Opportunities to Engage and Thank Clients

“You can never thank people enough.” This is a cardinal rule of fundraising. People like to receive recognition. Put another way, you can drive the desired behavior if you lavish praise. How does this tie into engaging with and thanking clients?

One of the problems people across different professions feel is we are doing a person a favor by taking them on as a client. If it is a store, you are giving them good service. If it is a profession, you are delivering what they want. When you fly on American Airlines, the last thing you hear is something like: “We realize you have a choice in air travel. Thank you for choosing American Airlines.” The primary job of the airline is to get you to your destination safely. They achieved that, but they are taking the extra step of choosing one airline over another.

Financial consultants quickly learn clients like to be entertained. Years ago, I remember hearing about a client who wintered in Florida who asked a reasonable question. “We see all these ads about (firm) doing dinner seminars in our area. We are clients at (firm). You are our consultant. Can we attend those dinners too?”

The client/prospect dinner. These have been around forever. You organize a small dinner party at a high-profile restaurant. Perhaps a marketing partner like a wholesaler helps with the expenses. You invite a good client to attend, asking them to bring along a co-worker or neighbor. A good expression is “Someone I might be able to help.” The client gets an elegant meal and the “price of admission” is to bring a potential prospect. Everyone gets to know everyone in a relaxed setting.

The client recognition dinner. If you have organized client recognition dinners you have seen the following problem. Your client says: “Thanks for the invitation. I always wanted to visit that restaurant. I cannot think of anyone to bring, but don’t worry, I will be there. You can count on it.” Uh oh! The plan was to meet new prospects. That isn’t happening. The approach another consultant took was to say: “I’m sorry, I wasn’t being clear. That’s the next dinner! We will be having our client appreciation dinner next month. You will definitely be invited to that one. This is a different dinner. This gives you the opportunity to introduce us to people you think we should meet.

The client recognition dinner becomes a “free event” clients can attend, which they consider a perk of being a client.

The referral recognition dinner. I came across an consultant in the South who hosted an annual dinner for clients who referred prospects. The only way you got invited was to have made the effort to bring the consultant and a new person together. As I recall, the consultant also presented an award or two for the person who referred the most prospects and the person who has consistently referred prospects year after year.

Sending champagne on a cruise. Years ago, I served on a museum board. When you are a financial consultant, you often get aligned with the fundraising effort. I needed to approach different board members. Some I knew better than others. There was a woman who I barely knew and I realized if I sat down with her and made my request, I might get a polite no. Through the grapevine I learned she and her husband were crossing the Atlantic on the QE2 that summer. A few more inquiries got me the approximate time and there was only one scheduled crossing. That must be it! One of the features of Cunard is the number of formal evenings onboard. People dress in tuxedos and long gowns. I called Cunard’s customer service number and arranged to have a bottle of champagne delivered to their dining table on the first formal night.

Imagine the scene: Eight people in tuxedos and long gowns seated around a table. The sommelier arrives with an ice bucket and champagne glasses. “This is a treat! Who is it for?” The bottle is presented to the board member and her husband. “Who is it from? What does it say on the card?”

The card read: “Hope you enjoy your crossing as much as we did – Bryce and

Jane.” The people around the table most have asked “Who are these thoughtful people?” The board member needed to explain we served together on the museum board.” They probably needed to say nice things about me too. I did not need to call for that contribution. The check arrived at the museum a couple of weeks after the ship docked.

Sending gifts at Christmas. I have been with our financial consultant for almost 30 years, ever since I transitioned into management and needed to give up my clientele. She sends a Christmas card every year along with a box of chocolate truffles from a famous New York chocolatier. Awaiting this box of chocolate treats has become a Christmas tradition, along with my thank you telephone call. The card is handwritten and signed by all the members of her team.

The quarterly cocktail event. A local RIA in our area would host a client/ prospect event every three months. It was organized around a food and wine theme. Tequila and Tex Mex food is an example. I think they had some financial support from a money manager, who was also present. Clients would be invited along with local luminaries who would be considered prospects. It was held in a good sized conference room at their office and featured flat screen TVs showing pictures taken at previous cocktail events. It was lively and drew a good crowd. Clients were encouraged to bring guests.

Firms have specific rules about how you can recognize clients and the amount of money you can spend. This amount is usually nominal because it is not a rebate on fees. In Asian cultures, gift giving is a often sign of respect for an ongoing business relationship. You are using the same logic