Develop a Board of Advisors

How to Develop a Board of Advisors to Support Your Growth
By Harry P. Hoopis, CLU ChFC
Managing Partner
GAMA International Hall of Fame Inductee
GAMA International Executive Board
GAMA International Foundation Chair

We all have a few clients or friends who are key to our practice because they refer good prospects to us. An idea that has proven useful to many associates in our office has been to nurture these special relationships by creating a Board of Advisors. Placing key community leaders in an active role in your organization provides you with a great opportunity to prospect with them and get referrals from them.

One of our associates just held a client-appreciation event. Afterwards, one of the members of his Board of Advisors gave him a favorable introduction to the president of his company. Our associate has developed an effective working relationship with that executive and is doing a considerable amount of business with the company.

Formalizing the Board of Advisors is critical to the success of the concept. Make sure the advisors on your board understand that their purpose is to help you build your business by helping you recognize marketing opportunities you might not have developed on your own and by introducing to you highly successful individuals within their realm of influence. Not only will your Board of Advisors provide you with a broad spectrum of marketing expertise; this esteemed group also represents a rich source of high-quality prospects and referrals.

Review your business plans with these key community leaders. Get their advice and test your marketing skills and ideas on them. Ask them to be critical and to suggest ways that you can improve your marketing plan and activities.

Start with a conversation with key leaders in your community, each in a different profession and invite them to sit on your advisory board. We have found that most community leaders appreciate the fact that we value their opinions enough to ask them to serve on our board. In addition to the prestige aspect of serving in this role, your board members will benefit from getting to know, and forming business relationships with, the other key community leaders who are also on the board.

Have a kickoff dinner meeting at an upscale restaurant. Have an agenda, state your purpose and objectives, and allow the participants to get to know each other. Clarify your expectations.

Follow up with your Board of Advisors individually, at least quarterly, to inform them about your progress. Most likely, they will be important contacts for you even after they have rotated off of your Board of Advisors