“There is no one exactly like you. Raymond James financial advisors understand that.”
These lines from a Raymond James advertisement get right what so many financial ads and brochures get wrong. They focus on you, the client, instead of us, the firm. They also make the client feel unique. These are qualities I’d like to see more of in financial advisors’ marketing and communications.
How do YOUR marketing materials measure up?
Video makes a great complement to your written financial communications. This is the message I took away from the guest video post below by Samantha Allen of Investius.
Until I watched Samantha’s video, it hadn’t occurred to me that video’s short format can attract readers, so they’re willing to read publications that go into greater depth on the same topic. I’d been thinking of video as a competing format that appeals to people who prefer visual learning.
Thanks, Samantha!
Would YOU eagerly read an article with the following title?
Thousands of articles about BP’s oil spill are fighting for your attention. “Not another oil spill story!” is probably the reaction of many readers who scan this title. The big problem: The title doesn’t say why you should read it.
Let’s look at the first paragraph to find a reason that you can highlight in a new title.
The Gulf Oil Spill will certainly have long-term repercussions for the fishing and tourism industries as well as the overall environment in the impact areas of the Gulf region. It is early in the disaster to fully evaluate the long-term effect on the states most at risk of contamination: Louisiana, Mississippi, Florida and Alabama. We do not anticipate immediate negative credit implications at the state level for those in question, but feel concerns are more likely to materialize at the local level at this time. We are continuously monitoring developments in the Gulf and considering our credit exposure in these areas.
Aha! Now I get it. Look at the phrases above that I bolded. Readers of this wealth management firm’s newsletter should realize that the firm is looking out for the safety of their municipal bond portfolios. Too bad the title didn’t tell them that.
The introductory paragraph doesn’t help either. It starts with generic information that doesn’t relate directly to investments. Even worse, it buries the most important information in the paragraph’s second half.
Also, if readers aren’t fixed income geeks, they may not realize that “negative credit implications” translates into “possible bond downgrades that could trim the value of your municipal bond portfolio.”
Please stop here. Before you read any more, jot down a new title and first sentence for this article.
Here are some alternative titles.
Which do you like best? Feel free to share your title ideas.
Related posts
“The titles and the first few lines of your poem represent the hand you extend in friendship toward your reader. They’re the first exposure he or she has, and you want to make a good impression.”
— Ted Kooser, The Poetry Home Repair Manual: Practical Advice for Beginning Poets
This Ted Kooser quote applies to financial blog posts as well as to poems. Financial posts and poetry aren’t often mentioned in the same sentence. However, both forms of writing will win or lose readers on the basis of first impressions. So, I’d like to share tips for financial bloggers based on the “First Impressions” chapter of Kooser’s book.
1. Use your title to set your readers’ expectations. Give up bland titles, such as “401(k) plans” in favor of titles that give your audience a reason to read. For example, my title for this post identifies my target audience—financial bloggers—and the benefit I believe they’ll receive—more compelling posts. “Titles are very important tools for delivering information and setting expectations,” as Kooser says. Instead of “401(k) plans,” consider something like “Three ways you can get more out of your 401(k) plan.”
2. Don’t lead with boring information. Put your background information somewhere other than your opening lines. Too often, as Kooser says, bloggers—like poets—start with “information that really is not essential but is there because it was a part of the event that triggered the poem. It’s the background story, and it may not be necessary for us to know it to appreciate the poem.”
3. Deliver on your promise. For example, if your title and first paragraph promise 401(k) tips, don’t switch midstream to discussing online checking accounts.
4. Write in a consistent style. If you drew in your blog readers with a warm, conversational style, you’ll lose them when you switch to a cold, institutional style. As Kooser says, “If a poem begins with three lines of strict iambic pentameter, a reader will be disconcerted if that forceful rhythm is abandoned in the fourth line.”
