I’ve been thinking a lot lately about a conversation I had with my son, Alex, a couple of months ago. I had walked in his room, and he asked me what was new. I casually mentioned that I had just written a book, and I was reading the proof. He was somewhat incredulous (and quite taken aback) that he hadn’t been told that I was writing a book. I’ve mentioned many times that I had wanted to write a novel, which is quite surprising, given that I only read non-fiction books. But handing him the completed softbound book made him realize that I wasn’t dreaming anymore.
As a senior in high school, my son has achieved a great deal of maturity and independence. In his current life stage, both of us recognize that there are many things we no longer know about each other. I think that most of us assume that young adults know their parents, but that parents really don’t understand the young adults. In a small way, my book turned that assumption on its head: finding out that your parent isn’t always predictable is, at the very least, uncomfortable.
Unfortunately, I can’t take as much credit as I would like for being an intriguing person. The idea for the book came through a conversation with someone I have known for many years. I mentioned that I’d been writing a column for NAPFA for a number of years, and I was worrying about becoming redundant. I wanted to read all my articles in chronological order to assess if I was repeating my themes or, worse, repeating my columns. On top of this, I had been going to Office Depot or Staples and making copies of all my articles to distribute at conferences, and it was expensive.
This person, who is a prolific writer, suggested self-publishing. A compilation of all my columns would cost me about $3.00 each, as compared to making copies costing around $1.00 per column. My friend said that self-publishing has become very common and that good editors would be willing to work inexpensively to help me finalize the book. (Ultimately, my expenditure was less than $350, including the cost of the editor who, in my case, happened to be a Ph.D. who spent considerable time with me.)
All you have to mention is new and technology in the same sentence, and I’m pretty much hooked. I immediately called Doug, the editor I’ve just started working with, and told him where to find my NAPFA columns. He put together the book almost immediately. Then I talked to Melissa, who is the designer/consultant our firm uses, and within a couple of weeks, I had a really good-looking book. I couldn’t believe how easy it was.
But the book “proof” sat on my desk for more than two months after Doug’s and Melissa’s work. It might have sat longer, but, fortunately, I've been at the National Advisor Trust Company shareholders meeting, and in between some of the sessions, I've been walking up and down the hills of San Francisco thinking. After two 10-mile days, I grew comfortable enough to write the forward to the book—which is quite similar to this column. It is impossible for me to write anything in my office, so I think through my ideas during long bike rides in New Hampshire, swimming, relaxation time on an airplane, or my newest activity, long walks (thanks, Ron, for suggesting I buy a pedometer). By the time I sat down at my Xoom tablet or min-computer, the column has already been written in my mind. Of course, it helps to have good editors too. No writer, even professionals, can write in a vacuum and I always submit my drafts for review and comment before the final piece is published. So even if you’re not a great writer, if you have something meaningful to say, an editor can help you communicate your point even better.
During my latest walk as I composed this particular column, I was recalling the time I dated a very accomplished artist named Elise. She was prominent in Chicago, and I introduced her to my mentor, a woman who was a very senior executive where I worked. My mentor was extremely committed to investing in local artists, and she and Elise got along terrifically. Eventually, Elise was commissioned by this executive to do a painting. After a few months, Elise brought the painting, which was to be hung at the center of my mentor’s office. After a couple of days, I received a call from her secretary. I guess Elise was having trouble handing over the painting and was “working on the lighting” for hours. The executive was being displaced from her office, and I was asked to intervene so she could get back to work. I couldn’t understand why Elise had so much trouble giving up her art--until now, when I found myself not being able to finish my book.
I’m struggling to admit that the book is finished. The compilation of these articles into one unit makes them feel much more personal. Together, they give a very strong view of what I think. And I find that I want it to be perfect—which is a sure way to make sure it’s never finished.
When you write a column in a magazine, your piece is a place in time, and you assume that few people will save the magazine. But when you write a book, it feels more public and permanent. You hope the book will become a shelf item. So every day you add just one more thing to make it a little better.
But what happens if you don’t finish the project? How do we teach others who are starting out to be entrepreneurs or fee advisors not to make the same mistakes that we’ve made and to teach them some of the successes we’ve had?
While my columns mostly focus on being an entrepreneur, I reference independent Registered Investment Advisors as examples of great entrepreneurs who developed an entire industry in a short period of time. Also, I use examples from my childhood, business, etc., to relate to advisors.
But I'm not the only one with an original thought. Many fee advisors have been writing columns, articles, newsletters, etc., that would be extremely helpful for their clients, prospects, and other fee advisors. If this group would accumulate the articles and develop them in a book format, it would be really helpful for current and potential investors. It would also be helpful for those wanting to enter the financial planning field to understand the thinking of some of the most accomplished fee advisors/entrepreneurs.
In a way, this is our legacy. It is almost an obligation to the next generation. We need to tell them what it takes to be a really terrific financial planner or to find a terrific financial planner. It is time for each of us to take the short step to develop the information we’ve already written or is in our heads, and commit it to writing. Many generations after us are depending on it.
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