Boost Referrals with Holiday Gifts for Clients

It's that time of year again.  Client satisfaction is the keystone in the foundation of any successful referral strategy and, for many advisors, holiday gifts are an important way to show clients you're thinking about them and build loyalty. 

Horsesmouth's senior editor and client service specialist Ed Klink recently solicited a treasure-trove of creative gift-giving ideas from his advisor "Brain Trust."  Here are some broad categories to consider. 

• Give a book. Inspire the best in your clients by giving an inspiring book. Inscribed with a handwritten note, a book is always a welcome gift.
• Give a treat. Let's face it, you can't beat tasty treats to get you through the long winter months.
  Give something with a "Street" theme. Silver bull and bear wine stoppers from Neiman Marcus. Or for $35 there's the bull and bear tic-tac-toe set.
• Give a charitable donation. This option has been growing in popularity over the years. By the way, this is a neat opportunity to do some referrals detective work and learn more about what your clients care about.  Explain that for the holidays this year, you would like to make a donation in their name to their favorite charity... and ask them to tell you what it is.  But don't leave it there.  Ask them some questions after they name the charity.  How did they get interested in this organization?  What's it all about?  Are they involved beyond being a donor?  You'll be amazed what you'll learn, not only about your client, but about others they know in connection with the charity.
• Give local specialties. One great strategy for holiday giving is to make a point of supporting a business in your town. You can order gift baskets at your local gourmet shop or pick up a few cases of specialty hot sauce from your city's mom-and-pop purveyor. Whatever you choose, a substantial order can be a big boon for a local business owner—and start your relationship off with a solid bond.
• Give wine and related gifts. Some wine sites allow you to add personalized notes—or even your firm's logo—to the labels of the bottles you select.

For details on all of these ideas, check out Ed's article, "Holiday Gift Strategies for Clients," in its entirety (free registration required).  And find even more ideas here:

More Advisor-Approved Holiday Gifts for Clients
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Holiday Gifts for Clients: Where to Buy the Best
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Client Gifts: 12 Ways FAs Spread Holiday Cheer
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Why Pruning Your Book Can Boost Referral Results

It may seem odd in a blog about referrals, but I'm going to spend a minute telling you why you should considering cutting people OUT of your book, and being choosier about who you accept as a client.

In his post "Grow Your Practice by Asking Clients to Leave" on The Non-Billable Hour blog, Matt Homann discusses a really interesting post on, of all things, a marketing blog for churches.  The gist is that in order to grow in a healthy way, churches not only need to be open to letting parishioners switch to a new church when they're not a good fit, they should actually be proactive about SUGGESTING that they leave.

Take a look and you'll see immediately how this applies to your business.  As Matt says, "Your practice is often far healthier if you stop serving clients you don't want  (and who are often unhappy with your service anyway)."  Not only does "pruning" your book free up more space for GOOD clients and lead to a happier, more fulfilling experience for you, it also leads to higher-quality referrals... because the clients you like are the ones most able to connect you with others just like them.  (This is especially true when you start to get into niche marketing.) 

Start examining your book and your client requirements today, and get on the road to greater efficiency, higher satisfaction for you and your clients, and more quality referrals. These resources can help (free registration required).

Pruning Your Book 101: Get Rid of Dead Wood
Got too many unproductive clients? This primer shows you how to reduce the size of your practice to release energy and increase your satisfaction.

Should You Throw Some Fish Back?
Being selective about the type of client you take on can be difficult, but critical to your continued success. Here's what FAs have to say about screening prospects in this week's advisor e-mailbox.

Give Your Book a Spring Cleaning
If you're a veteran advisor, find out what's lurking at the bottom of your client list. You may discover a gold mine or a junk heap—but at least you won't be in the dark.

How to Set an Account Minimum--And Stick to It
http://www.horsesmouth.com/linkpo/79321_18.htm
Don't wait until you have hundreds of small accounts to establish an asset minimum. Define your ideal client today, provide high-quality service, and achieve success on your own terms.