Now that Thanksgiving has passed, it’s time to consider your clients’ holiday gifts. A gift conveys your regard for the recipient and their relationship with you. Perhaps that’s why the bar of self-imposed expectation is raised higher each year. The most challenging issue is what to buy the client who really has everything he needs. We toy with originality. We tend to run wild with ideas until we remember the FINRA Rule 3060; a gift limit of $100 per individual recipient per year. You can review the complete FINRA gift policy here.
Financial firms’ gift policies run the gamut from the cerebral to the sublime. We’ve seen gifts of everything from food items (consumables), to books of note (readables), to a variety of desk items : clocks, paperweights and historical artifacts (collectibles). Many holiday gifts that would delight certain clients may confound others, such as bottles of scotch or an iTunes gift card. That’s why many professionals have an “A” and “B” gift idea and select recipients accordingly.
Here are some common gift ideas:
- Chocolate novelties. A local chocolatier was only too happy to create a holiday mold for our chocolate holiday greetings one year. We liked it so much, we sent holiday chocolates at least three times and may well return to the chocolate theme. Be aware of any clients who may be diabetic or have other health reasons to avoid candy and plan accordingly.
- Food is a common gift theme. You can find food vendors and gift baskets for smoked salmon, cheeses, popcorn and other varied assortment themes. Most suppliers will willingly enclose your gift card and may handle shipping for an additional cost.
- Locally themed gift items can be a novelty to clients who live distant from your office. We have shipped Baltimore Coffee & Tea with custom mugs, while more adventurous givers here in Maryland have shipped Crab Soup and other delicacies. Local flair evokes interesting comments and good conversation.
- To promo or not to promo? Most experts suggest you not send branded promotional items at Christmas. We broke that rule the year we sent windproof umbrellas brandishing our firm’s logo several years back. They were a hit; and clients still report tales of being saved by the umbrella from a flash of inclement weather.
John Leahy, president and founder of Target Marketing, one of the largest gift and promotional products distributors on the east coast suggests you do not have to spend a lot of money to get a quality gift. And if it is branded, be subtle. “One year we gave a ceramic and stainless coffee mug with a Starbucks coffee sampler to our clients- cost about $10-12.00 each,” Leahy said. For the higher end gift, the digital picture frames still are very popular, but put your logo on the back of the frame, if you must.” You can link to www.tmgcatalog.com for more ideas.
“From our experience, it is all about creating goodwill! A valued client or business partner will always appreciate the thought and the message that goes along with any gift. We would always counsel to be sure the gift is of the highest quality given your budget,” says Leahy.
Once you have selected the gift, the accompanying message is equally important. Focus your holiday message on how you value their relationship and thank them for their business, wishing them happiness and prosperity in the new year. A few well-placed words can go just as far as the gift itself. Finally, remember the first rule: it’s the thought that counts.
LederMark Communications is a financial services marketing firm that helps advisors, portfolio managers and firms grow their businesses with effective marketing strategy and communications.
