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NAPFA lowers fee but limits free booze

By Jeff Benjamin

May 14, 2007 9:37 am ET

CHICAGO — A budget reallocation process for last week’s National Association of Personal Financial Advisors conference meant attendees got less free booze than they did in previous years.

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NAPFA, based in Arlington Heights, Ill., broke from tradition by hosting an opening night reception Thursday with — gasp! — a cash bar.

The more than 800 attendees did get a coupon for one free drink, but beyond that, everyone was subjected to drink prices similar to those charged at nearby Wrigley Field: $6 beers, $8 cocktails and $3.25 for water.

“The budget was a little tighter this year,” said NAPFA chief executive Ellen Turf. Conference organizers did give NAPFA members a break, however, by cutting the registration fee by $200 to $595.

According to conference director Margery Wasserman, any money that might have been saved through limiting free alcohol will likely be eaten up by the unanticipated food bill from the Sheraton Chicago Hotel and Towers.

“Including the mandatory 32% tax and gratuity, we were being charged $100 per person for chicken,” she said.

The annual conference, which typically costs NAPFA more than $400,000 to host, also is the association’s biggest revenue-generator.

In order to avoid sales-oriented influences, Ms. Turf said that NAPFA generally doesn’t solicit money from sponsors to offset the cost of cocktail receptions and other entertainment offerings.

However, in another break from tradition, Denver-based ICON Advisers Inc. offered beer, wine and snacks during a 5:30 p.m. Friday session on strategy-based investing.

No word on what it cost to include the refreshments at the session, but it was standing-room only.

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