Don’t Forget About Hosting Client Events. Yes, IRL

Too many advisors talk about growing but don’t do much about it.

The good news is that spring presents an ideal opportunity for financial advisors to host client events designed to generate referrals and deepen relationships. Better weather increases attendance and people are more willing to attend gatherings once winter ends. Tax season is also wrapping up, and many clients have put the dreaded headache of taxes behind them. Events remain one of the most effective ways for advisors to grow organically. When structured correctly, they allow advisors to strengthen existing relationships while creating a natural environment for introductions to prospective clients. 

Now, for the Main Event

Before planning the event, clarify the goal: Are you trying to generate referrals? Have a niche specialization? Strengthen relationships with top clients? Once the objective is defined, build the event around achieving that outcome. Avoid hosting an event just because it sounds like a good idea. Have a strategy with a clearly defined ROI objective.

Ideally, the events should be tied to shared interests, which makes it easier for clients to invite friends or colleagues. Sports can be a natural fit: Watch parties can include sporting events like March Madness, World Baseball Classic or the Masters golf tournament. Sports events create a relaxed environment where conversations flow naturally, fans can cheer (or boo if playing the Yankees) and guests feel comfortable. If your team wins, that makes it even better. Other seasonal ideas include: Mother’s Day appreciation events, spring clean-ups or outdoor gatherings which might include shredding documents, holding a beach cookout, or staging a charity fun run or community service day. These types of events can strengthen community ties while positioning the advisor as someone who cares about more than just finances. Sometimes the best events have little to do with financial services and more to do with creating warm fuzzy feelings.

Industry-related events should also be in the mix, but not the only option. They work well when clients want to invite friends who may benefit from hearing a professional perspective. These educational events can position an advisor as an authority, especially regarding economic outlook discussions, market updates related to global conflicts, economic uncertainty or Social Security and tax advice.

Let’s Party. While events are important, one of the biggest mistakes advisors make is inviting everyone. If you already have happy clients, the goal of the event is not to have all clients in attendance. Instead, begin with clients who have previously introduced you to others or who naturally connect with your target market. The focus is to meet others like them. Ideally, you have one client fill the room for one particular event and another client fill the next event. 

Another helpful tip is marketing with the intent of making it easy and comfortable for clients to invite others. Successful advisors typically use multiple touchpoints:

• In-person brainstorming of event ideas can help clients feel like they’re a part of the process.
• Mailed save-the-dates, email reminders and social media (when the event is open and not private) can also help get the word out.

I’m All Organic. Organic growth remains the most common way for financial advisors to build their businesses. Client events, when done strategically, can create meaningful connections that lead to new relationships and long-term clients. Now may be the perfect time to begin planning events that deliver both value for clients and a positive return on investment for your business.