We’ve long debated the usage of client advisory boards. Are they a valuable addition to your practice? Or just a ploy to get more referrals? The verdict? Well, it all depends on how you use them.
We’ve seen more than a few advisors go down this path purely for the referrals. Their advisory board meetings all have essentially the same theme – how can you help me grow? It’s too obvious, too contrived, and doesn’t create advocates.
Advisory boards done properly, however, can be a great asset to your business. They involve spending quality time with your clients and talking actively about how to improve your operations.
The Benefits of a Client Advisory Board
Let’s start by exploring why advisory boards can have an impact. Here’s what you’ll accomplish:
- Deeper Client Relationships: By involving clients in your decision-making process, you’re creating a bond that goes beyond the typical advisor/client relationship.
- Better Feedback: Advisory boards provide a platform for open, honest feedback from those who know your services best – your clients.
- COI Credibility: Giving COIs a behind-the-scenes look at your practice will give them more confidence in your abilities.
- Willing References: Most Advisory board members are happy to act as a reference for new potential clients.
Ultimately, yes, this will lead to more referrals. It happens naturally as your client service and deliverables improve. Plus, you tend to get more referrals from the clients and COIs that are involved in your advisory board.
Forming Your Client Advisory Board
If you’re thinking of forming a client advisory board, here are some things to keep in mind:
- Determine Your Board Members: Make a list of 6-8 clients and 1-2 COIs you’d like to invite. Focus on those you consider “ideal clients,” as their advice will be most helpful in finding others like them. If they have leadership and board experience, that’s even better.
- Choose a Location: Working dinners are a common format. The venue should be nice but doesn’t need to be over-the-top. You want to be able to converse, share ideas, and enjoy each other’s company.
- Make Your Invites: Invite people verbally or in person. Explain the purpose of the advisory board and describe what their involvement would entail. Emphasize the value of their input to your practice.
- Determine a Moderator: Ideally, an external facilitator should moderate your meetings. This ensures neutrality and can help in steering the discussions. Consider a wholesaler, a coach, or someone in your firm’s management team.
- Set the Agenda: The agenda should be client-centric. Include items like service improvements, new offerings, and client experience enhancements. Send the agenda in advance.
- Host a Great Meeting: Keep the mood light but professional. Encourage interaction and honest feedback. Go overboard in thanking them for their willingness to help.
- Follow-up: Share a summary of discussions and any action plans. This demonstrates that you value their input and are committed to making improvements. For example, if your board comes up with a great idea for a client event, put a date on the calendar and invite them to participate.
Crafting an Initial Agenda
Your meeting agendas will evolve over time. That said, here’s a sample agenda to get your creative juices flowing and help you host your first meeting. Feel free to modify it to fit your practice.
Welcome and Introduction (15 minutes)
- Greet members and thank them for participating.
- Brief introductions from each advisor board member.
- Purpose of the Client Advisory Board
Service Discussions (20 minutes)
- How would you describe our client service?
- What’s most important to you in terms of a high-quality client service experience?
- Fill in the blank: It would be nice if you _______?
Behind the Scenes (10 minutes)
- Introduce new projects, services, or concepts you’re working on.
- Request feedback from members.
Open Forum (10 minutes)
- Allow members to discuss additional topics or concerns.
Closing Remarks (5 minutes)
- Express gratitude for members’ input and time.
- Reaffirm your dedication to incorporating their feedback.
A client advisory board is more than just a feedback tool; it’s a strategic asset. By integrating client insights into your business, you’ll enhance client relationships, tailor your services more effectively, and drive your business toward greater success.
