confuses the client. So fight the urge to over-verbalize. Just be direct with the client about what is not going well.

3. Make the client feel his/her reaction is normal. A client will experience feelings after hearing bad news about their financial investments. Don't fight this by trying to convince the client or yourself that there is no reason to feel bad. Instead, take a deep breath and validate that this news is hard to hear and hard to give, so the situation is emotionally difficult. It is surprising how validating a client’s feelings calms them down and strengthens the advisor-client relationship in the long run.

4. Don’t personalize the client’s reaction. Many well-meaning advisors feel overly responsible for the pain caused by the current economy.  It is okay, and even advisable, to have your own feelings, about the ups and downs in the market place. Just make sure you are not trying to control what is out of your control and taking on too much responsibility. Practice accepting your feelings and your client’s reactions without judgment. Only take responsibility for what is truly in your control.

5. Get support. The best way to survive the current economy is to get support from your friends, family and colleagues. Your job is challenging. You need a place to talk, vent and share your frustrations with others. Model this for your clients because this is a great lesson for all of us to learn. Sharing difficult news is never easy, but it is a little more tolerable when you are not alone.

Kathleen is founder and CEO of KBK Wealth Connection, a company passionate about helping financial services professionals and their clients master their money mindset through wealth psychology. She recently released a new audio program called Creating Wealth from the Inside Out.
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Sign up for "How to Write Blog Posts People Will Read: A Five-Week Teleclass for Financial Advisors" starting on April 22 or for my free monthly newsletter.
Copyright 2010 by Susan B. Weiner All rights reserved

Poll: Would you hire a ghost blogger for your company?

Investment and wealth managers have great skills. But writing isn't necessarily one of them. So what's a financial professional to do now that blogging is an important part of marketing?

Some companies hire ghostwriters to write their blog posts for them. Ghostblogging can encompass everything from coming up with the ideas, doing the research, writing, formatting posts, and even responding to comments in the voice of the company. Or it can involve a much bigger contribution from the client whose name goes on the post.

Critics say that hiring a ghostblogger is bad. In "The Ghost Speaks," writer Michael Janofsky quotes communications consultant Shel Holtz, "I'm a huge fan of transparency. My advice to executives is: If you don't take the time to write yourself, find another channel of communication."

What do YOU think? Please answer the poll that will run in the  right-hand column of this blog until I replace it with next month's poll. I'll report on the results in my May e-newsletter.
____________________
Sign up for the next session of "How to Write Blog Posts People Will Read: A Five-Week Teleclass for Financial Advisors" starting April 22 or join the mailing list for my free monthly newsletter.
Copyright 2010 by Susan B. Weiner All rights reserved

The power of analogy: U2 and alternative investments

What could the band U2 and hedge fund-style investing have in common? 

This unlikely combination came up in a March 15 presentation to the Boston Security Analysts Society by Robert Kaimowitz, CEO and portfolio manager, Bull Path Capital Management.  

Kaimowitz asked the audience, "How many of you think U2 is an alternative band?" No hands went up. The band is mainstream now. Yet it was considered an alternative band when it first emerged.

So-called "alternative investments" will follow a similar path, suggested Kaimowitz. They're new and poorly understood, so they're considered "alternative." That will change as they become accepted. He figures alternatives will become mainstream partly because a long-only fund can't be conservative because it's 100% exposed to the market.

Kaimowitz' comments about U2 and alternative investments demonstrate the power of analogy. They stuck with me long after the details of his fund's performance faded.

If you're trying to convince your clients to adopt alternative investments, consider trying this U2 analogy on them. I'd like to hear if it works for you.
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The next session of "How to Write Blog Posts People Will Read: A Five-Week Teleclass for Financial Advisors" will start in April. For more information, sign up to receive "Information on upcoming classes, workshops, and other events" as well as my free monthly newsletter.
Copyright 2010 by Susan B. Weiner All rights reserved