Talking face to face remains an excellent tool for both existing and new clients. Maria Merricks looks at how to plan the perfect client seminar.
Organising a client seminar programme can be a daunting prospect for many advisers. The fear of investing time and money into an event which could potentially attract only a small number of the wrong type of client can be off-putting.
However, the client seminar remains a valuable business tool and, with the industry tearing towards the RDR deadline all the while tainted with attitudes of mistrust, it is more important than ever for advisers to work towards boosting reputation, proving professionalism and developing communication techniques.
A recent YouGov survey shows the majority of the public believes the British economy will be hit by recession again in the next 12 months: 55% agree the situation is ‘likely' compared to just 4% judging it ‘very unlikely'.
In the midst of such uncertainty, clients are crying out for communication with professional advisers.
Bring a friend
Belfast-based Carrington Wealth Management holds one seminar a year for all existing clients. Further seminars are held throughout the year for clients depending on their wealth or interest. When it comes to choosing seminar topics, director Steve Laird suggests firms stick to what they specialise in because this will be most relevant to clients.
A top tip, he says, is to give clients an opportunity to bring a friend: "This is good for them as they don't have to worry about talking to new people and good for us as we have a new source of clients."
Having used the same technique as an IFA in the past, Matthew Morris, now director of consumer financial services website DMP Financial, agrees this is a particularly valuable tip and works well.
Nevertheless, he insists advisers should not be put off by the prospect of a marketing strategy aimed at attracting new clients only:
"There is a general mistrust in financial advisers today and people aren't necessarily looking around to engage with IFAs. It is not like being a solicitor, whose clients search for them. Advisers will usually have to go out there and find their own," he says.
Morris understands that selling a seminar is a tricky business but insists perseverance pays off.
When Morris first started hosting client seminars 15 years ago, he admits he did not do well, sometimes drawing in only one or two people. Determination soon meant he was able to develop a successful marketing plan however, and eventually the seminars attracted a full house and produced a huge proportion of the firm's business every year.
Explaining his formula, Morris says: "The approach we took was to send out an invitation, much like a wedding invite, on a piece of card so it would look personal and professional. Choosing a title for the seminar which is relevant for the time and the audience works a treat."
Using a Royal Mail marketing service, thousands of invitations can be delivered using a postcode system and Morris suggests delivering to the most affluent areas in the local area.
This technique, he says, resulted in a turnout of about 60 to 70 people a time and provided a ‘tremendous' conversion rate afterwards.
Once you have secured an audience, the key is to be aware of the importance of giving information away: "Too many IFAs are reluctant to give things away and tend to keep information in a locker," he says.
"Prospective clients need to see what you're about; a shop window if you like. This is your chance to provide information and gain exposure to people who will hopefully become clients. It is your opportunity to present some really good ideas."
Peter Lawrence, director of Prime Time Financial, agrees but emphasises seminars are ultimately about building relationships.
He says: "Whether the seminar is to acquire new clients, or as part of the service you provide to existing clients, you can only achieve your purpose if you provide something for the attendees. That might be useful information or it might be a good experience but preferably it will be both," he says.
"You should be willing to express opinions, not just give dry information. The topics should be useful to all who attend, so ensure the subject is clear, upfront and matches the audience."
Location, location, location
Organising the practicalities depends on the audience. With timing, common sense suggests for example, a retirement-focused seminar should be offered with two separate dates: one during the daytime for those already retired, and one in the evening to suit those who still work.
The venue, Lawrence adds, is also important: "Unless you are going for a business audience who are happy with a basic meeting room in their lunch hour, then part of the attraction is the venue and should be highlighted on invitations."
Laird uses local hotels for his larger seminars and insists an attractive venue need not break the bank: "Thanks to the recession, hotels are very competitive and will cut their standard rates if you ask them nicely."
If advisers are concerned the evolution of technology will phase out the ‘old fashioned' idea of a physical seminar, Morris says this is wrong:
"The face to face element of a seminar is still very powerful, and there will always be a place for them," he says.
"Habits are ingrained and the trust element is vital. People like to see the colour of your eyes and have the experience first hand."
