Client events with a twist

Despite the high turnout, Gillespie was disappointed in the quality of the attendees. He didn’t attract the type of audience he was hoping for. “That’s why,” he says, “we’re going back to smaller, more targeted sessions.”

As little as a decade ago, it was quite common for financial advisors to hold mass-market seminars. Advisors would advertise an educational event in the newspaper and fill a hotel conference room with prospects. A guest speaker then would make a presentation on retirement planning or investing, and the advisor would walk away with a handful of new clients – or more.

In fact, says George Hartman, managing partner with Accretive Advisor Inc. in Toronto, many advisors built their businesses on such marketing tactics.

But, Hartman says, times have changed. “The days of the old, large-scale seminar,” he says, “are pretty much over.”

Clients no longer rely on seminars for their financial education; the information they need is available through websites, blogs, e-newsletters and other media. And advisors who offer client education material do so through webinars, online videos and podcasts, which clients can access from their homes or offices. Clients’ tastes are changing, too. A talk on RRSPs held in a packed room does not hold the allure it once did.

“If you’re going to mount some event and invite current and prospective clients,” Hartman says, “you’d better offer them something of value, whether it’s unique information, a unique venue or a unique experience. It has to be something that attracts them.”

You are more likely to get a positive response from clients if your events stand out, says Peter Bent, director of area marketing for British Columbia and Alberta with Winnipeg-based Investors Group Inc. (IG) in Vancouver.

“It’s not too much to ask the client to give up their Thursday night and get a babysitter,” Bent says, “for something that’s unique, memorable and enjoyable.”

So, if the traditional seminar is a thing of the past, what type of client event should you consider?

Today’s successful client events are all about giving your clients shared experiences. And the range of experiences is wider than ever. The emphasis now is on showing your clients a good time, giving them a memorable experience and making a personal connection.

– Make it social

Bent has noticed that client events are more social than in the past. For example, he suggests, you might invite certain clients to a charity golfing event and ask each client to bring a guest. Such an outing not only gets you introduced to an “ideal” prospect, it also lets you interact with your clients in a social rather than a strictly business situation.

And it works both ways. At the same time, Bent says, you are more likely to see the true colours of your clients and potential clients at a social gathering, so you can gauge your compatibility.

“You get to see the other side of that person,” Bent says, “to check if there’s a fit before you decide whether it’s someone you want to work with.”

And your clients are more likely to be candid about their goals and dreams when in a social situation.

Offering an event that takes place in a unique setting, Bent adds, is a great way to arouse interest. He points to several IG consultants who have hosted wine-tasting events with a twist. One advisor, for example, invited clients and guests on a train ride that stopped on a bridge over a river, so guests could enjoy the wine while admiring the view of the valley.

Another advisor held a wine-tasting event, complete with a jazz band, on a barge with a view of the Vancouver harbour. “That,” Bent says, “takes it to another level.”

Doug Griffioen, an advisor with Toronto-based DundeeWealth Inc. in Waterloo, Ont., who has clients in both Toronto and the Kitchener-Waterloo area, tries to find interesting venues in both locales for his clients.

“We’ve done everything,” Griffioen says, “from renting fairly high-end restaurants to [hosting at] Black Creek Pioneer Village, the Royal Botanical Gardens and the Canadian Clay & Glass Gallery.”

Every spring, Griffioen hosts a lunch that caters to clients – and their friends – in the small Mennonite village of St. Jacobs, Ont. Guests enjoy a meal and listening to a speaker in a renovated 150-year-old schoolhouse, then wander through the town’s farmers’ market.

Even an event aimed strictly at rewarding clients and without the request for prospects can result in new business, Hartman says. The more memorable the experience, the bigger the buzz and the greater the likelihood your clients will tell their friends, relatives and colleagues about it.

“You’re more likely to gain referrals,” Hartman says. “And the cycle continues.”

– Lifestyle vs finance

It’s not just the venue that helps create a unique experience. Having a distinctive speaker who is more aligned to lifestyle issues than investment strategies is more likely to attract clients these days, Bent says. A chef, an adventure traveller or a home-renovation expert is more likely to get clients out of the house than a fixed-income specialist.

– Think small

Although large events are not unheard of, the trend is toward smaller, more intimate affairs, says Sylvia Garibaldi, business coach and founder of SG and Associates in Toronto. These smaller gatherings make clients feel honoured to be invited and, therefore, more likely to accept.

@page_break@Smaller events also offer attractive benefits for you. They are easier to organize and more conducive to an authentic connection with guests. And followup with prospects is more manageable.

