Financial advisers' events can make lasting client impression
July 25, 2014 - Social media and other online communication may be top of mind for financial advisers, but many find there is no substitute for old-fashioned, in-person client events.
Investing in events is a good way to help keep existing clients happy and find new ones, advisers say. Even in a Facebook world, there's no denying the power of a handshake.
Adviser-sponsored cocktail parties and outings matter to clients. In fact, clients ranked events close behind an advisers' knowledge and honesty, according to a survey this year by Advisor Impact, a wealth management research firm.
Most advisers tend to hold, on average, only one event per year, according to a May survey by the FPA Research and Practice Institute, a research unit of the Financial Planning Association in Denver, Colorado. Some advisers, however, acknowledged they have been remiss and wanted to beef up their plans.
Advisers who are new to events can start by planning something that they would personally enjoy, said Valerie Porter, director of the FPA Research and Practice Institute.
Wine-tasting evenings, for example, have been some of Porter's most successful events, garnering a "wonderful" response, she said.