In August 2008, Julie Murphy Casserly, president of JMC Wealth Management in Chicago, published her first book, The Emotion Behind Money: Building Wealth from the Inside Out. "I needed to bring my message to a larger audience," she explains. "I can't work with everyone one-on-one, but the book could help the masses."
Well, maybe not the masses. But the number of copies actually sold wasn't really the point. Like a growing number of nontraditional authors, Casserly soon found another, surprising result: The book "brought unbelievable credibility," she says. "My average new client has well over a million dollars in investable assets." It used to be more like $275,000. "I'm hired by more and more corporations for speaking," adds Casserly, which in turn generates even more clients. "I'm now hiring two new financial planners in my office to handle all the referrals."
The Publishing Trend
Casserly is part of a wave. In 2009 alone, more than 764,000 titles by nontraditional authors were published in the U.S., as measured by the book industry data tracker Bowker. That's more than twice the number the year before and a sixfold increase from 2007.
To be sure, this jump is at least partly due to the Internet, which makes self-publishing and promotion easier and cheaper than ever. But for many financial advisors, the benefits of publication cannot be ignored. On the other hand, the costs can be considerable, too.
Finding A Publisher
Basically, there are two ways to get published. The traditional method involves a literary agent who woos publishers. Self-publishing, though more expensive, is a surer and quicker option.
Through the likes of Lulu.com, iUniverse.com, CreateSpace.com and others companies, anyone can self-publish these days. Typically, the online companies offer print-on-demand for a share of profits but little initial investment. Simply upload your manuscript and choose from a menu of book styles-paperback or hardcover, color or black and white-fonts and cover designs. Additional editorial services are available for several hundred to several thousand dollars. You retain creative control, but if you want to keep a supply of books on hand to give to clients, you have to buy them yourself.
Expert Assistance
If you're not literarily inclined, however, or don't have the time to bone up, consider consulting a specialist with expertise on everything from book design to landing reviews, media appearances and book signings. "Having a book is a leveraging and positioning tool on multiple levels," asserts Brooke White, senior editor and publicity manager at Advantage Media Group in Charleston, S.C. White's company offers a range of services to shepherd you through publication and even spin off newsletters, podcasts, training kits and so forth. Packages run from $15,000 to $75,000, White says.
Another media consultant is Impact Communications, a Leawood, Kan.-based PR and marketing agency specifically for independent financial advisors and allied institutions. "My firm can help with everything, including book cover design and interior layout," says Marie Swift, Impact's president and CEO. She also offers advice on logos, letterheads, Web sites and related ways of rebranding.
Swift works with a variety of publishers. One of her clients, Thomas Hine, managing member of Glastonbury, Conn.-based Capital Wealth Management, was lucky enough to land a deal with a traditional publisher, John Wiley & Sons, for a book he co-authored called NASD Arbitration Solution: Five Black Belt Principles to Protect and Grow Your Financial Services Practice.
"I recognized early on that although I had the idea ... I had no real skills in how to structure, package, write or market a book proposal," Hine says. So he collaborated with John Brubaker, a published business author. Brubaker's agent quickly secured a publishing deal. "It worked extremely well."
A Big Initial Investment
For many fledgling authors, the writing itself can be grueling. "I've tried to put it behind me," says Donald Patrick, managing director of the Atlanta-based Integrated Financial Group, referring to the two years he spent working on his book, Keep Your Nest Egg From Cracking. "Writing is not my strength," he chuckles.