How can an RIA build relationships and create community while increasing client loyalty and brand equity in your firm? One important way is to plan thoughtful, well-organized client appreciation events.
My wealth management firm, Private Ocean, has held a wide variety of client appreciation events over the years, from educational seminars with speakers, high-end dinners and even a chartered cruise. What’s made the biggest impact, however, is our annual summer picnic. Now in our 8th year, we’ve continuously upped the ante, starting as a small gathering in a park to a full-fledged celebration at a winery with entertainment, food, and even face painting and exotic animals for the kids. This past year we had over 200 people attend, including our staff and their families.
If you’re wondering why we make the commitment to host these events, it’s because the ROI of our client appreciation campaigns speaks for itself.
Deepening Relationships Beyond the Boardroom
In a 2012 survey of 390+ financial service professionals by ByAllAccounts, an account aggregation firm, 81% of advisors reported thaty they spend most of their time on client management, communication and service. That means that for all the time spent on back-end work and reporting, we are mostly focused on keeping our clients satisfied and informed. So while our work involves managing our clients’ finances, our goal is to help them live fuller lives.
Client appreciation events help convey this all-important message to your clients: that they’re more than just accounts and assets to your firm. They are appreciated, respected and, probably the highest compliment of all, they are people you’d hang out with on a Saturday afternoon and introduce to your family. The trust and loyalty that you can build through these events is measurable and yet immeasurable, and it will help create long-term, sustained growth for your business.
Bridging the Gap between Boomers and Millennials