a strategic approach to ghostwriting in financial services · ghostwriting to create compelling...
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Getting It Right
A Strategic Approach to Ghostwriting
In Financial Services
Natalia Autenrieth
Thought Leadership White Paper 2018
Getting It Right: A Strategic Approach to Ghostwriting in Financial Services
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For financial advisors and planners, staying in
touch with their clients and prospects is a critical
part of business development.
This white paper explores how a content
marketing strategy can support an advisor’s
rainmaking efforts, and how professionals can use
ghostwriting to create compelling content without
taking time away from serving clients. The white
paper presents five common mistakes made by
financial professionals when hiring a ghostwriter,
as well as three best practices for maximizing the
ROI on the relationship.
The Internet has made it possible for perfect cli-
ents to find the right-fit financial professional di-
rectly. Because the financial services industry
ranks highest in website conversions compared
to other industries1, the online ecosystem creates
a valuable opportunity for professionals to con-
nect with qualified prospects and deepen existing
client relationships.
Blogging can be a powerful tool to accomplish
that. Research across over 7,000 business in a
variety of industries shows that companies that
publish new blog content 1-2 times per month
generate over 70% more leads than those that
do not2. It is clear that regular content generation
can be an effective part of an overall marketing
strategy.
As advisors race to capture the full potential of
content marketing, they often run into several
challenges. Bringing in new clients and cementing
existing relationships are integral parts of the job,
but finding relevant topics and time to write on
them can be difficult. Too many financial profes-
sionals make a commitment to blog, then aban-
don their content stream in response to mounting
daily responsibilities and business pressures.
The good news is that ghostwriting can help.
You would be surprised to find out how many
books at a local bookstore (and articles online)
have not been actually written by the person
listed on the cover or the byline. Ghostwriters
work in every imaginable industry, from movies to
financial services. Chances are, at least some of
the content you read regularly has been ghost-
written.
1 Marketing Sherpa Benchmark Report, Website Optimization
2 Hubspot Marketing Benchmarks from 7000+ businesses
Getting It Right: A Strategic Approach to Ghostwriting in Financial Services
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Despite their widespread use, ghostwriting services
are an enigma. Most financial professionals who use
a ghostwriter don’t openly share that fact. They also
don’t talk about best practices of hiring a ghostwrit-
er, getting the most out of the collaboration, and
the red flags that can save you thousands of dollars
and months of lost time. Here is your blueprint for
avoiding common mistakes and getting an excellent
ROI on working with a ghostwriter.
Common mistakes made when
hiring a ghostwriter
Most financial advisors have never hired a ghostwriter.
As a result, the learning curve on the experience can be
steep. Here are five common mistakes professionals
make while selecting and hiring their first ghostwriter.
Not enough technical knowledge Ghostwriters tend to work across multiple industries and
learn new subjects quickly. However, you can save time
and effort if you choose a professional who is familiar
with the technicalities of the financial services industry.
Not having to explain the terminology, the dynamics of
the advisor-client relationship, and the intricacies of
compliance-friendly phrasing means that you can both
focus on creating the perfect content – not building
basic background knowledge.
No proven ability to create engaging
content If you have a difficult time following the content flow of
the samples shared by the prospective ghostwriter, keep
looking. The ability to create engaging content that cap-
tures your attention and pulls you forward, paragraph by
paragraph, is a hallmark of a great ghostwriter - no
matter how technical or complex the subject.
No experience with compliance The challenge at both broker-dealers and RIAs is that
every piece of marketing content must be pre-approved
by the compliance department before it is published.
While broker-dealer compliance is guided by FINRA
Rule 2210 and RIAs are covered by FINRA Rule 206(4)-
1, in practice compliance approval is a delicate dance
that requires knowledge of the boundaries, care with
words, and an understanding of how your compliance
office structures its workflow. An inexperienced writer
can cost you weeks in compliance-related delays.
No repeatable content generation
process “I write when I am inspired” is an attitude that may
work well for some freelancers, but it won’t do in fi-
nancial services. When a busy professional relies on a
ghostwriter for regular content, the creation of that
content cannot be left to chance or inspiration. Ask
your prospective ghostwriter about his or her content
generation process, including the management of the
editorial calendar. Those with a repeatable and disci-
plined approach to writing tend to make better long-
term collaborators and valuable additions to your pro-
fessional team.
No chemistry Even though you will be delegating the research, out-
lining, and content creation to your ghostwriter, you
will still have to interact with him or her regularly. Just
as you would never allow an inexperienced and un-
trained intern to represent your professional brand to
prospective clients, working with a ghostwriter will
take some onboarding effort and an effective feedback
cycle. Choose a ghostwriter that you like and enjoy on
a personal level, as that will make your interactions
smoother and more productive.
