Gift giving is a sign of respect in many cultures. It is a way of saying thank you for your customer loyalty.
In Louisiana, the expression lagnaippe means “something extra.” The New Orleans Tourism Authority gives the example of the restaurant comping you a free dessert. The expression “Bakers dozen” has roots back in England. It means when you buy a dozen bagels or rolls, you might get 13 in total.
Client gifts don’t need to be lavish or expensive. They should be thoughtful.
What can you buy at a reasonable price? Financial Industry Regulatory Authority Rule 3220 puts the threshold at $100 for a person annually.
One logical reason is it should not appear to be a kickback on fees or commissions. You might have some clients where a $100 gift sounds right. You might have others where a $10 or $25 gift would send the right message. At any price point, you can give a gift that comes with the “wow” factor and not spend a fortune.
1. Chocolate Truffles
Cost: $15+
When we travel, we bring boxes for the flight crew and hotel staff. Half-pound boxes of handmade truffles from a great local artisan cost about $15/box. Our financial advisor sends us truffles from Li-Lac Chocolates in New York. Those likely cost her more!
2. Johnnie Walker Gift Sets
Cost: $30-$90
Johnnie Walker Blue Label has a reputation that precedes it, but a 750 ml bottle soars past the $100 threshold. They also make a set of four bottles, each 200 ml, of their Black (12 years), Gold (18 years), Gold Reserve and Blue (25 years). That runs about $90. They also make a set of five 50 ml bottles, including Black, Gold and Blue at about $30.
3. Framed Photo of Your Client Having Fun
Cost: $20 or less
Who does not like a photo of themselves? You need to find that photo, which could be easy if you socialize or they recently attended a firm event. The photo must be flattering. Get a nice sized print, buy a frame, mount it and wrap it.
4. Serrano Ham on Bone
Cost: $99.95
