IN Practice appears on the web and in IN Daily every Monday. Comments and questions are welcome at IN Editor@InvestmentNews.
Creating, executing and maximizing lifestyle events
Week 1: Identifying the interests of your top clients
Week 2: Planning lifestyle events
Week 3: Creating a lifestyle event communications program
Week 4: Delivering an effective event and following up afterward
The problem: You now have all the tools to plan your lifestyle events, but have limited resources at the office to help you execute. What do you do?
The solution: Review the suggestions of the past three weeks and identify three to five events that are tied to the interests of your top 40 to 50 clients. Include the events in your written communications plan and use the invitation and agenda templates – all of which were provided
last week and you are ready to execute.
When you have too much on your plate to add an event, one successful shortcut I’ve found is to have someone else do it. I don’t mean that flippantly, nor do I suggest hiring an expensive party planner. What I mean is that you may be able to create an event that tags along with someone else’s.
For example, the national upscale department store Nordstrom’s holds many in-store events such as fashion shows and other fundraisers in which you can take part. They do all the work, take care of all the details, and you can add your group to the mix. This keeps your cost down while still enabling you to take credit for an event with incredible client value. In July we will give the details to four specific lifestyle events that have been very successful and at a minimal cost.
In the meantime, here is a checklist you can use for almost any event you’re planning:
Event checklist and timetable
1 month ahead
• Confirm your topic, presenter, and venue (confirm the food, time and audio-visual needs)
• Send out or e-mail invitations to your clients and their guests with a catchy message in the subject line or on the envelope. Use the sample invitation we provided.
1-2 weeks ahead
• Create an agenda (use our template) and have handouts or materials approved by your compliance officer. Check on LCD projectors and microphones. We recommend using a microphone for any group larger than 10 people.
• For a dinner or meeting with a speaker, have the room set up in round tables of 8 (never use 10 – it’s too crowded) or a U-shape to allow your speaker and you the opportunity to walk around.
• Call the venue to confirm the starting time, time for drinks and food to be served. If your group is more than 20, consider using a bar so guests are sure to get something to eat and drink quickly. With larger groups, consider a buffet with several stations to allow your guests more flexibility. Often for dinner and evening events, guests have come right from work and will be hungry.
• Call all invitees to confirm their attendance and invite them to bring a friend.
The day of the event
• Bring nametags (use big type), agenda and materials.
• Arrive one hour before the event to check the room setup, valet parking, introduce your team to the staff and check the timing for the drinks and food to be served. Do not make your guests wait – it sends a message you haven’t prepared.
• Here is an ideal timeline for an evening dinner from 6:00 pm – 8:00 pm.:
• 6:00 pm – Serve cocktails and hors d’oeuvres as guests walk-in. Personally invite guests to start sitting down at 6:20 pm.
• 6:30 pm - Welcome everyone and provide brief Introductions (5 minutes). Dinner should be served promptly at 6:30 pm (a buffet usually keeps the program on time).
• 7:00 pm - Guest speaker begins. If a wholesaler is sponsoring your dinner, offer to let them speak for five minutes at 7:50 once your guest speaker has finished.
• 7:55 pm – Conclude the program with a memorable close and invite guests to stay for questions. Let guests know you will be following up with them later in the week.
Follow-up plan
Send a follow-up e-mail the next morning to thank your guests for joining you and tell them what your follow-up action plan is. This is the key to turning client’s guests into referrals. Have an e-mail template prepared before the meeting (one for referrals and one for clients). This can even be set ahead of time into your computer for delivery the next morning.
Call within two to three days to schedule a follow-up meeting.
EVENT TIPS
• Plan event topics tied to your clients’ specific lifestyle or business interests.
• Hold events at the time that best suits each client group: during the week and early morning for retired clients and early evening for professionals and business owners.
• Set an agenda with the audience benefit in mind. The seminar should not be a sales pitch for your products but rather focus on the educational value you provide.
• Confirm all the event details in advance (use the checklist from Week 2)
• Control the meeting from introductions to the close, stay on time, and tell attendees when and how you will follow up.
• Always allow clients to bring friends and family to generate referrals.
Each week in July, a successful event will be detailed right down to the approximate cost per attendee and the results. You will learn the best practices from top advisers who have mastered the art of events to lock-in their best clients and streamline referrals from them.
The events for July include:
Leverage a fashion show – Leveraging an existing event can wow clients with a unique venue and let them support a charitable cause.
Gardening is golden (and nutritional) – Learn how one top Midwest adviser hosts this event at a famous garden (hint: Tom Hanks and Madonna filmed A League of Their Own here) and the entire cost is under $10 per person.
Retirement challenges simplified: health care, 401(k) rollovers and assisted living — Learn the strategy to position your team as the experts with whom boomer clients and prospects will want to work.
401(k) retirement checkup – We will show the steps for a high-end yet low-cost group meeting that one wirehouse adviser uses to stay connected with lower-tier clients’ retirement dollars.
Maureen Wilke has helped thousands of advisers increase the value of their businesses. The founder of Wilke Associates Inc. (www.connectedadvisor.com) in Glen Ellyn, Ill., Maureen has spent nearly two decades in executive positions in wealth management, sales and training. She has been associated with several highly regarded firms, including Nuveen Investments, and currently advises many product and advisory firms on issues of practice management and adviser productivity.
Read our weekly online columns:
MONDAY:
IN Practice by Maureen Wilke
WEDNESDAY:
OpINion Online by Evan Cooper
THURSDAY:
IN Retirement
FRIDAY:
Tech Bits by Davis. D. Janowski