Your strategic approach to hiring
the right ghostwriter
Get clear on what matters Every financial advisor will have his or her own person-
al formula for choosing the right ghostwriter. Those
who work in a narrow and deep expertise niche (i.e.
providing financial planning and advice for medical
Getting It Right: A Strategic Approach to Ghostwriting in Financial Services
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professionals, or working to support couples doing
through collaborative divorce) may want a writer with
technical expertise in that niche who can speak effec-
tively to their target market.
No matter the depth of technical expertise of the pro-
spective ghostwriter, don’t settle for lack of engage-
ment. If the article does not capture the reader’s atten-
tion, it won’t be read, shared, saved or remembered
when it matters.
Don’t skip the interview Financial advisors live busy lives, so it is easy to see the
appeal and convenience of clicking a button to hire an
invisible ghostwriter to create your content. No matter
how booked your schedule, don’t skip the interview.
When it comes to determining best fit and assessing pro-
fessionalism, there is no substitute for a direct conversa-
tion.
During the interview, it is important that you get specific
about the working arrangement and your expectations.
An experienced ghostwriter will come prepared with a
list of questions, but here is a checklist of points to help
you assure mutual understanding.
⧉ Your goals
From increasing audience engagement to reaching new pro-
spects, get clear on your content marketing goals.
It is best to begin with concrete measurements of the status
quo, such as the number of unique website visitors per month,
average visit duration, number of email list subscribers, and
number of leads that come in through the website. Get spe-
cific about what you want to achieve with your content strate-
gy so that you can measure your success.
Keep in mind that blogging or book publishing is just one piece
of your overall marketing strategy, so be sure your content is
aligned to support your efforts elsewhere. For example, if
you are planning to host a seminar on Social Security, you
may consider creating a white paper on Social Security strat-
egies that will be emailed to everyone who signs up for the
event. That way, a ghostwritten white paper can serve as a
key component of your post-seminar follow up.
⧉ Your audience
Generally, blogging is most effective for financial profession-
als that serve a specific client niche. By creating content that
is valuable for that group, the financial advisor can become
the go-to resource and a trusted expert, remaining top of
mind for both prospects and clients. Clarity on the audience
will allow your ghostwriter to create well-targeted pieces
that add value.
⧉ Optimal frequency and mix of content
When it comes to frequency and types of content,
financial professional have many options.
• Long-form blog posts (1,000 words or more) have been
shown to generate more viewers and higher engage-
ment levels than shorter content pieces.
• Short-form articles in “listicle” format (i.e. “Top 10”
lists) can be effective in breaking a complex subject and
in engaging the audience on the go that does not have
the time to read the longer pieces.
• White papers (usually 2,000-2,500 words or longer) are
an effective vehicle for educating your audience. White
papers are most impactful when grounded in research,
supported by statistics, and free from overwhelming
sales messaging.
• Ghostwritten books (10,000 words or longer) are larger
projects that can allow an advisor to communicate a
bigger message, showcase his or her expertise, and
create a tangible and lasting business card for use dur-
ing seminars and prospect meetings.
Getting It Right: A Strategic Approach to Ghostwriting in Financial Services
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Professionals are not limited to any one stream of content. For
example, a sequence of two long-form blog posts per month,
supplemented with a shorter-form “listicle” style post, can
create a consistent stream of content that appeals to different
types of readers and is not overwhelming for the advisor to
review and approve. Frequency of publishing, length of arti-
cles, and technical complexity of the content are all variables
that can and should be tweaked to match the needs of your
audience.
⧉ Distribution strategies and post-publication
support
If a tree falls in the forest, and no one is around to hear it,
does it make a sound? The same could well be asked of a
brand-new article posted on a professional’s blog. Many advi-
sors and planners have a certain level of organic following, but
most could expand their reach with a content distribution
strategy. Some ghostwriters offer strategy and post-
publication support in a “wrap” service along with writing, so
be sure to ask about this in the interview.
⧉ Optimal level of input
You may want to brainstorm with the ghostwriter and have a
high level of control over the output. Or perhaps you have less
time to invest in the process and want the ghostwriter to take
the initiative. There is no right or wrong way to approach this,
but professionals who want to maximize their productivity and
the use of the ghostwriter should think about the input level
that will be both comfortable and sustainable.
⧉ Editorial calendar
The editorial calendar allows the ghostwriter to identify sever-
al topics of interest, slot them into specific months or weeks
for delivery, and create a high degree of predictability in your
content stream. Most professionals find that a six month edi-
torial calendar allows for the optimal mix of control and flexi-
bility. It can also be a platform for creating multipart series of
articles that develop complex ideas or tackle larger topics.
