PWM/AM Client Gift Buying Habits
Those of you in PWM, how often do you buy gifts for your clients? What occasions? And how do you go about picking out the gifts?
Jul 18, 2014
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how often? ad hoc
occasions? sending new business, milestone (retirement, anniversary, child's graduation, etc.), sometimes birthday, if in hospital
picking out? specific to the client. I'm not a fan of just spending money to show that you spent money. people would rather have something that costs $40 that is personalized and well thought out than a $200 gift card to Fleming's.
My manager takes a few clients to baseball games, that's one personal gift I can think of on top of my head.
Gifting to clients is ad hoc at our firm. A few months ago a Venezuelan client turned 50. We got him a gold headed cane owned by a president of VZ 100+ years ago. It cost about $12K at auction. He loved it.
@"ErnstBlofeld" My sense is you didn't concur this.
could've said it was for his entire family. what's the rule: $100 per client per broker? since my team has 4 brokers that's $400 per person, double that for couples, you're up to $800 per couple. if there's at least 15 couples in his family, you could maybe get away with it, but yeah my firm wouldn't reimburse a $12,000 receipt.
Solution: Mormon.
If you're a big enough producer the sky is the limit unless it is excessive luxury and i'm sure this would set compliance off (at least at my firm : Big Wirehouse)
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