The financial advisory sector has demonstrably embraced remote technologies, achieving remarkable success in maintaining client relationships and operational efficiency. Many Canadian advisors now operate beyond geographical constraints, serving clients across different neighborhoods, cities, and even provinces. This digital transformation has fostered strong connections through online platforms, rendering some traditional, face-to-face interactions, such as the symbolic handshake, feel increasingly antiquated. However, Tina Tehranchian, C.M., Senior Wealth Advisor at CI Assante Wealth Management Ltd., argues that despite the proven efficacy of virtual engagements via platforms like Zoom, the value of well-executed client events remains significant and offers unique benefits.
Tehranchian’s philosophy centers on the idea that thoughtfully organized, strategically timed, and thematically focused client events can cultivate profound connections. These connections are not only between the advisor and their clients but also foster a sense of community among clients themselves. Her approach is characterized by a disciplined framework, emphasizing the delivery of meaningful educational content within a welcoming and convivial social atmosphere. She meticulously outlines what constitutes a successful event for her practice and provides guidance for other advisors seeking to host events for strategic and impactful reasons.
"We recently hosted an event featuring a portfolio manager from CI who discussed artificial intelligence and the future of investment portfolios," Tehranchian shared. "One of our clients, who has been navigating recent health challenges and required assistance to reach his table, expressed that the topic was so captivating, he didn’t want to miss a moment. This outcome—clients finding profound engagement and value—is one of the most rewarding aspects of these events."
Tehranchian’s Strategic Framework for Client Events
For Tehranchian, client events serve as a crucial opportunity to impart valuable knowledge and actionable insights to her clientele. In larger group functions, she prioritizes the inclusion of a speaker or presenter capable of educating clients on subjects relevant to their wealth management journey. This might encompass a portfolio manager delving into AI trends, a legal expert clarifying the intricacies of powers of attorney, or a medical professional discussing the implications of longevity and health for financial planning. While ensuring high-quality food and beverages are provided to maintain a light and social ambiance, the core objective remains for clients to depart having gained substantive knowledge.
Tehranchian consciously steers clear of events solely dedicated to recreational activities, such as golf days or axe-throwing outings, which she deems less conducive to deep engagement. Instead, she favors more intimate dinner gatherings, often hosting one or two client families at a time. These smaller events present an opportunity for her own family to participate, fostering a more personal and human connection. When larger events are organized, the emphasis remains on delivering substantial information. Conversely, when the primary aim is social enjoyment, she opts for a more intimate format.
The evolution of client events in the advisory sector can be traced back to the early 2000s, when in-person gatherings were the norm for relationship building. As the industry matured and technology advanced, the shift towards virtual interactions became a necessity, particularly accelerated by the global pandemic. However, the inherent human desire for connection and shared experiences has led to a resurgence of interest in well-curated in-person events. Data from industry surveys consistently indicates that while clients appreciate the convenience of digital communication, they also value face-to-face interactions for significant financial discussions and relationship deepening. For instance, a 2023 survey by Cerulli Associates found that 65% of affluent investors prefer a hybrid approach, valuing both digital convenience and in-person meetings for key life events.
The Role of Third-Party Event Organizers: Adding a Strategic Layer
Tehranchian has refined her event planning process to a point where she has established tried-and-true venues and formats, rendering the need for external event planning services less critical for her practice. However, Matt Haze, a Chicago-based creative consultant specializing in events for financial advisors on both sides of the U.S.-Canada border, posits that there is indeed a valuable role for third-party organizers to help advisors differentiate their client engagement strategies.
Haze shares Tehranchian’s conviction in the enduring value of in-person events and has observed a significant number of advisors who echo this sentiment. His perspective, however, is that an external event planner can critically enhance an advisor’s capacity to genuinely connect with their clients during the event. He observes that advisory events adhering to a predictable "wine and cheese" formula can often lead to client disengagement or even alienation. Haze advocates for advisory events to draw inspiration from successful engagement strategies employed in other sectors.
"I’ve begun discussing with some advisors the concept of creating their own speaker series tailored to their community of entrepreneurs within their local area," Haze explained. "There’s a successful speaker series in the U.S. called the CFO Series, where CFOs gather privately every couple of months for intimate discussions. The adage ‘what happens at the CFO Series stays at the CFO Series’ underscores the confidential and exclusive nature of these gatherings. I’ve been exploring similar models with advisors."
Haze emphasizes that the primary value of a third-party planner, even one based in the United States, lies in liberating the advisor from the operational burdens of event management. This allows the advisor to be fully present and engaged with their clients, rather than being preoccupied with logistical details. The financial advisory market in North America is highly competitive, with an estimated over 300,000 financial advisors in the U.S. and over 100,000 in Canada. In such a crowded landscape, innovative and memorable client experiences can serve as a significant differentiator.
Tehranchian’s Guiding Principles for Event Success
While Tehranchian manages her events independently, she acknowledges the inherent complexities that can challenge some advisors. She highlights common pitfalls, such as overlooking crucial details like the invitation, which must be compelling and enticing, and the venue, which should exude warmth and avoid an impersonal atmosphere. For instance, she explicitly avoids hosting events at hotels, which she feels often resemble conference settings and lack the desired intimacy. The choice of location is also paramount, particularly in traffic-congested cities like Toronto, where logistical challenges can impact attendance and overall experience.
Tehranchian also stresses the importance of careful selection of speakers for informational events. She points out that expertise alone does not guarantee engaging presentation skills. Rigorous vetting of speakers and topics is essential to ensure that clients are genuinely interested in the content being presented and that it aligns with their evolving needs and interests. A poorly chosen speaker can detract from the intended educational value and leave clients feeling underwhelmed.
Seasonality is another critical factor in Tehranchian’s event planning strategy. She refrains from hosting events during the peak holiday season, recognizing that clients are typically inundated with social engagements and family obligations. Autumn and springtime are her preferred periods, as individuals are generally more settled and receptive to engaging with their advisor. Given the diverse nature of event styles and desired outcomes, Tehranchian underscores that the most critical step for any advisor is to clearly define their overarching purpose for hosting an event.
"As with any undertaking, one must ascertain the primary objective for holding the event," Tehranchian stated. "This objective could be prospecting, client appreciation, or providing supplementary value to existing clients. All of these are valid goals, but each necessitates a distinct event format tailored to its specific aim. Clarity on what you aim to achieve and what a successful event would look like for your practice is paramount."
The implications of these differing approaches—Tehranchian’s self-managed, education-focused events versus Haze’s advocacy for third-party expertise to enhance advisor presence—highlight a broader trend in the advisory industry. As the business continues to mature and adapt to evolving client expectations and technological advancements, the strategic deployment of client engagement initiatives, whether executed internally or externally, will remain a critical component of fostering loyalty, deepening relationships, and ultimately, driving business growth. The enduring question for advisors remains not if they should host events, but how to make them most impactful in a dynamic and increasingly digital world.
