For wealth managers, private banks and family offices, looking after a family can mean much more than looking after its assets. So, could client hospitality do more too?
There is of course nothing wrong with Wimbledon, nor with Ascot, Henley, a great restaurant or any of the other tried-and-tested ways of entertaining valued clients. All excellent days out…
…But what do you give the client who has already done all of them?
And, more interestingly, could you give them something that has lasting value beyond the day itself?
Anyone who works closely with wealthy families knows that wealth management involves much more than tax planning, and the wealth itself. As assets pass between generations, questions of family become increasingly important too:
At Sharky + George, we think there is a powerful, perhaps unexpected way to work towards answering these questions: play.
We have spent nearly twenty years observing what happens when people are given something truly absorbing to do together. One of the most interesting things is the way normal roles can disappear very quickly.
It’s extraordinary how, when a family is given a treasure hunt, mystery or challenge, people show a different side to themselves and everyone sees each other in a new light. People who normally occupy quite fixed roles – parent, grandparent, teenager – are suddenly just equal members of the same team, trying to solve the same problem.
This is why we think play presents a real opportunity for wealth managers, private banks, family offices and others working with private clients. Much more than giving a family a lovely day out, you can give them an experience to have together.
Sharky + George can create a spectacular event for a group of client families, or an entirely bespoke adventure for one particular family.
Either way, grandparents, parents, teenagers and children spend meaningful time together and are drawn into the same narrative, so that generational differences and awkwardnesses are put aside and they invariably cooperate, improvise and solve problems together. The benefits can last long after the event, so that it becomes something valuable to the family itself.
It’s very difficult for any activity other than play to replicate this kind of natural connection and bonding. And it never feels like a family ‘workshop’ because they also invariably have an enormous laugh and an incredible, memorable day.
There is some serious thinking behind all this. Our Transformational Power of Play explores why well-designed play is so effective at bringing people together.
Great play creates Connection: people become absorbed in a shared experience and relationships develop through doing rather than talking.
One of the results is Belonging: stronger bonds, greater trust and the feeling of being part of something together. Another is Vitality: the sheer energy and joy that comes from forgetting about everyday responsibilities and properly playing for a while.
Read more about the Transformational Power of Play.
Finally, there is another notable difference from conventional client hospitality. A client can buy their own Centre Court tickets or book their own table, but it’s much harder to buy an experience that gets three generations of their family completely caught up in the same adventure, and leaves them talking about it long afterwards.
That might just be a rather impressive thing to give them.
Talk to us about creating an incredible family experience for your clients.
