9 Client Events to Grow Your Financial Advisor Practice

Client events are a proven way for financial advisors to show appreciation, further develop the client-advisor relationship, and increase the chance of being introduced to clients' friends and associates. To be effective, these events need to be fun, informative, or memorable. The goal is to strengthen client relationships, get them excited to give you more business, and have them recommend you to their friends and family.

David Flores Wilson, a certified financial planner at Sincerus Advisory in New York City, said client events can help get your firm out there. "We can't always pinpoint where the business growth comes from, but these events have been highly effective for us, and clients seem to enjoy them, and I've always believed that happy, engaged clients are the surest pathway to consistent referrals," he said. When things go well, they are "top of mind," so that "without being prompted, usually a client in the week after an event will make introduce someone they know that needs some help with a financial planning issue."

However, you'll want to plan around your clients' intent for attending. For their business clients, Wilson said his firm hosts business owner roundtables as lunches, trying to gather 10 to 15 business owners, others who are influential in the area, and business contacts. They'll then use the gathering to discuss business owner trends, the economy, and other topical issues.

Wilson pointed out that they don't barrage guests afterward, so clients aren't put off bringing friends again. "Our view is that if we’ve added value and they’re interested in having a conversation about their personal finances, then they will reach out."

Below are more tips on event ideas to grow your practice.

1. Client Appreciation Dinners

A client dinner is the most basic appreciation event—and the most intimate. Invite a client to dinner at a restaurant that suits their preferences. Extending the invitation to a spouse and another couple is a nonthreatening approach to meeting new prospects. The focus of the dinner is not to discuss investing strategies or retirement savings tips; it is meant to build a relationship between you, your client, or prospective clients.

You can also hold appreciation dinners on a larger scale with all your clients and prospects in attendance. Rent out a hall and cater an evening meal with drinks and music for an adults-only event, or invite the kids and have a cookout at a local park. Consider basing your appreciation dinner around a holiday for additional food inspiration, and ensure you're aware of food allergies as you build the menu. The more solicitous you are about the menu, the more prospects will envision that's how you are as an advisor.

"Generally, we’ll try to have compatible attendees," Wilson said. "For example, one attendee could be a client that owns a marketing agency focused on technology businesses, another could be a technology startup, and a third could be a boutique law firm that works with startups." This way, those who attend are themselves making contacts and connections—and financial advisors are often among the few in many communities who can bring such people together. "Clients seem to really appreciate that you’re putting them in positions to grow their businesses aside from the regular financial planning advice they’re receiving," he said.

Whatever you decide, make it all about how much you appreciate them and not about selling a new offering or trying to talk anyone into additional services.

2. Wine-Tasting Events

A wine tasting is a spinoff of the client appreciation dinner and can be done with only wine and hors d'oeuvres or with dinner. Many restaurants offer wine-tasting packages with a sommelier to help host and explain the wine options. For a more expensive option, various wines can be paired with different meal courses.

If this type of event goes off well with your clients, offer a few each year and keep it interesting by focusing on different wine types each time: all red wines, all white wines, wines from a particular country or region, etc. Also, take note of what your client liked or didn't like. If a specific vintage or vineyard appeals to them, consider giving them a bottle on a future occasion.

3. Estate or Tax Planning Workshops

Workshops are a great way to provide value to clients and establish relationships with other professionals. Find a local estate planning attorney or accountant willing to present on a certain topic to clients. Clients benefit because they're learning about a topic for free from a professional that usually charges a fee. The professional benefits from marketing their services to new clients.

If the workshop goes well, your guest speaker may invite you to present at a similar event at their own office. In addition, a well-executed informational session increases the legitimacy of your firm. Instead of only hosting fun events, it's important to demonstrate your competency and the competency of your network.

These events are usually low-cost and can be held in an office conference room. If any of your clients work during the day, consider doing the workshop as a breakfast before the normal workday starts or as a lunch-and-learn event.

4. Market-Related or Guest Speaker Workshops

Market-related workshops are based on timely and interesting topics. Clients can discuss financial news, new products, recent tax changes, or other local or sector-based issues that they find important.

Guest speakers are another excellent way to provide value to clients. These speakers can discuss anything interesting and related to a client’s needs.

