As a financial planner, you already know that your most successful clients are sources of insight, influence, and opportunity. But what if you could bring a few of them together and tap into their collective wisdom?
That’s exactly what a Client Advisory Board does.
While common in other industries, Advisory Boards are still underutilized in wealth management practices. Yet, they represent one of the most powerful tools available for deepening relationships, gaining strategic insight, and driving organic growth.
What Is a Client Advisory Board?
A Client Advisory Board is a handpicked group of successful, thoughtful clients who meet a few times a year to provide feedback on your business, offer insights based on their own experiences, and help you think more strategically about the future of your practice.
This is not a fiduciary board or decision-making body—it’s an informal, collaborative group designed to help you grow smarter and serve better.
Why Every Financial Planner Should Consider One
- Deepens Client Engagement: When you invite clients into a trusted inner circle, you elevate the relationship. They feel seen, valued, and heard—not just as clients, but as partners in your mission.
- Uncovers Blind Spots: You get access to unfiltered feedback on everything from communication and service to how your value is perceived. Your clients may see opportunities or pain points you’ve missed.
- Inspires Growth Ideas: Great clients are often leaders in their own right. Their insights can spark new ways of thinking about branding, niche markets, technology, and business development.
- Drives Organic Referrals: Clients who are engaged at this level naturally become advocates. Many advisors report that Advisory Board members are among their most active sources of introductions and referrals.
How to Get Started
The good news: You don’t need a complicated system to launch your own Advisory Board. A few thoughtful steps can make a big impact.
- Identify 6–10 Ideal Clients: Look for clients who are articulate, engaged, and represent the types of relationships you’d love to replicate. Diversity of experience and background can make the conversations richer.
- Set Expectations Early: Make it clear that this is not a time commitment-heavy group—just a 2-hour quarterly meeting. Emphasize that their role is advisory, not fiduciary.
- Choose the Right Setting: Keep it professional but relaxed. A private dining room, your office boardroom, or even a casual dinner setting works well. What matters most is creating an environment for open conversation.
- Create a Simple Meeting Plan: Your first meeting should focus on vision, purpose, and connection. In future meetings, rotate themes—client experience, growth ideas, market trends, and brand positioning are great topics.
- Follow Up & Keep the Energy High: Send quarterly updates, share how their feedback is being applied, and create opportunities for informal connection outside the meetings (like dinners, golf, or charitable events).
A well-run Client Advisory Board becomes more than just a sounding board—it becomes a growth engine.
It helps you make smarter business decisions, deepens your best relationships, and positions your clients as active champions of your success. In a world where trust and human connection are everything, inviting your clients into the strategic fold just might be the smartest move you make this year.
Want a ready-to-use Advisory Board Framework? We’ve built a framework that you can customize…Just reach out and we’ll get it in your hands.
