How to Create and Manage an Advisory Board that Improves the Client Experience and Raises Practice Profitability. In one study of small businesses, sales growth rates were three times greater  or companies that instituted an advisory board versus companies that did not, while productivity growth for firms with an advisory board was nearly double that of companies without one.

It sounds perfectly reasonable to suggest that any business owner who seeks the advice of smart, experienced professionals—or the insights of their best customers— should prosper more than those business owners that choose to keep their own counsel or assume they know what’s best for their clients.

Yet, despite the range of business benefits it offers, many financial advisors do not have one to help shape the future of their firms. The hesitation to form a board may be due to a variety of visceral concerns, including the added commitment of time and energy, the potential of outside input to create additional headaches, or even the fear that it may communicate a shortfall in an advisor’s level of self-confidence or competence.

Advisory Board, Defined

An advisory board is a small group of individuals who are selected by a business owner to provide insights and opinions on a range of issues, such as client services, marketing, setting business priorities, online experience, etc.

The Benefits of an Advisory Board

In hyper-competitive marketplaces, like the financial advisory business, it is essential that companies “stay close to their customers,” which is to say that customers’ needs should drive business  actions. However, that’s no longer enough. Businesses must constantly seek to deliver superior customer value, or customers simply move on. The fundamental challenge for advisors is ascertaining exactly what their clients truly value.

In this whitepaper, “Double Your Sales Growth with an Advisory Board”, we address the misgivings many advisors may have about implementing an advisory board, examine the benefits of having one, how to properly structure a board to accomplish business objectives and manage it for maximum effect, and why forming an advisory board may be the most effective step advisors can take to grow their practices.

Click here to download the whitepaper.

Please reference disclosures: https://blog-dev.americanportfolios.com/disclosures/