Romancing the client: 7 steps to a successful private wealth event

Content may be King, but in private wealth – as with Monarchy – the real business of connecting with clients is done at Court. Physical events are still the most effective way to build relationships and convert existing connections to long-term business.

PCD Club has been hosting industry networking events and supporting private wealth businesses in hosting their own events for over a decade. We’ve seen first-hand how the landscape has shifted and new challenges have made it more difficult to get a successful event off the ground. Notwithstanding the long shadow of the Covid shutdowns, there are three main factors likely to weigh on the industry’s client event calendar in 2024:

· ? Flexible working has made it more difficult to bring people together and, instead, increased dependency on technology

· ? Rising costs across the economy has made key items, from venue hire to catering, more expensive

· ? Shrinking marketing budgets means the industry is reluctant to invest in high-quality client gatherings.

These factors mean that 2024 will see the industry continue to veer from quantity to quality where external events are concerned. For the businesses that are most committed to connecting with their clients, this isn’t all bad news. With fewer events in the industry calendar, we are seeing higher attendance rates among clients and better engagement at the events that do take place. In today’s world, a well-run event carries more weight than ever before.

As you plan your schedule for the year ahead, here are some things to consider if you want to reap the increased rewards of hosting a high-quality client event.

Format

The length and format of your event should support the theme, tone and objectives you are aiming for. There are many formats to choose from: presentations, panel discussions, conferences, talks, a networking lunch, or a cocktail party. Whatever format you choose, bear in mind that each demands a different timeline and runway. For example, if you opt for a panel discussion, securing external speakers and ensuring they are appropriately prepped can take significantly longer to plan than a standard cocktail party.

Event size

Decisions about the length of the guestlist should be led by your overall objectives, bearing in mind that the number of attendees will greatly influence the tone and outcomes of the event. For example, a high-quality breakfast for 20 guests is the perfect platform for a business-focused conversation, allowing you to get targeted feedback on the topics you want to talk about. A dinner with established contacts is a great way to build rapport, while a summer reception is often a more relaxed, social affair, allowing you, as the host, to cast a wider net and extend invitations to new contacts and prospects.

?Logistics

At PCD Club, over the years, we’ve experimented with many ideas, including goodie bags and other gimmicks, but, ultimately, we’ve always returned to the basics. When planning an event, there are many moving parts – from catering to booking presenters to venue hire – so it’s essential to keep things simple where you can. Event signage and AV are great ways to add impact and an element of entertainment if that’s what you feel your event needs, however, in our experience, it’s the little things that count the most, such as appropriate name badges and a smooth check-in experience that sets the tone for the whole event.

Location

With marketing budgets tightening across the industry, it’s important to put some thought into where your event will take place. Even if you have event space at your company premises, the location may be neither appropriate nor engaging for your guests. You’ll want to stick to central areas in major cities, ideally within close proximity to a station or transport hub. Aside from convenience and cost, however, your chosen venue is a statement to your guests about who you are as a brand. A London firm, when selecting a location may want to ask itself, ‘are we a Mayfair brand or a Shoreditch brand?’?

Team

Never underestimate the importance of attitude when bringing your team together. The quality of the people managing the event and interacting with your guests, determines the quality of the event itself. It’s a fact of life that things may not always go to plan, but how your people react will determine how your guests will experience it.?

It is crucial to identify, well in advance, the specific responsibilities assigned to each member of the event planning team. Make sure you’ve designated a point person for even the seemingly minor aspects of the event. Meanwhile, your team isn’t just about the individuals who will plan and deliver the event. Think about which colleagues you would like to support you on the day. The presence of senior leaders from across your organisation will add weight to the event both internally and externally. It’s also a good idea to have such people moving among the guests, answering questions and connecting people.

Socials

Events are an excellent source of content and collaboration ideas. In the run-up to your event, consider what kind of content you may want to create and share related to the topic. As with many things, your content planning should be led by the event theme and objectives. If you’re including presentations or speakers in the itinerary, there could be an opportunity to generate some content from them to share beforehand.?

On the day, ask your team to keep their ears open for any topics or angles that emerge from the various discussions. Listen carefully to the questions asked during any kind of Q&A or even what might bubble up from small talk. After the event, share some content based on the topics covered. Inviting key guests or speakers to participate in further content – an article or podcast, for example – is a great way to maintain the momentum and the buy-in generated by the event.

Follow-up

If there is one golden rule to events success, it is to always follow-up. This is often a neglected part of the event process, but the true value is reaped in the days, weeks, even months after the event. The follow-up can take many forms – from a survey shared by email the following day to a call or a coffee weeks later. Whatever strategy you decide on, it’s important that the post-event engagement is mapped-out in tandem with the planning of the event itself.

Example of follow up post on Linkedin

If you need help with your events or want to work with the PCD platform to make your life easy; email [email protected] or call +44 20 3004 9599