This was before my time, but they tell me that cold calling was once a very effective marketing strategy — until, of course, it wasn’t. I remember when advisory firms routinely attracted dozens and sometimes hundreds of prospects to cheesy prepackaged seminars, until attendance gradually began to slip away.

Now I’m hearing that the most recent marketing innovation, client appreciation events where clients are invited to bring along their friends, is starting to lose its effectiveness, either because clients are no longer bringing their friends, or because their guests are too far outside the advisory firm’s target market.

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