Make client appreciation a family affair

Summer is just around the corner — a time when many financial advisers hold client appreciation events.

Although these events are intended primarily to enhance client relationships and attract qualified prospects, advisers should use their events to reach beyond those two groups. Specifically, they should get to know important people who are often overlooked in client-adviser relationships: clients’ spouses, children, parents, grandchildren and members of their extended family.

All too often, advisers don’t meet a client’s family members until the client’s funeral, which isn’t the best time to initiate relationships. Because of adviser neglect, it is estimated that between one-half and two-thirds of all widows eventually move their account to a new adviser.

What’s more, clients’ children, grandchildren and siblings are likely to move their bequests from the estate if they lack a relationship with the adviser. Even advisers who are responsible for creating a family’s sizable inheritance may find that their best investment efforts aren’t enough to save the account.

Aside from inheritance issues, another reason for advisers to become more familiar with a client’s family is because life events such as marriages, births, divorce, sale of a business and retirement trigger the need for financial advice. Knowing when these events occur as a result of being close to several family members ensures that you will be the adviser who is consulted when advice is sought.

If bringing together several generations is your goal, keep in mind that creating an entertaining event that appeals to family members of all ages and diverse interests is no easy challenge. Good food won’t be enough.

To attract everyone to a truly memorable event — one that can help you become an official clan member — consider these festivities that will be fun for the whole family:

Baseball game. Invite everyone out to the ballgame, whether it is a major- or minor-league team. Gather everyone beforehand for tailgating so that you have an opportunity to meet and mingle, and hand out team T-shirts or caps so that they will have an easy way to remember the event.

Family picnic. Your local amusement park or any place with a large backyard could be the setting for a family picnic. Fried chicken, lemonade and games, including a tug of war, sack races and egg toss, will provide an old-time feel. If you want to be sure that the 35- to 45-year-olds show up, have activities for their little ones such as face painting and an inflatable bounce house.

Color war. Channel family rivalries in an enjoyable way with a “color war” party. You may be able to rent out a local campground for the day. Then let the games begin with an obstacle course, volleyball, relay races and more. At the end of the day, hold a banquet with singing and awards for everyone who attends.

Boating. Canoeing, tubing or taking a tour boat on your local lake can bring generations together. Afterwards, a campfire and s’mores will leave everyone happy and stuffed.

Charitable activity. Many parents are interested in events in which their children have a chance to give back. This could be organizing a team to walk for a local charity or participating in a community cleanup day. If you are considering a volunteer event, check with a few families to make sure that this appeals to them and avoid making it about your favorite charity. You may, however, consider donating to a charity that some of your clients’ families support.

Golf or tennis tournament. Have a father/son, mother/daughter tournament during the day, followed by a barbecue and awards ceremony. For those who don’t want to play, consider a golf or tennis workshop with a pro and don’t forget an activity for the younger children, such as a putting contest or T-ball game.

Before your event, ask everyone who is coming to register, in order to capture their age, address and whatever other information you request. This ensures that you have the right sizes for T-shirts or the correct spelling of their names for any awards.

The information should go into your database so that you can stay in touch with everyone after the event.

Take lots of photos throughout the day.

These can be posted on your website and featured in a newsletter as well as sent afterwards to remind everyone of the fun they had.

Libby Dubick is president of Dubick & Associates Ltd., a marketing consulting firm for advisers and financial services firms. She can be reached at [email protected].

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