Can Financial Advisors Pay Fees for Referrals?

Marketing is an essential part of a business’s growth. And holding marketing events can help you build stronger connections with prospects who fit your idea of an ideal client. The question is, what kind of event is most likely to help you build real connections that eventually convert? If you’re running short on inspiration, consider these marketing event ideas for financial advisors.

SmartAsset’s Advisor Marketing Platform (AMP) offers financial advisors services like client lead generation, automated marketing and more. Learn about SmartAsset AMP today.

5 Effective Marketing Event Ideas for Financial Advisors

When it comes to planning a marketing event, you’ll need to consider your time and budget. Essentially, you should have a realistic idea of how many hours you can dedicate to pulling the event together and what you should reasonably expect to spend.

You’ll also need to consider the venue and decide whether you want to host events in person or online. With those factors in mind, here are some creative marketing event ideas for financial advisors to help you grow your practice.

1. Host an AMA

AMA is short for “ask me anything,” and this is one of the most cost-effective marketing events for financial advisors since you can host it for free through social media. Here’s how a typical AMA event works:

Select which social media platform you want to host your event on (i.e., Facebook, Instagram, Reddit, etc.)
Decide on a date to host your AMA, along with start and stop times for the event.
Tell people about your AMA on social media and through your email newsletter, and ask them to help get the word out.
Show up at the scheduled date and time, and be prepared to answer questions on your chosen topic until the clock runs out.

An AMA is a terrific way to connect with prospective clients informally and gain insight into their biggest financial pain points. You can close your event with a call to action directing attendees to visit your website to learn more or schedule a more in-depth conversation about their financial needs.

2. Plan a Seminar

Seminar marketing is similar to an AMA, but with more structure and a guided plan for discussion. A seminar takes a little more time to organize, but the right topic and some strategic promotion can help you capture your ideal client’s attention.

Here are some tips to keep in mind as you incorporate seminars into your marketing plan:

Go narrow instead of broad. Choose a topic that speaks to a specific struggle, challenge, or issue your ideal clients are interested in and want to know more about.
Make your seminar convenient for prospects to attend. In-person seminars and workshops offer an opportunity to get in front of prospective clients, but if they have busy schedules, an online event could make more sense.
Cap the guest list. Limiting the number of people who can attend your seminar creates an air of exclusivity and encourages prospects to sign up quickly so they can secure a spot. It’s also easier to connect and answer questions when fewer people are chiming in.
Offer genuine value. The most effective seminar events draw prospects in and leave them eager to learn more about how you can help them. As you map out your seminar content, remember that prospects are tuning in to learn and to get answers to their questions, not a sales pitch.

Building, scheduling and promoting a seminar doesn’t have to be a hassle. You may have access to many of the tools you need through your customer relationship management (CRM) platform. Redtail, for example, has a dedicated seminar management feature that can help.

3. Participate in or Host a Charity Event

Two advisors plan a charity event for their firm.

Charity events can bring high-net-worth individuals together for a worthy cause. And this could be an opportunity for you to do some prospecting and networking. The key is securing an invitation, which may require some effort.

Donating to the cause or purchasing a ticket may be an option. You could also leverage your network or your client list to see if you know someone willing to extend an invite. If there’s a cause that’s particularly important to you, you may also consider volunteering or serving on the board.

Hosting an event is something you may also consider if you have the time and resources to plan it. For instance, you might partner with professionals in your centers of influence or other local business owners to hold a charity fundraiser or auction for a cause that your ideal clients support.

4. Set Up an Event Booth

Community events with a financial planning focus can help you market your business without the burdens of planning. Setting up a booth at an existing event, like a financial literacy conference, allows you to promote your services and make face-to-face connections with prospective clients.

Your booth should be visually appealing but not overwhelming. If you have physical marketing materials, like brochures and business cards, have them readily at hand to share with prospects who come your way. You could get a little more creative. For example, you might offer branded items like tote bags or refillable water bottles that have your firm’s logo, website and phone number.

Be friendly and approachable, and ask prospects if they’re comfortable sharing their contact information. You may consider hosting a giveaway or raffle to encourage prospects to share their name and phone number. Just be aware of compliance rules regarding giveaways and what you can and can’t do.

5. Plan Client Appreciation Nights

Your existing clients may be one of your most valuable marketing tools if they’re frequently sending referrals your way. There are different ways to get referrals from clients; some advisors ask directly, while others prefer an indirect approach.

Showing appreciation with unique events is an indirect way to encourage clients to tell their friends, family members and colleagues about your business. The most successful events speak to your clients’ interests and give them a chance to get to know you better, outside of your office.

Here are a few client event ideas to consider:

Book a private cooking lesson with a well-known local chef.
Set up private art lessons with a local artist.
Host a family-friendly picnic, day at the beach or visit to a local ballpark.
Visit a local escape room and have your staff partner up with your clients to solve the puzzles.
Host a murder mystery dinner or a costume party with an interesting theme.
Plan a casino night or take guests ballroom dancing.
Get outdoors and go kayaking, hiking or horseback riding.

Client events like these should focus on fun, not finances. You want to create a memorable experience so your clients can’t wait to share the details with people in their circle.

Bottom Line

A financial advisor sits down with new clients.

Marketing events can help you build your business if you’re getting in front of more prospects or motivating clients to offer referrals. Testing a few different ideas can help you find your groove and plan events that bring your ideal clients to you.

Tips for Growing Your Advisory Business

Marketing often means juggling different strategies to figure out what works. You may be testing search engine optimization (SEO) to boost your website traffic, sending out regular email newsletters and engaging with prospects through social media. If you’re ready to expand your digital footprint even further, you may consider partnering with an advisor marketing platform like SmartAsset AMP. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
Whether you’re planning events or pursuing another marketing strategy, compliance should remain top of mind. Keep accurate records of any communications you send and include required disclosures when sharing client testimonials or reviews.