Smaller events also are more focused and help you avoid the risk of failure that many advisors take when planning events that try to hit every marketing goal in one stroke. That is simply not possible, says Julie Littlechild, president of Advisor Impact Inc. in Toronto, who advises, “Don’t take too broad an approach.”

It’s better to invite 25 clients who will likely have a strong interest in your event, with 10 agreeing to come, than to invite your entire client roster and have the same number show up.

Rebecca Horwood, director of wealth management and portfolio manager with Richardson GMP Ltd. in Toronto, is a big believer in the power of smaller events. A couple of years ago, her team began hosting a quarterly get-together after work in a cappuccino bar-like atmosphere.

“We invite clients to drop in at our office,” Horwood says, “instead of Starbucks.”

To make the event more original and appealing to guests, Horwood includes a guided tour of the firm’s impressive collection of Canadian art. Only a few clients are invited, with the request that they bring a peer. Each event costs about $700 – including hiring a barista with a high-end espresso machine, and wine and cheese – with 35 to 40 people attending. The program is a success, Horwood adds: “Lots of new accounts [have been] opened.”

In another small but memorable gathering, Bent says, an IG advisor invited some clients and their guests on a walking tour of Victoria’s historic Chinatown last year. The advisor had persuaded a history professor to join the tour to provide information and anecdotes about the area along the way. The group then enjoyed a meal in one of the neighbourhood’s popular restaurants.

The Chinatown tour was a relatively inexpensive event that demonstrates how far a little creativity can go toward creating a memorable experience for clients. In fact, Bent – who spent many years as an event planner before joining IG – says there’s almost always a way to add distinctive touches to an event to make it unforgettable.

– Get creative

Stephen Whipp, an advisor with Manulife Securities Inc. in Victoria who specializes in socially responsible investing, used to take a traditional approach toward client events, such as inviting clients to plays. Now, he says, he prefers an approach that resonates better with his clientele.

For example, Whipp has hosted several client events that offer only local food and wine, providing information on the sources of each product. This year, Whipp plans to feature an event that is tied to a local farmers’ market.

Like Whipp, Horwood tries to include something special in every event she hosts for her clients.

“There has to be a ‘wow’ factor,” Horwood says. “People know that when they get invitations from me, it’s going to be the best food, so much fun and something different.”

Horwood has hosted several events at well-known Toronto restaurants at which the foodie-adored chefs have joined the diners for an after-meal chat. At one event, chef Anthony Walsh autographed copies of his book, which Horwood had given to her guests.

When it comes to client events, Horwood says, it’s important to create opportunities for education, socializing and prospecting.

As a percentage of gross revenue, Horwood adds, events are well worth it – but only if the key elements for today’s clients are included: “It has to be special, sexy and limited.”

Elements of a succesful event

Planning a client event? Whether it’s a wine-tasting or an evening at a gallery, these tips can help you keep things on track:

– Set a budget. It’s easy to overspend when trying to show your clients a good time. Start by keeping your events budget separate from that of other marketing activities, says Clay Gillespie, managing director with Rogers Group Financial Advisors Ltd. in Vancouver. And stick with it. “Decide how much money you want to spend this year,” he says. “And that will keep you from making really dumb decisions.”

– Put clients first. Ask your clients outright what sorts of events they would prefer, says Stephen Whipp, an advisor with Manulife Securities Inc. in Victoria. Do they prefer indoor or outdoor activities? Relaxing or active events?

– Know your goals. Ask yourself the purpose of the event. Is it to reward and inform clients or to develop new business? Although there can be some crossover, each goal must be approached differently, says George Hartman, managing partner with Accretive Advisor Inc. in Toronto. Only by setting goals can you assess the success of the event.

– Don’t be shy. When asking clients to bring guests, says Rebecca Horwood, director of wealth management and portfolio manager with Richardson GMP Ltd. in Toronto, it’s acceptable to describe the type of guest that would be welcome. When Horwood hosts women-only events, she is direct with her clients, describing the type of women who will be there – those with money – before asking clients if they have someone in mind who might fit in with the invited group. Says Horwood: “You have to be up front about it.”

– Consider a charity. Including a philanthropic component in your event provides a “triple win” for you, says Peter Bent, director of area marketing, British Columbia and Alberta, with Investors Group Inc. in Vancouver. His company’s comedy tour, for example, has raised money for local food banks.

– Be prepared. Make sure the event-spoiling issues are covered. Have a backup speaker available and account for bad weather. Tell your clients exactly what the event entails and provide directions, parking instructions and any other necessary information. If something goes wrong, don’t dismiss the entire event as a failure.

“There are too many variables to judge the success of an event,” Whipp says. “You need to do it more than once.”

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