There is no question that writing and publishing a book as a first-time author is a huge commitment, yet a growing number of financial advisors are finding that having a self-published book is not only a doable and personally rewarding undertaking, but that it is also a highly effective return on their time and financial investment. As while the revenue generated from book sales may not be exceedingly lucrative, it is the opportunity a book offers to the financial advisor to grow their business that is actually worth far more than the book sale revenue itself! For instance, publishing a book not only bolsters an advisor’s authority as a subject matter expert, but it can also be used to promote the author, generate client referrals, and open conversations with key contacts (from prospects to hard-to-reach COIs).
In this guest post, Zach Obront, Co-Founder of Scribe Media, explains how financial advisors can harness the potential of a self-published book to strengthen their brand, establish their expertise, and grow their business. As a starting point, successfully leveraging a self-published book begins with establishing a well-crafted listing on Amazon. This includes not only a compelling description of the book itself, but also a complete Central Author page (including author photo, bio, and other articles or content released), and getting book reviews (which can be generated by asking people who have read the book, or to whom the advisor can offer to send a copy of the book, to leave a written review). When asking for book reviews, it is important to ensure that reviews are only about the book itself, and that they do not include comments on the advisor or on the advisory firm’s abilities. Accordingly, it is helpful to ask for reviews from readers who are not the advisor’s clients to prevent any potential issues around testimonial rules.
And with a good foundation in place, financial advisors as authors can optimize publicity by identifying who their primary target audience is (i.e., the ideal client persona they want to reach), and the media sources where they spend the most time. Authors can use articles or blog posts to pitch their books and seek out interview or podcast opportunities to talk about their book. Financial advisors can also share and/or discuss their book with existing and prospective clients, which is a good method of word-of-mouth publicity, and with symbiotic professionals (i.e., Centers Of Influence) whose lines of work intersect with the topic of the advisor's book and who can provide copies of the advisor’s book to their own clients to promote the advisor’s subject matter expertise (and generate referrals in the process).
Ultimately, the key point is that financial advisors with a self-published book possess a powerful tool to increase their own authority as subject matter experts and generate new client referrals… which can be worth many multiples more than ‘just’ the value of book sales themselves. By intentionally determining who they want to attract and who would be interested in the subject matter of the book, advisors can make powerful new connections by opening conversations with potential new clients and lead-generators.