It’s 2023. Life is getting closer to normal every day. Advisors have been holding seminars for decades. Clients like free events. If you feel your seminar strategy is stuck in a rut, have you considered (or reconsidered) the co-branded seminar?

This idea occurred to me because one of my advisor connections on LinkedIn shared photos she took at a recent reception. She was invited as a guest to an event at a luxury auto dealership. What great cars! I asked if she did anything with the dealer. She explained they won’t share their prospect list. That makes sense.

One solution to this dilemma is the co-branded seminar. Here is the logic: You have HNW clients and prospects. Another business that does not compete with you has their own HNW clients and prospects. Your clients have the potential to become their clients and vice versa. Suppose you held a joint event, each provided your own share of the attendees and split the costs?

Everyone benefits from this strategy. Each party gets their message across to a group of people not on their prospect list. Confidentiality of prospect lists is maintained because each presenter markets the event to their attendees. Both parties intended to hold events and realize there are significant costs involved. By collaborating they are splitting the costs.

Who would be logical partners for the advisor?

1. Luxury car dealerships. Each firm’s clients qualify as potential prospects for the other. There might even be some crossover among current clients. Everyone likes to see shiny new cars.

2. Jewelry shops. Jewelry can be expensive. It is a popular gift during the holidays. That’s why auction houses tend to hold fine jewelry sales in December. This also lends itself to champagne and canape receptions.

3. Auction houses. There is usually a several day advance viewing period before major auctions. I stopped by our local higher end auction house on a weekday and was surprised to see chairs set up theater style and someone placing brochures from my former firm on seats.

4. Art galleries. They are used to hosting receptions on a regular basis to introduce the work of new artists. These also involve wine and cheese or similar appetizers. Art is considered upscale, so an advisor’s clients should be interested.

5. Kitchen and bath design centers. You have been there before. The tubs and tile might cost a fortune, but they look spectacular. Many people have undertaken renovations after the lockdown. This venue could have appeal.

Remember this is a joint effort. Both hosts get time to speak before the audience. Both hosts split the expenses. Both hosts contribute towards building the audience by inviting their own clients and prospects. Both hosts are sending guests home with material.

The scenario you want to avoid is bringing your prospects to an event where your clients are hearing their message, yet none of their clients are present to hear yours. They receive all the benefits, while you are footing half the costs.

There are compliance considerations, but if the co-sponsor is not competing in the financial services space, it should make approval easier. Ideally the advisor finds another advisor there who has done something similar and says: “I want to do what they did.”

Could this be your big new idea for 2023?

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book Captivating the Wealthy Investor is available on Amazon.