Get out of the office to grow your practice

As we enter the busiest months for financial professionals, it’s important to not lose sight of socializing with clients to help grow your practice. As you’re planning meetings and adding items to your calendar, remember that getting out of the office can help deepen relationships with high-net-worth clients and bring in new ones.

According to the Oeschli Institute, advisors who expand their relationships to include a social component bring in three to four times more new affluent clients than their non-socializing counterparts. However, Oeschli’s research also revealed that nearly 80 percent of affluent clients viewed their relationship with advisors as professional only – so we have some work to do.

Advisors can, for example, host an intimate dinner party for six to eight people at a nice restaurant in their area. These small, intimate gatherings offer a great opportunity to build relationships and meet prospects. And pulling off a special client event doesn’t have to take a lot of time and energy. Here’s a four-step guide to organize your client event.   

1. Have a plan.

Who do you want to attend the dinner? Do you want clients to bring guests? What will be exciting or different that will make people eager to attend? These questions require thought. Of course, you can simply pick up the phone and invite people to a restaurant for a meal, but your high-net-worth clients can go out to dinner whenever they want. From their perspective, why should they go with you? The more exciting or special your invitation sounds, the more likely your clients will come – and bring a guest.

2. Map out your client contact strategy.

Once you have your dinner plans in mind, start thinking about how many great client touches (five to eight is ideal) the event can bring to ensure you gain the maximum impact from your event. Map out your Before, During, and After communications so you don’t leave anything to chance. Here’s an example:

Before

• Touch 1: Send an invitation to let people know the dinner will be special in some way. The invitation to something exciting often motivates clients to bring a friend along, if you want that.
• Touch 2: Follow up by announcing that the chef is preparing a special off-the-menu dessert or meal just for your firm’s dinner. Restaurants are often willing to do something like this if you ask.
• Touch 3: When you call clients the day before to confirm the event, let them know where to valet park and that you’ll be paying for those charges. This reinforces the idea that you are a considerate and generous host.

During

• Touch 4: At the restaurant, make a brief toast to welcome people. No business should be discussed, but, by all means, mention how much you enjoy working with great people like those present.
• Touch 5: Take a few photos of the group at dinner. Arrange in advance to have the chef come to your table and greet everyone, and take a group photo.
• Touch 6: At the end of dinner, urge clients to bring the leftover biscotti and sweets home, or offer little bags with a chocolate or two. The next day, clients will think of you again when they’re enjoying those sweets.

After

• Touch 7: Print out the photos you took at dinner and enclose them in your handwritten thank-you note to each client.
• Touch 8: Email the photos to clients as well so they have a great photo to use on Instagram. Think of the impact if clients post your photo and say what a great time they had with their advisor!
• Touch 9: If you’ve more ideas, keep going!

3. Make the dinner enjoyable.

A relaxed social setting is a great way for advisors to get to know their clients better, and for clients to learn more about their advisor, too. What can you do to make the event fun for everyone? Think about playing an icebreaker game that will have everyone interacting, or introduce people to others who have common interests or hobbies. Be attentive to little things, such as food allergies or empty wine glasses.

4. Capture what you learned.

The day after your event, capture the insights you gathered from listening closely to clients. Who is thinking about retiring, or having a grandchild? Who received a promotion? What tennis or golf foursomes were mentioned? Whose relatives will come to town for the holidays? These names should enter your pipeline for new prospects, as they are all potential sources of new business.  

By hosting a client dinner party, you’ll gain the opportunity to build deeper connections with your affluent clients. And with a little planning, a dinner party can be a fun and memorable event for your clients – and a great way to gain new prospects for your practice.
 

Kristine McManus is the Chief Advisor Growth Officer at Commonwealth Financial Network, where she helps financial advisors expand their businesses and achieve sustainable growth.