Reports and studies over the years have revealed that millennials are struggling with financial literacy and money management. With trillions of dollars expected to exchange hands in the generational wealth transfer, advisors have the opportunity to educate them before they blow their inheritance.
The statistics are alarming – 70% of families lose their wealth by the second generation and 90% by the third. Waiting until your client’s adult children receive their inheritance is too late. It’s important to establish trust and begin to build a foundation of financial knowledge that can help them succeed.
You should have visibility and gain the reputation of being an expert in all things financial planning and even life planning. After all, most significant events come with a financial aspect. Aside from newsletters and check-ins, you need some memorable ideas to stay top of mind.
Educational Event Ideas for Financial Advisors
The past 3 years have thrown tremendous hurdles at financial advisors. The most significant is the way you interact with your clients. Things quickly shifted from in-person events to online webinars, changing the way you do business. Whether you’re ready to start hosting in-person activities or want engaging virtual options, read on to get inspired for your next educational event.
How-to trainings.
How-to trainings are so versatile because you can host them in person, on a live webinar, schedule a one-to-one online meeting, or create a pre-recorded presentation they can watch anytime.
If you choose to do this online, it’s crucial that you have a great internet connection, audio set-up, and quality picture. Nobody can truly learn the material when they’re straining to hear you.
An example of this could be walking your client’s adult children through a financial statement. If they aren’t a client of yours yet, you can ask your client’s permission to show theirs or use a prefabricated example.
You could also show them how to set up a simple budget and begin implementing it to save for something meaningful to them. This could be anything from a vacation to a down payment or an upcoming wedding.
Career transition events.
Adults are becoming empowered to make career shifts, no matter their age. Gone are the days of staying with a particular company for 20+ years. Millennials are more open to finding new opportunities and even making a drastic career change.
Along with the rising cost of daycare, many families choose to have a parent stay at home until children are ready for school. Hosting career transition events with a short segment on retirement planning are beneficial for young adults. Topics could range from getting back into the workforce or money management and budgeting with less income.
A local panel of experts event.
It would be beneficial to find out if any of your client’s children own their own business or are experts in their field. By inviting them to speak on a local panel of experts event, you have the opportunity to educate them on finance as well as tap into their network. They’ll likely invite friends and colleagues from their own sphere as well!
With adult children in mind as attendees, choose a panel that has connections in other local networks, such as a Chamber, BNI, or other networking groups. Speak on a relevant financial topic that will spark more questions after the event.
Take it to the next level by inviting a local photographer and setting up a headshot station, turning the panel discussion into an evening of networking afterwards with appetizers and drinks.
Preparing for aging parents.
Caring for aging parents can be the elephant in the room that adult children are afraid to discuss. Nobody wants to ask their mother how they’ll be able to afford a retirement home if they can no longer care for themselves.
Hosting an event for adult children to teach them about managing their parents’ estate and financially preparing for any contributions is a helpful way to position yourself as their financial resource.
You could make it a well-rounded event by bringing in estate attorneys and long-term care specialists to answer any burning questions they have about what to expect as their parents age.
Physical and financial self-defence class.
A self-defence class is a fun way to get clients engaged and excited about protecting themselves and their finances. You can invite an instructor to your office or bring clients to their studio, followed up by a lunch and learn about defending yourself from overpaying in taxes and inflation.
Paper-shredding event.
Everybody has that drawer or cabinet full of bills from who-knows-when. You can host a paper-shredding event and extend the invitation to your clients’ families as well. Provide brochures and a quick update about how long to keep financial documents and the importance of shredding paperwork to protect your identity. It’s recommended that you hire a professional shredding service and bring a truck to your location for the event.
Seasonal events.
There are tons of low-cost and higher-investment ideas to connect with your client’s adult children to stay top-of-mind. From a parking lot pumpkin-patch carving contest to holiday gift-wrapping stations, you can position yourself as the Seasonal Santa, creating a fun event for every holiday.
Wedding season ideas.
While weddings take place any time of the year, the true rush of the season is from May-October. At the beginning of the year, you can send out budgeting infographics and checklists to your clients, encouraging them to send them to engaged couples in their families. Once a month, you could partner with a local florist to host a flower pressing event for bridal bouquets and leave brochures for newlyweds and budgeting tips.
Final thoughts
Is connecting with your clients becoming an overwhelming task? Do you have too much on your plate? It’s time to reprioritize and start doing what you love again. There’s a reason you became a financial advisor, and it can be easy to get lost in the business along the way. Watch our webinar to discover how to create more time for business strategies that will move you forward this year.
International Values and Behavioral Analyst, Business Coach, Speaker and Author
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