You pay before you know
Room, food and invitations cost the same on a rainy night with a bad list.
Where it falls short
It still works for some advisors.
Some people just come for the steak
Lots of advisors know the regulars who hit every seminar in town and never book.
It has a reputation
Consumer outlets warn people about free-meal seminars (Kiplinger's is typical), and regulators put out a joint report on "free lunch" seminars back in 2007. Some good prospects stay home because of it.
The alternatives
Smaller rooms, better people.
Client appreciation, bring a friend
A ballgame or a wine tasting where clients bring a friend. The friend comes with an introduction.
Check your firm's gift limits.
A class with no meal
Social Security, Medicare, getting an estate in order. At the library or a church. People who come to learn beat people who come to eat.
Lunch-and-learn with a partner
Co-host with a CPA or estate attorney. Split the cost. Agree up front who follows up with whom.
Webinars
Cheap and easy to record. Easy to leave, too, so plan the follow-up.
Family meetings
Bring in your clients' adult kids. It's the best way to meet your clients' heirs.
Groups you belong to
A church, an alumni group, a veterans' post. Give them something besides a sales talk.
A story invitation by mail
Invite them to record a family story instead of coming to dinner. We mail it to someone they love with your name on it.
Where VerbaPost fitsNo room, no food. $20 an invitation, 25 for $500 to start. When you call, you start with their story.
Doing the math
Use your own last seminar.
One number
cost per first meeting = everything you spent ÷ first meetings
Put last year's seminar next to a 25-person mail test.
Then check who became a client
One client beats three meetings that go nowhere.
Your old guest lists
The ones who came but never booked
They raised their hand once. Send them something that isn't another dinner.
Where VerbaPost fitsOld seminar lists are a good place to start. Check with compliance first.
Questions advisors ask
Do dinner seminars still work?
For some advisors. But you pay for the room and the food either way, and some people only come to eat. Figure your cost per first meeting before the next one.
What's cheaper than a dinner seminar?
Client events where clients bring a friend, a class with no meal, a lunch-and-learn with a CPA or attorney, webinars, family meetings, community groups, or a mailed invitation that offers something for their family.
How do I compare a seminar with mail?
Same number for both: everything you spent divided by first meetings booked.
What do I do with old seminar lists?
Those people raised their hand once. Send them something that isn't another dinner. Check with compliance before you use the list.