Wilson said an event his firm has found fruitful centers on college applications—another way to bring people together to discuss something important while showing off your advising practice. "We'll showcase a college admission coach giving tips and strategies that families can use during the college admissions process," he said.

Market workshops are effective because they help educate clients on the fundamentals of investing and other timely issues. Be careful not to do too much selling at this event. Keep it informational, and let your clients approach you if they are curious about what you've discussed.

5. Painting Events

At these gatherings, a painting instructor teaches everyone how to paint the same picture. They provide paints, brushes, canvasses, and sometimes wine.

Advisors can host a private session with the art instructor and invite several clients. Be sure to include spouses in the invitation—it may give you a chance to meet them if they're hesitant to come to your office.

Be sure to take a group picture of all the clients holding up their paintings and email it to everyone.

6. Movie Nights

Renting out a movie theater may not be as costly as you think. Ask your local cinema about packages that include the screening, snacks, and drinks. Ask your clients to vote on a movie, or pick a show you think they'd enjoy.

If you don't have enough clients to fill the theater, encourage them to invite friends and relatives. Renting a theater for a premiere is likely more costly—it depends on the time and how anticipated the movie is among the public—but it would make quite an impression on your clients and prospects.

If most of your clients have children, this option may be most suitable. In addition to being able to select a movie that appeals to all ages, your clients won't need to get a babysitter for the night.

7. Sports Clinics

Sports clinics can be tailored to your clients' hobbies. Golf is usually popular with many, and a golf clinic makes a great event. Hosting it at a local golf course with an instructor would be well-received since golfers are usually looking to improve. Plus, you can open the clinic to golf course members in the hopes that they may be looking for a financial advisor.

Though attending sporting events can be loud, it can make for a memorable outing. Opt for games with a quieter atmosphere and breaks in the action (i.e., baseball works better than football). This is another excellent option for families with children—there's entertainment and food for everyone. If a major league team isn't nearby, a minor league team—especially one where you or a client might have a personal connection—could work out great, too.

Depending on your clientele, outdoor activities such as hiking or fishing are also options. Such trips might require some logistical coordination. When planning, be aware of any physical limitations and access to required equipment. Ensure you choose something that's open to everyone you invite and, again, be solicitous of any guest's needs, which will go a long way toward showing the kind of advisor you are.

8. Personalized Events or Parties

Client-specific events can be tailored around important milestones in a client’s life. Hosting a party honoring these milestones would significantly increase the client-advisor relationship. For example, if a client is set to retire, you could throw a retirement party and invite the client’s friends and family. This also gives you a chance to interact with new prospects—while the event itself helps mark a transition you and your client have both been preparing for. If you wish to make the party a surprise, do it before the retirement: you don't want their last day at work to come and go while they think no one paid much mind to it.

Not everyone is excited to celebrate their birthday, so check with friends or family about birthday plans. Instead of your own event, attending a previously-planned party hosted by your client's family member may be more appropriate. This should be a given as something you do, no matter what events you're considering.

The personalized event also doesn't need to be a major party. If your client received a promotion, suggest taking them out for lunch or drinks to celebrate. Tell them they should feel free to bring work friends—but stay away from any selling to them. It's enough for them to meet you under such happy circumstances.

If your client achieved an investing milestone, consider giving them a small gift. If you and your client have reached an anniversary milestone with them working with your firm, consider surprising them with a personalized item.

9. Charity Events

Hosting a charity event is another great opportunity to invite clients. Inviting your clients to participate in a fundraiser or other event for your favorite charity shows them that you care about matters outside of business.

If a client is actively involved in a charity, offering to help host or attend an event might also improve your relationship. This demonstrates your willingness to support what they believe in and your attentiveness to what is important in their lives.

The Bottom Line

Financial advisors must work to strengthen relationships, show appreciation, and potentially attract new clients through referrals. Events where you can do so include client appreciation dinners, wine tasting events, estate or tax planning workshops, market-related or guest speaker workshops, painting events, movie nights, sports clinics, personalized events or parties, and charity events. The key is tailoring the events to client interests while building relationships rather than selling services. By hosting engaging and memorable events, financial advisors can foster loyalty, show off their expertise, and create prospects for organic growth through referrals.

These events are about your clients, not you. Base your choices around what your clients would have fun doing or benefit from the most, and keep the selling to a minimum. Business is built on personal relationships, and it's especially true in financial planning and investment management.