The prospect of writing a book can be daunting. Many advisors lack the time or energy after long business hours. Some question whether they can organize their thoughts into a coherent format, or fear they lack the necessary writing skills. But they also question whether a ghostwriter will understand and accurately portray their thoughts. Some assume it will be too costly or won’t deliver commensurate value.
I suspect in many cases, the project appears so arduous the advisor decides it’s simply too much work to take on while managing a financial practice. Yet some manage to author numerous books. How do they do it? Obviously, they don’t give up sleeping.
I’ve spent the past 30 years ghostwriting for financial professionals and while I’m not a missionary for authorship, it’s apparent that advisors who publish tend to be regarded more highly and attract more new business than those who do not. There’s no denying that authorship provides a perceived imprimatur of professional credibility. So for most advisors, it’s a matter of time allocation and affordability.
Obstacles
An capable ghostwriter with relevant financial experience can significantly reduce the time it takes to get a book you can be proud of completed. While nowhere near as time consuming as doing your own writing from scratch, the process still requires discipline.
The timeframe for completing a book depends on several factors. First-time authors often underestimate the time needed to publish. A good ghostwriter can help keep things moving. Writing is my business; I’m accustomed meeting deadlines. A realistic timetable with a flexible schedule will help alleviate stress, and help you actually enjoy the experience.
Another snag is getting prematurely detail oriented. Obviously, you should have a concept of the book’s content, format, style and other broad considerations before beginning. But those who get caught up in attempts to achieve perfect content on the first draft are doomed to frustration. Ditto for worrying about other details if you are a first-time author. Get it written; the minor issues can be resolved later. And remember, nobody ever wrote a great book without revisions, which are integral to the process. So don’t expect to avoid them because you’re in a hurry.
Few of us think linearly. You are certain to wake up at 3 am some morning because you forgot to include some vital information in a chapter already completed. No sweat. A good writer can seamlessly integrate supplementary information. Books rarely come together in neatly woven patterns or exact chronological order. The process of assimilating background and disseminating it into the appropriate sections of the book is typically a bit disjointed. If you anticipate a little chapter hopscotching as you go along, it won’t throw you off schedule when it happens.
Authorship Benefits
There seems to be almost universal agreement among advisors that writing a book on planning or investment strategy is a good idea, but not many recognize the impact writing a book can have on their professional practices.
Being a published author has always provided an authoritative imprimatur, and given the market turmoil of the past few years, credibility has perhaps never been more important for advisors. Speaking at the 2009 Retirement Income Summit in New York, “financial guru” Edward A Slott told advisors they “should step up their visibility among their competitors,” adding that “disenchanted clients have parted ways with advisers who haven’t met their standards, and they are searching for advisers that they trust.”
Is there a better way to generate visibility than being the author of a well-written book? Is there a better way to promote trust among investors, especially those who don’t know you, than to be the advisor who wrote the book?
eBooks
With the emergence of tablets, advisors have the advantage of utilizing the e-book format, which saves the considerable cost of publishing hard copies, not to mention literary agents and publishing delays. Selected content from the book can be the source of queries to the financial media for feature article opportunities, guest columns, op ed pieces or interviews with staff writers and financial columnists. Book authorship is how many of the industry’s high-profile advisors and managers first attracted media coverage.
Authoring a book can open up a dozen different doors leading to greater visibility and market presence, media opportunities, third party endorsements, enhanced credibility and most importantly, additional managed assets.
That’s pretty powerful stuff.
Getting Started
The biggest hurdles to authorship for advisors are cost (big surprise, eh?) and lining up the resources to get the project underway. There are some nifty ways to mitigate costs without sacrificing quality, but cost can be a non-issue if you can’t get over the hump of getting organized and getting started.
Some advisors who have inquired about writing a book tell me they are not sure they have enough to say, or that what they have to say is not groundbreaking information or significantly different from what has already been published.
