With Independence Day behind us and the dog days of summer ahead, people are eagerly looking forward to getting outside and catching up with family and friends again. In most parts of the country, the pandemic is subsiding, people are getting vaccinated, and the mood is one of optimism and better days to come.
For many financial practices, the summer months have traditionally been slow. Business-building efforts don’t stop completely, but they take a back seat to many leisurely pursuits. Clients might be away or not interested in meeting, advisers and staff have vacations booked, and the summer days could easily drift away from you. Then September comes, and everyone starts scrambling.
This year, it’s time to change that. By all means, relax, enjoy some time off and focus on your loved ones. But this could also be a great opportunity to plan some exciting events that bring big results. Most people have been cooped up for a year and are ready to get outside and be active again. You know how important it is to communicate and connect with clients personally, and an invitation for something fun could be very appealing to them. In fact, the overwhelming positive response may actually surprise you.
Think about what people might enjoy this summer and see what you could do to reconnect with clients and attract prospects. Research from EY shows that 39% of ultra-high-net-worth clients are looking to switch to a new adviser in the next three years — and hosting a nonbusiness event makes it easy for clients to bring those referral-ready friends along to meet you.
Here are a few ideas to help you start thinking about your brand, community and firm:
No matter what event you decide on, remember to take pictures! Photos are incredibly valuable to spread your firm’s name and goodwill in your community. You can post them to social media, send clients their specific photos with a thoughtful note, and create a collage of the event to hang in your reception area. You’ll need to get client approval for picture use, but most clients are happy to give their permission.
Leverage any slow days to plan a memorable event, and make this summer a time to intentionally reconnect with your clients. Talk to your team or schedule time at a staff meeting to brainstorm these ideas, or some of your own, and put the summer to work for you.
Kristine McManus is vice president and chief business development officer at Commonwealth Financial Network.
Voya Financial adds private equity, credit and real estate options to its AMA program, building on support for looser federal investment rules in retirement accounts.
Shannon Reid, president of Osaic and the network’s number two executive, has plenty of challenges, industry executives said.
Auditors flagged the commingling. The COO allegedly knew. Investors kept getting the pitch
The advisors on the move include two brothers leading a family practice in Connecticut, and a husband-and-wife tandem working with business owners in the West Coast.
Business owners and their heirs may be making assumptions instead of having conversations, creating challenges for succession planning, according to new research.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
