Successful advisors do not take their clients for granted. They take every opportunity to thank clients for their business.
For decades, advisors have expressed their appreciation by hosting group dinners or other social gatherings for select clients. The custom is to reserve a room in a restaurant, hotel or banquet hall.
While such events foster goodwill, they have become par for the course. Clients come to expect these annual dinners and might attend with limited enthusiasm.
Today's advisors are getting more creative in investing in ambitious, memorable client-appreciation events to thank clients. In an age when people savor special experiences, advisors want to orchestrate an outing that leaves a lasting positive impression.
The trick in devising unique events is that different people enjoy different things. Opera fans may not love tickets to a golf tournament. Families with young kids may not want to commit to an all-day cruise.
"We have a broad practice so our challenge is to find events that everyone appreciates," said Paul Salisbury, a certified financial planner at EP Wealth Advisors in Salt Lake City, Utah. "So we do broader ones as well as narrower, high-end ones" for well-heeled clients.
He has offered screenings of crowd-pleasing films like "Mary Poppins" that attract a wider guest list. And he has enlisted speakers who cover a narrower topic such as luxury travel options for high-net-worth clients.
Next month, he's hosting a holiday bash at a local aquarium for about 800 clients and their families.
"We'll have a Santa character and serve light refreshments and cookies," he said. "Our cost is $22-$23 per person."
Thank Clients And Build Community
Advisors may want to ask a few key clients for their input before finalizing a big event. Otherwise, you risk falling into a routine of providing the same perks, year after year, without confirming that they resonate with clients.
For example, Salisbury recalls that his firm used to pay for a private suite at Utah Jazz basketball games to thank clients. They'd also invite prospects to attend. "But we learned many of them already had tickets, so the cost-benefit didn't work," he said.
If there's lackluster interest or poor attendance, then such expenditures can turn into a boondoggle.
For client-appreciation events to produce the desired result, they should align with the firm's overall brand image.
"These events need to fit into a bigger strategy, not a one-off," said Scott Manley, an advisor at Financial Journey Partners in San Jose, Calif. "It's important to build a community with clients so that they see themselves as part of that community."
In recent years, Manley's annual events have included a murder mystery dinner at a restaurant, a costume party with a 1920s theme and a magician performance. A bonus of these gatherings: Clients get to know each other and friendships bloom.
In an unusual twist, Manley also organizes occasional trips for 10 to 20 clients. He acts as a kind of travel agent, picking desirable destinations such as cruises of the Baltic states and the Panama Canal.
"All they have to do is pay and show up," he said. "It's part of building that community. We really connect with them on these trips."
Make A Memory: Host Exciting Events That Clients Love
When advisors share their clients' interests, it's easy to pick an outing that appeals to everyone. Advisors can thank clients while enjoying one of their favorite activities.
A longtime Los Angeles Rams fan, Jeff Fishman has hosted tailgate parties before every Rams football game since the team returned to Los Angeles in 2016. Fishman, founder of JSF Financial, often invites clients to join him.
These informal gatherings led Fishman to invite some clients — many of whom were regulars at his tailgate parties — to a private tour of SoFi Stadium.
"We were able to go on the field, throw around a football and kick field goals," Fishman said.
While some clients may hesitate to attend large indoor events, the overall mood is for more in-person socializing after weathering the pandemic. Client events are making a comeback, according to research by industry expert Matt Oechsli. Only 12% say they would not attend an advisor-hosted event.
"It's all about cost-benefit," Fishman said. Costly events don't guarantee success to thank clients. Less expensive activities, like providing an ice-cream truck for clients and their kids or staging a coffee or wine tasting, can deliver a big payoff.
On a smaller scale, many advisors offer educational programs as a value-added service. Webinars are increasingly common on financial and lifestyle topics, from career planning to health and wellness trends.
