With the holiday season fast approaching, it’s a perfect time for advisors to thank clients for their business over the year. Whether that means a night at the symphony or a yacht cruise for two, a client appreciation event can help strengthen relationships as well as foster new ones, says Joanne Ferguson, president of Advisor Pathways Inc. in Toronto.
“Initially, advisors will set up events to thank clients for trusting them with their finances,” says Ferguson. “But these events are also a great opportunity to strengthen those relationships and get to know your clients, and their families, on a much deeper level.”
When deciding on the type of event to plan, advisors should first consider whether they want to include their entire client base, or a particular segment, says Cynthia Richards, president of Event Spectrum Inc. in Toronto. As well, advisors should determine whether they want to run the event on an annual basis, and what their budget will be.
“These events should really stand out for your clients and should be a lot more memorable than your standard ‘rubber chicken’ dinner,” Richards says.
Here are some events to consider:
Gala events
Planning a large event can be a fun way to gather your clients and prospects all in one place, says Drew Robertson, marketing director for Investors Group Inc. in Atlantic Canada.
“We want advisors to really think about these events as relationship marketing,” says Robertson, who oversees 10 office branches with 360 advisors. “We believe these kinds of events are able to foster a relationship between the two parties and make it a pleasure to sit down in the future to discuss their financial plan.”
Eleven years ago, Robertson set up an exclusive tour of comedy shows to which advisors could invite their clients. The first year was a huge success, with all seven shows selling out. Since then, Robertson has more than doubled the number of client comedy shows in the region.
In addition to the comedy tour, Robertson helps to organize an annual holiday event for Investors Group clients in December, where more than 1,000 clients get to take home a free Christmas tree. The event also includes Christmas carolers, holiday crafts for children, hot chocolate and photos with Santa.
Other gala events that can incorporate clients, extended family and new prospects include annual skating parties, summer picnics or gala dinners.
Local events
Mixing a client appreciation event with a local event can be a great way for an advisor to prospect further in his or her own community. Events such as the Calgary Stampede or Oktoberfest festivities in Kitchener, Ont., can provide the perfect platform for saying ‘Thank you’.
Ferguson suggests finding local events for which tickets can be purchased ahead of time and mailed out directly to clients. Attending a holiday craft show or film festival can become a tradition that clients look forward to every year.
Lifestyle events
Although gathering a large crowd can still be a popular option for an annual event, many advisors prefer more intimate events. Advisors can spend quality time with their clients at an event that caters specifically to their own interests or hobbies.
“Lifestyle events provide a great opportunity to expose a client to something new,” says Ferguson. “Sending Nutcracker tickets to a client who has mentioned that [his or her] granddaughter loves ballet has much more of a personal touch than sending a generic invite to a dinner.”
These events allow advisors to show their clients they are paying attention to small details outside their financial portfolio.
“One of the main goals of planning a lifestyle event is to “wow” your client,” says Richards. “You want to make sure they stand out for each individual so you really want to dig into what your clients are passionate about.”
Setting up an indoor cycling class for a group of athletes or inviting a renowned chef to give a private cooking lesson to a foodie client are both intimate touches that don’t go unnoticed by clients, says Sara Gilbert, a business consultant with Montreal-based Strategist Business Development.
These events will not be arranged for every client on the roster, but should be reserved for a small segment of the book, says Gilbert.
“We typically see advisors give these types of elaborate gifts to only the top 20 clients,” says Gilbert.
This is the first article in a three-part series on client appreciation.
Next: How to wow your high net-worth clients.