Have two versions done. The picture version goes to clients, the one without goes to prospects. If they are warm leads or referrals, use your discretion as to which one to send.

Based on your comments, placing your picture on the newsletter could only hurt you. Let's face it, some people would take one look at your picture, determine that you're inexperienced, and cast the newsletter aside.

I would send the newsletter without the picture; that way, the reader would not form any preconceived notions about you before reading it. Then, if they like what you have to say, when they meet you for the first time, they'll think you're smart and young.

Furthermore, if you have an office, you could decorate it with a few antiques. How does this help? It conveys an appreciation for things of old. Although there may be an wide difference in age between you and your client, decorating with antiques says that you both have the same values. And in the end, that's what counts.

Now, they don't have to be expensive antiques. Maybe, model cars / trains from the /50's. Or scatter some copies of old "Life Magazines" around your office. Hang some old stock certificates on your wall. ETC...

In addition, put out some pictures of your parents, grandparents, nieces, nephews, etc. (I get the most response from pictures of my grandparents' sharecropping days in the early '30's.)

The point being, if the prospect walks into your office, and they can't connect or associate with anything in there (even before you open your mouth), you'll have a hard time opening their account. So, take down the Marilyn Manson poster and hang-up the Marilyn Monroe poster, instead.