In this case you have to distinguish between not registered users reading the story ("Please registrate here") and users who are already logged in ("Please update your profile"). That's why you can solve this only with Design Attributes:
1. Create a Design Attribute and use the placeholders $linkRegistration
(take a look at the Placeholders
below the field Code
2. Then use this Design Attribute in a Story.
If you want to use this issue in a campaign you have to create a shortcut which links to that story. You cannot use the given placeholders in a campaign.