With the holiday season just around the corner, it's a good time for financial advisors to think about holiday gift giving. Financial advising is a relationship business, and while it may seem like a small gesture, giving gifts during the holidays is a great way to show appreciation and strengthen connections, like centers of influence (COIs). It keeps you top-of-mind with clients and other people who help your business thrive, reminding them that you care.
But with so many people to buy for, it can be tough to know who should be on your list. Gifts for clients are a time-honored way of expressing gratitude for their business. Referral sources and COIs send new business your way, so thanking them with a gift strengthens your relationships. And don't forget the people who help make your business run smoothly. A small gift or bonus for administrative staff, financial analysts, and other team members is an appropriate way to say "thank you" for all their hard work. Consider giving holiday gifts to strong prospects.
Here are a few ideas to find the perfect gift to show you care.
Food and Drinks to Celebrate the Season
People love to indulge in their favorite treats during the holiday season, which makes giving food and drinks an easy gift idea. A popular option is local restaurant gift cards. This allows clients to choose a dining experience that suits their taste and supports local businesses. It doesn't have to be a fancy restaurant; family-friendly takeout can be a welcomed gift of convenience for busy professionals, parents, and grandparents.
Gourmet food gift baskets are another popular idea and can work well for clients or COIs that live outside your area. Companies such as Harry & David or Sugarwish offer a variety of gourmet food gifts that are perfect for the holidays. You can find a selection of dishes, sweets, and cheeses sure to impress your clients and show them how much you appreciate their business.
You could also send those special clients a nice bottle of wine. Choose a bottle that is mid- to high-range to avoid making a poor impression. If you can, choose a wine specially picked for your recipient, such as one from the same region as their favorite vacation destination, or go with one appropriate for the season. Alternately, you could gift spirits rather than wine, but again, don’t go cheap, and try to tailor the gift to the specific individual’s tastes. Companies like Wine.com and Harry & David are great options for ordering wine for out-of-town clients. Still, there’s no substitute for consulting with and buying from a local winery, brewery, or alcohol and wine retailer.
Show Your Thoughtfulness with Gifts from Local Small Businesses
Buying from a local small business does more than support your local economy. Whether it’s a boutique, art gallery, plant and garden shop, local artist small shop, or clothier, the personal assistance you’ll receive in choosing the right gift will help you make a lasting impression on your clients. Give some thought to the small businesses in your town. What kinds of locally crafted goods are available? Which retailers sell high-end, exclusive brands? Look for businesses that offer unique, high-quality, and/or handmade items ideal for expressing your appreciation. Gift cards to these types of businesses can also be a welcome alternative that allows recipients to pick out exactly what they want.
Gift Experiences to Make a Memorable Impression
Gifting an experience to your wealth management clients or COIs is a unique and memorable way to say “thank you” during the holidays. It’s also a great idea for those who can be difficult to buy for. Tickets to upcoming events (after the holidays when their calendar isn’t so full), like a wine tasting, community theater performance, or musical performance, are good places to start. But don’t limit yourself to events. You can also gift services, like a spa day, massage, or manicure/pedicure – or classes like painting, yoga, or photography.
Give Back with Charitable Donations
People who have everything can be the most difficult to shop for, especially in professional relationships. One of the most meaningful holiday gifts you can give is to make a charitable donation on behalf of your clients. Become familiar with the causes and organizations that are important to your clients and support those if you can. Some ideas to consider are local homeless organizations, the humane society, literacy or educational foundations, food banks, and conservation and environmental organizations.
Other Ways to Show Your Gratitude at the Holidays
If you have a large client base and business network, you may want to consider sending holiday cards instead of individual gifts. But even if your budget is small, avoid skimping on quality. Remember, everything you do sends a message about your brand, so you’ll want the quality of the card to create a positive association in the minds of each recipient. Fortunately, the price of premium printing and materials is reasonably budget friendly. Though holiday parties can be expensive, these gatherings are a fun and festive way to celebrate your clients. It can be anything from an intimate dinner party to a gala or an informal event like a drop-in with hors d'oeuvres at your business. If budget is a concern, consider partnering with other COIs, such as the attorneys and accountants you work with.
This will take some planning, so it might be something to put on the calendar for next year.
The ROI on Holiday Gifting
You are in the relationship business. Anything you can do to strengthen relationships with clients, referral partners, COIs, staff, and prospects will help to grow your business. (And don't forget about these additional Year-End Opportunities to Help Clients.) Everyone wants to be remembered, appreciated, and celebrated around the holidays, but not everyone expects a gift. To stay within budget, you may consider sending a card to your whole list and sending gifts to a select number of your top clients. But be wary of excluding clients who are family members or close friends, which may make them feel unappreciated.
While you are not giving holiday gifts with the expectation of receiving something in return, you are sure to create a positive association with your business and remind your community of the value you bring to their lives.
Crystal Lee Butler, MBA is the owner of Crystal Marketing Solutions, a full-service marketing agency dedicated to working specifically with independent financial advisors. Since 2011, she’s helped financial advisors cut through the noise to attract ideal clients and grow their businesses using proven strategies that we use with our clients every day. As your “Chief Marketing Officer,” our goal is to help you grow your business and put time back on your calendar so that you can focus on what you do best: serving your clients.
This material was prepared by Crystal Marketing Solutions, LLC, and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.