That shouldn’t stop any advisor with a modicum of experience and the courage to put ideas to paper. We’re not academics writing textbooks; we’re advisors. We have ideas that are worth sharing with our audience. And let’s be honest; we’re writing to create a dynamic marketing vehicle. Of course, the book will be a much greater accolade to your professional skills and industry standing if it is well written. I’ve made my living as a ghostwriter and publicist for the past 30 years so naturally, I think advisors should stick to what they do best and hire a financial writer to produce their marketing collateral.
That’s not to say there aren’t advisors who have been blessed with the ability to string sentences together without putting their readers to sleep. I’ve done PR work for a number of advisors who prefer to write their own copy and some do an outstanding job. To name a few, Jonathan Deyoe, Deyoe Wealth Management, Ed Lane, Lane Financial Management, Steve Leshner, Commonwealth Investment Management, and Karl Romero, Karl Romero, Romero & Associates.
These fellows not only write well, they somehow find time to do so while managing successful practices. I don’t think any of them are golfers, so that might explain the time element but in truth, they are amazing and the exception to the rule.
Assuming, however, that you are among the vast majority who lack the time, faculty or inclination to write your own book, a talented ghostwriter can be an invaluable partner. You might be surprised to know how many significant books were completed with the help of a ghostwriter.
Controlling the Writing Cost
Without a doubt, what ultimately prevents most advisors from authoring a book is the cost. There’s no cheap way to write a financial book worthy of being read, but there are ways to mitigate the cost of a quality finished product.
A ghostwriter must be a good listener and have empathy for your positioning and audience. Without that, the book may come across as sophistic or disingenuous. It certainly won’t sound like you wrote it.
A ghostwriter should be being able to set aside personal proclivities and biases in order to adopt the tone and tenor of the advisor. Ghostwriting is not a profession for someone with a big ego. The writer should understand and acknowledge that the authorship is yours and the content should be representative of your thoughts and style, not the other way around.
The writer should have an affinity for the content. You should feel there’s a genuine enthusiasm for the project, typically reflected in the writer asking relevant questions about your practice, positioning and expectations for the book.
Accountability is important. Your collaboration with a ghostwriter should be a partnership with mutual respect and accountability. There are times during a project where the writer cannot move forward without author input, but business demands may take priority over scheduled book interviews. If it happens repeatedly and the writer is afraid to confront the issue for fear of offending you or jeopardizing his commission, you’ve got a submissive partner and the book’s quality will suffer for it. The writer should assume responsibility for adhering to the schedule, including permission to tactfully nudge you as author when necessary.
Candor is important as well. You and your writer must feel free to express your ideas and criticisms. Brainstorming sessions should encourage mutual input and creativity. As you move forward, if you find you lack confidence in the writer’s suggestions or interpretation of your ideas, avoid a power struggle. Perhaps the two of you are collaboratively incompatible (try saying that fast three times), in which case you’re best off shaking hands and parting ways.
The idea of replacing a ghostwriter in mid-stream may be grating, but the alternative of trying to gut it out with someone you don’t trust or makes you uncomfortable is worse. That possibility is one more reason why these traits, and not cost, should be your primary criteria when evaluating a ghostwriter.
The way to save money is not to hire the cheapest writer, but rather to find someone with the “right stuff.” Find someone who listens well, asks intelligent questions, is empathetic, candid and accountable.
As to writing fees, I recommend a per-word fee versus an hourly rate or project fee. You have better cost control and there will likely be more revisions than you anticipate. If you pay by the hour, you’re paying for the writer’s time interviewing you, transcribing and organizing the interview notes, independent research and revisions. If you pay by the project, you risk the writer cutting corners, discouraging revisions or adopting a “cut and paste” approach. Paying by the word means you control the outcome and ultimate cost. You also get the finished product you want because you pay only for final content.
The satisfaction and marketing advantages you’ll garner as a result of being an author will make it seem like a no-brainer when you get your first client as a result.