INPractice
Deliver high-impact summer events cost-effectively
The challenge: Now more than ever, it is critical to increase client communications and reinforce the value of your practice to them. At a recent adviser conference in Chicago, I had the opportunity to talk with many advisers and one common theme was they are looking for ideas about how to stay connected to clients and plan events on a limited budget.
Solution: Each week in June, we will share a successful event that an adviser has delivered — we are even going to bring back two favorites from the past. These events are focused on the interests and lifestyles of top clients and are not to be confused with business meetings. Cover investment reviews and updates during one-on-one meetings and formal reviews.
The events are delivered cost-effectively by teaming with a charity or existing organization, by working with other professionals such as a CPA or
estate planning attorney, and cutting back on the high-ticket items. The opportunity is get other organizations to help with the administrative and behind-the-scenes work. Also, consider hiring a part-time intern, maybe a college student child of a client, to help with the planning and follow-up after the event.
Be sure to host events around your clients’ interests … not yours. Find a common thread such as music, golf or gardening.
June 1: An evening of history and fashion
June 8: Gardening is golden (and nutritional)
June 15: Rocking under the stars with the stars
June 22: Celebrate independence – host a charity reach-out afternoon at a local children’s hospital
An evening of history and fashion
Goal: To cement relationships with your top clients, attract referrals and support a local charity.
Time commitment: Five to 10 hours, including the event.
Cost: $2,000 for the charity show. The fashion school show would be considerably less (sometimes as low as $20 per person).
Adviser success story: After assessing her top clients, the adviser found that fashion was a strong interest among them or their spouses, so she identified a winter charity-focused fashion show conducted by a major upscale department store and a late-summer show with a local fashion school.
The first show was held in the winter and benefited the local historical society, raising funds for new exhibits. The event was held at the museum with pre-show wine-tasting tables and hors d'oeuvres. The event is very popular and sells out quickly. It also provides a great networking opportunity for her clients while supporting a good cause. The best part is, it is organized by their event planner and the adviser only has to supply the invitee information. The rest is done for her.
The second show was tied to a fashion school and held in late summer at a park under the stars (and a tent in case it rains). The cost to attend is minimal and by planning now, she is able to reserve front-row seating for her clients. The proceeds support up-and-coming local designers, most of whom are students.
Fashion event planning checklist
Do now:
• Call your selected department store, identify upcoming fashion events, and reserve seats. Consider doing two events a year: one in the spring and another in late summer or early fall. The store may refer you to the event coordinator the charity has hired.
• Reserve a set number of seats; ask for a reserved area at the event for your guests to gather during the reception and request runway assigned seating together. This is critical in order to set the atmosphere for the event upfront. Get to know the event coordinator and look for ways to streamline communications (e-mail versus phone calls). These events often sell out early.
• Review the invitation policy. Our adviser sends her clients a reserve-the-date e-mail, inviting them to the event, two months in advance. The store’s event coordinator takes care of sending out the invitations (see if they will include your business card), tracking reservations and making follow-up calls the week before the event. The fashion school shows may be more casual and it will be your responsibility to send out the invitations and confirm the event.
• Reserve an area for your group to gather and make your event feel exclusive and private.
TIP: Request a roped off seating area along the runway with the adviser’s and firm on a sign.
Two-to-three weeks before the event:
• Call the event coordinator to confirm the status of the guest invitations, confirm your gathering area or meeting room and guest seating by the runway.
• Set the agenda for your brief welcome meeting and remind guests you will call to follow up with them the next week.
Tip: Invite guests to bring their spouse or a friend to create referral opportunities.
Event follow-up:
• Have two follow-up e-mails prepared (one for referrals and one for clients) letting them know you will be contacting them. Send the e-mail the next morning.
• Call each client and guest to schedule follow-up meetings with referrals.
Estimated event cost: Tickets for a charity fashion show can run $75 to $150, depending on food and drinks served. Assuming 20 guests (10 clients, five spouses, five friends) at $100 each, that’s $2,000. A charitable event may be tax-deductible. The fashion school show tickets cost considerably less.
Sample “Save the Date” e-mail
Please Join Us for an Evening of Worldly Wines and Fashion
You and a guest are invited to be our guests at the Spring Fashion Gala held at the Main Street Historical Society. The evening will be filled with wine tasting from some of the world’s finest vineyards and fashions from trendy designers to jumpstart your spring wardrobe. We are proud to be a supporter of this event and the proceeds support the historical society’s new exhibit.
Please mark your calendar to join us on [date and time] for an evening that promises to be exciting while raising awareness for a very important community project (if applicable). You will receive the complete details and invitation next month. Please call us with any questions.
Best regards,
Name and Firm
