The Importance Of Setting Clear Objectives For A Client Advisory Board Hot

stephenw585stephenw585  
 
 
0.0 (0)
Write Review

If you have read me, you know I believe a client advisory board to be the most powerful tool in an advisors arsenal to gather client feedback and drive marketing and strategy. So I thought it would be interesting to hear from an advisor I deeply respect whose advisory board experience was not so profound.

 

"It wasn't a failure" reports Boone, "but there weren't any surprises. There weren't any a-ha’s."

 

Reflecting on the experience, he has an idea why he didn't get more out of it. When asked what he would recommend to another advisor considering a board, he said "have some very clear questions about what you want to get out of it and what the client is going to get out of it." On his experience he reflects "that was one of the big weaknesses -  I'm not sure we had very clear objectives."

 

Norm, who is President of Mosaic Financial Partners and founder of IPS AdvisorPro, describes his firm's goals for pulling clients together as "to see how we were doing." He believes now that not being specific enough about what they wanted to learn or what they wanted to improve contributed significantly to the disappointing results.

 

I couldn't agree more. If the main thing you want to learn from your clients is how you are doing in addressing their needs, let me save you the trouble and cost: you're doing great. They love you. That’s why they remain your clients. And, remember – you are likely picking the people you consider to be your best clients for your board, so it is unlikely you will be picking people who are generally dissatisfied with you.

 

Boone's experience illustrates how critical it is to formulate the right objectives. If you want meaningful feedback, you need meaningful questions. Don't ask "are you happy," ask "what are the three things we do that are most significant in making you a happy client?" When asked a general question, advisory board members will do what any person would do – give you a superficial and general answer. To get value, you will need to dig down into it and find out what's underneath. Better feedback is dependent on better questions. These clients have signed on to be your advisors – engage them as they would engage you as their advisor.

 

Boone is not opposed to bring his board back together. "We have no meetings contemplated right now, but we may meet again." If he does, one thing is certain: it will be because they want to learn something specific.

This Website Is For Financial Professionals Only


User reviews

There are no user reviews for this listing.
Already have an account? or Create an account

A Strategically Focused CE Curriculum

With classes approved for over a decade by the CFP Board, IWI, and NASBA, Advisors4Advisors CE classes are an optimal knowledge stream for CFP®, CIMA®, CPA, CPA/PFS®, CFA®, and other practitioners. It's not a grab bag of speakers willing to sponsor CE content. Nor is it a one-man CE course. It's a group of subject matter experts with amazing communication skills and a history of thought leadership that, together, give advisors a well-rounded knowledge system for running a professional practice ethically and intelligently.

CE Since October 2008

A4A CE classes for financial professionals began in October 2008, the week Lehman Bros. collapsed. Initially billed as “The Financial Crisis Webinar Series,” A4A connects advisors with authoritative sources on investing, tax, and financial planning, chosen by A4A Editor Andrew Gluck, a veteran financial reporter. A4A members get a stream of CE classes for an advisor who: 

  • holds a CFP®, CIMA®, CPA, CPA/PFS, CFA or other designation requiring CE annually 
  • values monthly CE classes by Fritz Meyer, Craig Israelsen, Frank Murtha, or Andrew Gluck
  • diversifies a core of client portfolios in low-expense funds
  • invests based on MPT and economic fundamentals
  • advises on tax and financial planning as well as investing
  • needs financial counseling skills
  • wants the Certified Financial Counselor™ designation 
  • is building a brand as a thought leader locally or in a niche
  • wants the facts when bad news breaks
  • wants CE aligned with a content marketing system
  • wants 24/7 access to CE on-demand
  • insists on objective evidenced-based tax and investment planning analysis

 

MEMBER REVIEWS 
William Desormeau, Jr.  
It is not possible for me to overstate the cumulative value that Craig and Fritz have added for over 10 years to my investment advisory practice, as well as for personal and family financial planning. A4A gets my highest recommendation
Lynn Najman, CFP®
I’ve subscribed to A4A since its inception, and always find it intellectually stimulating and on point. It’s one of the few CE solutions out there that doesn’t waste my time by pushing product or talking down to me.

PeteDeacon-CPA-CFP
Pete Deacon, CPA, CFP®
A4A has had a profound effect on my business. Since 2009, I’ve relied on the consistent messaging and updates to run my business successfully. Being able to present the information from Fritz, and Craig's ongoing CE webinars has been a significant benefit.

fredericMayersen-phd-cfp
Fredric Mayerson, MBA, PhD, CFP®
I've been a financial professional and professor of finance for 35 years and find Fritz Meyer to be among the most engaging, incredibly knowledgeable, and experienced presenters I’ve encountered. They deliver an extraordinary amount of information in an extremely interesting way — sequentially and developmentally, utilizing pedagogical tools and techniques that few possess.  A4A to is the most consistently excellent CE program available.  
Ron Roge, MS, CFP®
I’ve been attending A4A many years because the CE classes are outstanding, and my time is valuable. Though I have over 35 years of experience, I’m always learning something new on A4A. I attend fewer conferences now because the CE is generally not advanced. If you want to learn from the best, in a faster, easier, and less expensive way, I highly recommend A4A.

John R. Day, CPA/PFS®

I’ve been a member since 2011 and never miss the monthly webinars with Fritz Meyer. I appreciate Fritz’s independent views on the economy keeps me updated on excellent  planning ideas. A4A is a great value!
NormanPolitzinerCFP

Norman Politziner, CFP

I wouldn't miss a Fritz Meyer webinar unless my pants were on fire. I've relied on Andrew Gluck's knowledge systems --client communications and CE -- for two decades. It's simply the best solution for tax, financial, investment, and risk-management professionals.®   

Dan Hawley, CFP® 

A4A, for over a decade, has been a great resource for useful and accurate information and CE. A4A and Advisor Products are bargains for an advisory practice. 

KevinBrosious-CFP-CPA-PFS

Kevin Brosious, MBA, CFP®, CPA/PFS®

I get CPA CE credit and CFP credit for the webinars.  But not only that, the A4A content is terrific