Broker Promotes His Money Book
Wayne Nelson, a $200,000-a-year stockbroker at Merrill Lynch who wrote a book about investing, is putting his money where his mouth is, paying his own way to push his book, How To Buy Money, onto the bestseller charts.
Nelson joins the ranks of such self- promoters as Robert (Looking Out for No. 1) Ringer and Wayne (Your Erroneous Zones) Dyer, who traveled America talking up their books until-- almost through sheer effort--they became bestselling authors.
"I'm essentially giving back every dollar I made on this thing to promote it, hoping for something bigger in the end," says Nelson. He received a $15,000 advance from McGraw-Hill, wrote a straightforward book about how the average investor can increase his assets and then waited a year to hear from his publisher.
"I finally sent a plant--a big rubber plant--to my editor, who was doing 45 other books at the time," recalls Nelson. "I wanted to remind him there was a guy in Washington named Nelson who had this book. I enclosed a note saying I hoped we could finish the book before the plant died."
Nelson says McGraw-Hill was mildly surprised when several book clubs, including Book-of-the-Month and Fortune, bought his book for their fall lists. Encouraged, Nelson retained a Washington publicist, Candy Greene, at $600 a month to book him on local talk shows begining with publication of How To Buy Money in October. Greene's coup: placing Nelson on ABC's "Good Morning America." And Nelson recently embarked on a nationwide promotion tour he paid a New York publicist to arrange at a cost of $800 per city, not including expenses.
"It's the way Wayne works, full steam," says publicist Greene. "He's one of these people who doesn't understand when someone says no."
A lot of people say "yes" to broker Nelson: he's one of the biggest producers in Merrill Lynch's 19th Street branch. And at first Nelson saw his book as a way to attract business, but now he likes getting asked big economic questions on talk shows. If he joins the circle of financial bestselling gurus such as Doug Casey and Howard Ruff, Nelson can credit not just his book, but also his stamina and wallet.