Summer events to win new clients for financial advisors

A season known for out-of-office emails and pausing business goals until everyone is back from their summer vacations offers more growth potential than some financial advisors may think.

Advisors could not only foster deeper relationships with clients but also generate leads and referrals by hosting summertime events. Such occasions could range from “the big blowout thing that feels like a wedding reception, all the way down to just taking one or two people out — and there’s a whole bunch of things in between,” said Mike Byrnes, founder of advisory practice expansion firm Byrnes Consulting. Pulling it off requires dropping “that 9-to-5 mentality” that attaches business goals solely to one time and place, he said.

“There are so many advisors who think that their job is just behind the desk,” Byrnes said. “In the summer, that’s the wrong strategy. You really want to put an effort into being out when people are the most social, when they’re not hibernating.”

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The underlying strategy

In thinking through how to host a successful client event in the summer, registered investment advisory firm owners and other advisors should begin by thinking about their “ideal client persona,” according to Megan Carpenter, CEO of wealth management business development marketing firm Ficomm Partners. Then they can figure out whether those prospects are indeed out of town all season, along with answers to the question of “How can you add value now?” 

“I would say, ‘Let’s look at your ideal client profile and figure out what your ideal client is doing in the summer,'” Carpenter said. “It’s not going to work if it’s not part of your strategy.”

From there, she and Byrnes suggested that advisors plan for the size and structure of the event. Byrnes said events commonly fall into one of four types in any part of the year: industry-focused education, such as the firm founder or an economist discussing investments or another financial topic; non-wealth management learning, like a wellness author or a nutritionist talking about healthy habits; entertainment that could be a sporting event, a boat outing, a picnic, a day at the beach or a pool party; and philanthropy involving volunteering or donations to organizations. 

The occasions may revolve around, say, a fishing trip, a round of golf, a play or a concert. A professional photographer could present clients with a portrait from their visit. A little tchotchke or a T-shirt with a local team or tournament’s logo may act as a reminder of the event, with advertising advantages through some references to the advisory practice somewhere on the object or apparel. But nothing has to be fancy. 

For example, one advisor planned a family-friendly client appreciation event with activities like a cookout, face painting and sack races, Byrnes recalled.

“The nice thing about outdoor events is, if you’re on a budget, you can find a lot of things that are really inexpensive,” Byrnes said. “It was kind of a flashback to events that they went to as a kid and getting away from everyone being on the electronics.”

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‘Reverse-engineer’ for excellent referral results

The summer event spectrum, however, extends into more pricey activities amounting to a great perk for the best referral sources among an advisor’s customer base with an invitation to bring a friend or two. By considering some shared interests and activities those clients in particular would enjoy, the advisors could “reverse-engineer” the event by encouraging the customers to fill out the invite list in a way that Byrnes describes as, “Bring the ingredients for the cookie, but don’t bring the cookie,” he said.

“I think that’s a component that the industry just misses,” Byrnes added. “The events are way better when you put your clients first and then plan your event after.”

And when it comes to pitching those prospective clients on joining the firm, the advisors don’t need to feel any pressure to change the topic to business during the event, either. The events strategy “should be trying to get you new business,” but what is more important is displaying that the advisor is trustworthy, likeable and a caring person, Byrnes said. Client research suggests those qualities won existing clients’ business, so the advisors can start by meeting the prospective customers once before they follow up with the suggestion of a meeting at the office or over a meal that would then bring them into the firm’s lead funnel.

“Some people just have a natural ability to bring it up where it doesn’t feel salesy. I think the key way to do that is to show concern and offer help,” Byrnes said. “You don’t have to talk about what you do in that initial meeting when you meet the prospect for the first time. You just want to check those boxes.”