Creating a positive experience at client events

Statistics from the YouGov Affluent Perspective 2017 Global Study show that only 23 per cent of affluent users of financial advice would consider using robo-advice in the future.

There is clearly a value in face-to-face advice, and part of that is down to regular engagement and contact.

However, setting up an event is not as simple as pouring a few glasses of wine and throwing some crisps in a bowl, particularly when it comes to events that are, in essence, about people’s money.

Events take many different forms: they can be focused on relationship building, knowledge building, or even just an opportunity for your clients to connect.

An event should be memorable for the right reasons and who you choose to sit on your panel of experts, or give a speech, is usually crucial to an event having a lasting impression.

However, no matter the event’s purpose, one thing needs to be the same: the event and its content must be in your clients’ best interests.

This requires the utmost care and attention to detail, as one false move and it can either serve as an illustration of incompetence or, worse, an example of unscrupulous marketing.

Worse still, they could be considered a ploy solely to drum up revenue without taking into account the client’s individual needs.

I believe events are best aimed at existing clients, as they have already engaged with their adviser and the firm.

One type of event is an annual ‘meet the manager’ which, as the name suggests, is an opportunity for clients to meet and directly question the men and women who run their money.

Over the years, they can become similar to an AGM. Clients get an opportunity to hold their wealth managers, and some of the fund managers that run their money, to account.

My experience is that clients really want to understand what has been going on in both the business, as well as the market. They want to hear that the firm is an ethically and responsibly run business that has an eye on the future and puts clients at the heart of everything it does.

Speaker selection

An event should be memorable for the right reasons and who you choose to sit on your panel of experts, or give a speech, is usually crucial to an event having a lasting impression.

Speakers can be the riskiest part of an event – get this wrong and, however good the canapés are, the people at the event will only remember the speaker.

Whether you are looking to hire an external speaker or get experts from your business, there are three things they always need to be: engaging, topical and thought-provoking.

Someone might be an expert in their field in day-to-day life, but put them in front of an audience and at best they can be unengaging; at worst, you could lose clients.

In my experience, clients do not want a slick presentation. They crave accessible, conversational responses to their questions and concerns.

Fund managers tend not to mince their words and people are often refreshed by their direct approach.

Facilitating a two-way discussion without having things get out of hand can be challenging. One of the key elements that can work is a ‘Question Time’-style panel discussion.

Clients can submit questions beforehand or ask them directly to a number of selected fund managers or experts from across the business.

While David Dimbleby may not turn up, it is important to have a compere on hand to make sure any financial jargon is made understandable and accessible to the 50 to 100 clients who may be in attendance.

After these semi-formal sessions, it often works if the clients can just chat to the speakers over lunch or a drink.

This gives clients a further chance to engage so they feel connected to the business, rather than just being another cog in the wheel. 

It is also an occasion to update clients on the strategy of the business, its goals and its policies, and to be transparent about the way the wealth manager behaves.

So it is possible to give updates on the corporate news, which can range from information about recent acquisitions, to how many graduates the firm is hiring, while all the time trying to explain the thinking behind what the firm does.

Beware of the devil in the organisational detail

While the behaviour of a speaker, the questions asked and the weather on the day are all uncontrollable, there are many simple things that make the difference between a good and bad event that are well within your control.

Certain things to always get right include catering for everyone’s diet, getting the temperature in the room right and making sure the Wi-Fi code works.

Similarly, the best events use venues that are easily accessible by a range of different forms of transport and supply attendees with all the information they need prior to the event to make it as easy as possible for them to attend, as this can make a world of difference.

Something that should be front and centre of anyone’s mind when putting on a client event is that those attending have taken time out of their work day or free time to come, and it is your duty to make it worthwhile.

Attendees should come away feeling like they have learned something or gained a memorable and positive experience. Most importantly, they should leave secure in the knowledge that the business is an expert in its field and they are comfortable that their money is in safe hands.

Remember the rules

This industry is heavily regulated and breaching the rules on inducements is a real threat. The utmost care should always be taken to stick within the Financial Conduct Authority’s guidelines on hospitality.

Similarly, getting people to the event can be a tricky process in this post-GDPR world, with the regulation impacting how to invite potential attendees.

It is important for all businesses to bear all these rules in mind and remember the upshot of the event should always be good client outcomes.

While it is important to get in front of clients so they can understand the various ways you can help, it is key that they do not feel coerced or pressured into taking any kind of offer up – another reason why it is worth keeping events strictly for existing clients.

Despite the plethora of things to think about and the potential risks client events present, if done right they can help bring in new business but often, most importantly, are an essential tool to build trust with your current clients.

Nigel Speirs is managing director of Old Mutual Wealth Private Client Advisers