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?
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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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