5. Be aware of your “voice.” Kooser describes “voice” or “presence” as “the person we not only hear, but intuit to be behind the words.” For example, I think my voice is friendly, conversational, and reflects a genuine desire to help financial advisors communicate better with their clients. Voice is communicated by your writing style as well as your content.
Try applying one–or all–of these tips in your next financial blog post!
Related posts
* Start with a good lead, or lose your reader
* Financial writers, lead with your message, not your source
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Is it worthwhile, or even possible, to improve the quality of your research analysts’ writing? Yes and yes, and I’ll tell you how. First, the business case.
It seems reasonable that good writing—clear, engaging, memorable—should be more effective than sub-par writing at reaching your audience. But let’s see the numbers.
One of the best proofs I’ve come across is courtesy of Dame Marjorie Scardino, CEO of Pearson PLC and former CEO of the Economist Group (hat tip: Vicki Cobb and I.N.K.)
Scardino located a study in which three groups—linguists, writing professors, and journalists –were asked to improve passages taken from a history textbook. Students were then asked to read the original passages and the rewrites and immediately record as much as they could remember.
Recall of the journalists’ rewrites beat recall of the other groups’ rewrites and of the original text by a whopping 40%. Good writing matters.
And I think average writers, including research analysts, can measurably improve their writing—with the right help.
First, look for a writer
In your quest for a writing coach, avoid anyone who doesn’t make a living—and a decent one—by writing. As Stephen King said, anyone who is paid to write knows how to write effectively. Professional writers “get the story told memorably … and quickly,” says Scardino. Those who make their living doing other things, including the teaching of writing, usually can’t.
Hire a writer/coach
A writing pro isn’t necessarily a good writing teacher, however. Aside from references, here’s how to tell. Effective teaching is less about charisma, more about preparation, perseverance, and a passion for the work. So ask questions: What are you going to teach my analysts? What are your goals? What’s your plan? How will you deal with indifference or egomania?
Your writer/coach should be quick with confidence-inspiring answers. Look for someone who emphasizes telling a story (yes, even in a research report), clarity, and effective editing. Steer clear of those who get deep into grammar and theory. Good writer/coaches use real examples and show how it’s done.
Follow through with your swing
No writer/coach worth hiring will promise to improve your analysts’ writing in one session. A golfer won’t significantly improve her game with a 3-hour lesson. If she’s serious, she’ll take a series of lessons over the season. And writing well is harder than golfing well.
It doesn’t have to be extensive—even three 45-minute sessions over four to eight weeks with your most problematic analysts will work. But set aside budget for this. It’ll show you’re serious. And it will make whoever you hire that much more effective.
Joe Polidoro spent over a year improving the equity research reports at Bear Stearns, where he worked with past and future research stars including Lee Seidler, Lincoln Anderson, Larry Kudlow, Joe Buckley, Jami Rubin, and Steve Binder. Joe now co-heads Triplestop LLC, a marketing agency specializing in asset management and related industries.
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You can snare some quick tips for advisor-client email communications in my guest post for the KBK Wealth Connection blog.
The tips boil down to
Visit Kathleen’s blog for more details.
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Susan Weiner, CFA, writes and edits articles, white papers, blogs, investment commentary, web pages, and other communications for leading investment and wealth management firms. She has presented “How to Write Emails and Letters Your Clients Will Read” to great reviews by financial advisors.
BNY Mellon Wealth Management has a catchy new print ad asking “Can you handle the truth?”
I love the simplicity of “Can you handle the truth?”
You can view one version of the ad on BNY Mellon’s website. However, I first saw this family of ads in the print version of The Wall Street Journal.
Print vs. online ad
The Wall Street Journal version uses the same big “truth” box, but it is mostly better than the online version.
It’s better in the sense that much of its text is simpler and more direct than in the online version. I imagine that individuals seeking financial advice would find it very appealing. Let’s compare the two versions.
Print version
The truth is most investors’ portfolios did not handle the past years’ market volatility well. A more alarming truth is that most plans have not been changed to mitigate future risks or capture opportunities.
