If you’re looking for ways to spark your business development before the end of the year, here are some ideas.
- Host a Football Viewing Party.
The college football and NFL seasons are well underway. There’s nothing quite like the jubilant atmosphere in fall when fans don the colors of their favorite teams and ascend on stadiums en masse. Fall is also a great time to gather your clients together for a memorable event. Even for guests who don’t thrive on sports, the event can be an opportunity to socialize and embrace community and team spirit. If you really want to impress high-end guests, invite them to attend a game with you in a luxury box above the stadium. The single-game price for a 14-seat box averages around $7,000 for an NFL game – about $500 per person. If you’re not in the market for a suite, consider hosting a tailgate party outside the stadium. If you’re not up for attending the game in person, or your favorite team is not in your immediate vicinity, consider hosting a viewing party in the comforts of a bar, restaurant or your own home. Bars and restaurants often offer great deals on private rooms, sometimes only charging you for the food and beverages, not the room itself.
- Record Succession-Planning Videos for Older Clients
As an advisor with an aging clientele, your job one for the long-term health of your practice is to cultivate relationships with the next generation—the heirs who will one day inherit their clients’ assets. Making an instructional video for the benefit of your client’s children is one easy way to do that.
As part of your review process—or as an additional service (some advisors charge $500 for this) encourage your older clients to visit your office and record a video in which the client “talks” to their children about their financial affairs. Some of the things discussed could include how they’re paying bills, either online, or from a particular money account, the purpose of the various money accounts, passwords for online accounts, and so forth.
Your administrative assistant can run the recorder, and you may even want to have it transcribed by Copytalk with the transcription then posted to the client’s account.
Clients should be very grateful for this service. It can be a huge relief for a family to plan wisely for a smooth succession. Everyone will know what needs to happen. And with your clients’ permission, consider scheduling their next quarterly or annual review around the time their adult children will be in town and available for a meeting. You can present a copy of the video at that review meeting and go over any questions the children might have. When all parties meet prior to passing there is a far greater chance of maintaining the children as clients.
- Throw clients a retirement party
Reaching retirement is a huge goal for many of your clients. And what better way to celebrate with them (as well as to meet their friends and family) than by offering to host a retirement party in their honor? You could host the event at a restaurant, your home, or even in your clients’ home. The client provides the guest list and a location for the event and you handle all the other details such as the invitations, food, and beverages. One advisor held eight retirement parties with one or two new clients from each event. The cost is about $30 per attendee.
As with birthday parties for your clients, remember to not push your own business agenda during the party. Use the opportunity for soft marketing and introductions. Make a good first impression, and have guests wondering why their financial advisor doesn’t throw parties for them! Afterward, send a framed photo of the honoree and their guests so they can long remember the occasion.
- Host a cozy holiday dinner party
In addition to a retirement party, an easy way to be introduced to your clients’ friends or family is by hosting a very small dinner party. Rather than host large-scale events, consider hosting intimate dinners with clients instead. Have one to two clients invite friends, so the group is about 10 people. Hold them at a vineyard or an upscale restaurant. Send high-quality, elegant invitations so that everything is high-class. Send a wine gift home with each client. One advisor brought in $36 million in new assets because of these dinners.
During your holiday dinner party, get to know your clients’ friends, make a positive impression, and where appropriate, offer to be a second-opinion, should they ever want someone to look over their finances. You want to occupy some of their cognitive shelf space should they have a need for a financial advisor. You can subtly educate them about some of the wide variety of services you provide for your clients. You are laying the groundwork for a future relationship.
Fall is a busy, festive time—and the perfect time to do some creative marketing for your business!