⧉ Ghostwriting workflow
For those who have never worked with a professional
ghostwriter, a discussion around the workflow and the de-
liverables can alleviate worries and create clarity on what to
expect. In the beginning, it is best to begin with an article
outline, followed by a first draft, second draft and the final
version of the article. This workflow allows for multiple
rounds of feedback and course-correction to ensure that
you are 100% satisfied with the content that will represent
your brand. After working with a ghostwriter for a few
months, some professionals choose to skip the outline por-
tion of the process, especially if they are confident that the
ghostwriter’s vision of the topic matches their own. Be clear
on the number of revisions included in the price to avoid
any misunderstandings.
⧉ Confidentiality: NDA and a ghostwriting
contract
A typical ghostwriting arrangement means that the financial
advisor or planner who hires the ghostwriters owns the cop-
yright and the final work product. Whether it is a book, a
blog article, a submission to a professional journal, or a
white paper, the ghostwriter’s name does not appear on
the credits. The work is commonly protected by a Non-
Disclosure Agreement (NDA) which prevents the ghostwrit-
er from disclosing that the content wasn’t created by the
attributed author (i.e. hiring professional).
⧉ Your budget
Begin with clarity on what ghostwriting can do for you and
your professional practice. There are many ways to look at
value; here are three examples.
• The simplest way to estimate the value of ghostwriting
is by taking your annual income and dividing it by 2,000
(40 hours a week for 50 weeks a year). If a financial
planner makes $200,000 a year, his or her time at work
is paid for, on average, at $100/hour. A long-form blog
post of average complexity with some research can
Getting It Right: A Strategic Approach to Ghostwriting in Financial Services
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take anywhere between 2 and 6 hours to write. By dele-
gating the writing, the financial planner would be effec-
tively freeing up between $200 and $600 of client-billable
productive time.
• A professional might use his or her billing rate (anywhere
between $150 and $300 or more per hour) as a bench-
mark for what productive client-facing time is worth to
the practice.
• Another way to quantify the value of the ghostwriting
service is by considering how much a new prospective
client is worth to your practice. If consistent blogging,
effective post-seminar follow-up reinforced with a white
paper, or a book can improve your prospect conversion
rate by 10%, what level of financial boost would that offer
to your bottom line?
Budgets are often a sensitive topic, and finding the right bal-
ance between quality and value is a personal choice for every
financial advisor and ghostwriter. As with most professional
services, you get what you pay for, so be wary of ghostwriters
that sell their services at a cutting rate.
Start small Delegating writing means giving up some of the control
over your brand message to another professional. The
idea can be scary, and the best way to be sure that you
are working with a trustworthy ghostwriter is by test-
driving the relationship on a small project. A mini-series
of blog posts, a white paper, or a client case study can
give you good insight into what it will be like to have the
ghostwriter on your team.
If you have any questions or would like to learn more
about how the right ghostwriter can help you reach your
audience, please contact Natalia Autenrieth.
Recommendations to Ensure Best Practices and
ROI on Ghostwriting Services
Avoid these common mistakes
• Not enough technical knowledge
• No proven ability to generate engaging content
• No experience with compliance
• No repeatable content generation process
• No chemistry
Key internal decisions before choosing a ghostwriter
• Goals, clearly defined and measurable
• Overarching marketing strategy
• Optimal publishing frequency and content mix
• Distribution strategies
• Post-publication support and tracking
• Budget and ROI
Insist on quality and confidentiality
• Original content
• NDA and ghostwriting contract
• Technical accuracy and great writing
Getting It Right: A Strategic Approach to Ghostwriting in Financial Services
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What should you expect?
As with any professional relationships, expectations can
set the tone for a successful long-term collaboration –
or pave the way for disappointment. Here is what a fi-
nancial professional should expect while working with a
ghostwriter.
• A brief onboarding period is normal. Professional
ghostwriters are adept at mimicking the advisor’s
tone and style, but the first assignment or two will
typically have the highest volume of edits and revi-
sions. This learning curve can be shortened if you
have a formal writing style guide for your practice.
• Content marketing is a long game. Your phone
might start ringing after the first post goes live, or it
may take six months. It is best to come into the pro-
cess with a long-term goal in mind, view content
generation as one part of your overarching mar-
keting strategy, and not expect immediate results.
• Always insist on original content, technical accuracy,
and great writing.
In the end, ghostwriting should feel liberating. Beyond
the initial onboarding period, your ghostwriter should
be making your life better. You should never feel like
you are forced to “babysit” another professional and
monitor an extra set of deadlines. An excellent ghost-
writer is a natural extension of your professional team
and a powerful secret weapon that can boost your mar-
keting efforts and free up your valuable time. ⧉
Getting It Right: A Strategic Approach to Ghostwriting in Financial Services
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About Natalia Autenrieth
Natalia Autenrieth, CPA is an executive coach at Autenrieth Advantage, a coaching practice that provides financial advisors with strategic advice and practice management consulting services. Natalia writes and ghostwrites extensively on the subjects of financial technology, professional practice management, and financial planning. She can be reached directly at [email protected].