We have helped many investors with an honest assessment of their current portfolio and plan. May we help you?
The first sentence is disarmingly honest. At least in my eyes.
The language charmed me until I got to “mitigate.” If you’re a regular reader of this blog, you know I don’t like “big words” and “mitigate” is one of my pet peeves. Why couldn’t the writers substitute “ease,” “cut,” “reduce,” or even “manage” for “mitigate,” depending on what they meant? I suspect that a lawyer or compliance person pushed for “mitigate.”
Online version
The first line of the online ad’s text–which you can read in the indented section below–is much stiffer and institutional. It doesn’t sound like something a human being would say in conversation. I’ve italicized the words I don’t like in this ad’s text below.
The rest of the text is better. I like the second sentence. However, in the fourth sentence, “complimentary analysis” suffers when compared with the “honest assessment” of the first ad. Also, “please contact us” isn’t as appealing as “May we help you?”
Fundamental changes in the financial landscape have rendered many investment plans null and void.
Your plan may be one of them.
Let us help you learn the truth about whether your portfolio is positioned for the years to come.
To get started with a complimentary analysis of your investment plan, please contact us.
Related posts
* Timely, creative financial ad from Northwestern Mutual
* No more fancy-pants prose, please
* Financial writers clinic: Getting rid of “mitigate”
* Can you make a case for “mitigate”?
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Socially responsible investing can make for a difficult conversation between investment managers and their clients. But it doesn’t have to be that way if you follow the tips provided by my friend Annie Logue, the author of Socially Responsible Investing for Dummies.
Often, an individual client will walk into an office with a list of industries and companies that he or she does not want to own. Some clients have well-thought out objections or religious obligations that set the tone, but others have a vague idea of the goodness or badness of an industry without any real reasoning behind it.
How do you deal with such a customer?
Social criteria can be legitimate investment constraints, so one tactic is to approach it as a constraint. Get the client to identify the real issues, ideally in writing. Are they religious? Well, you can’t argue with religion! If they are more vague, then use some good questioning to get them onto paper, or ask the client to do some research. Some good sources are CSR Wire and Triple Pundit.
The real conversation is about what your client would rather invest in. Social investing doesn’t have to have lesser performance than traditional investing; the KLD Social Select 400 Index has minimal tracking error to the S&P 500 and, right now, outperforms it slightly. The secret is making sure that the companies you do invest in have a similar risk and return profile. If your client wants to sell BP, then you’d better find a company with similar characteristics. Replace BP with a speculative green tech company, and you’re changing the portfolio’s nature. Replace it with a large multinational food company with responsible business practices, paying a high dividend, and subject to commodity price fluctuations, and you’re getting closer to the portfolio contribution of BP without the oil exposure.
Keep holding the conversation, too. BP had a great reputation for its social responsibility right up until April of 2010. Social investing is still investing, and you still take on company risk. Just as there is no perfect job and no perfect boyfriend, there is no perfect investment. Remind your client of the long-term goals. Many clients prefer to separate their investing from their philanthropy, figuring that the more money they make, the more money they can donate and the more time they have to volunteer.
Finally, turn your clients into activists. Talk to them about proxies. They can vote their proxies and have an influence on companies even if they do not change their ownership positions. That gives the client power without disrupting an investment position.
Social investing doesn’t have to underperform, and it doesn’t have to be a wedge between you and your client. You can use a client’s interest as an opportunity to educate them and to show how you can add value to their portfolio.
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Did you notice that I went wild in May, posting every day as part of the Word Count Blogathon? For your convenience, I’m listing my May posts by category.
Blogging
Economy, investments, and wealth management
Marketing
Social media
Writing
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Copyblogger Brian Clark’s lessons in “The two most important words in blogging” apply equally to any form of marketing communication. Pay attention because using these words will make your communications more persuasive.
See if you can guess the two words before you surf to Copyblogger’s site. If you have attended any of my presentations on writing, you should know one of the two answers.
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