Insights from the experts in investment fiduciary responsibility.

Fiduciary Links: Have you considered an advisory council?

Posted by Ben Aikin on May 13, 2013

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>>>>Advisory councils are not something new to the financial services industry, but an article in InvestmentNews this week highlights why advisors may want to consider creating one.  If you’re willing and able to commit the time and thick-skinned enough to actively solicit constructive criticism, it can certainly pay dividends.  Council members are typically current clients who are encouraged to provide feedback about what they like and, perhaps more importantly, don’t like about you, your organization, and the services you provide.  There are many questions that relate to starting and maintaining an advisory council such as 1) size, 2) make-up, 3) frequency of meetings, and 4) feedback methods, so it behooves those interested to speak with someone that has already gone down this path, or hire a coach to help you through the process. In fact, two fi360 employees were recently asked to join an advisory council for an investment advisor in the Pittsburgh area.  In this case, the council includes current clients, peers, and personal acquaintances. 

On a semi-related topic, RIABiz published a column of five questions advisors need to be prepared to answer from prospective client, mostly geared to defining what type of person you are as an advisor.

It is interesting that these two pieces offer takes on connecting with clients on a personal level, which just might help you gain some insights into what part of your processes are or are not resonating. 

Now on to the rest of the best links from last week:

News and columns from the leading trade, consumer, and mainstream media:

From the organizations/associations/government/academia: 

From the blogs:

Articles your clients are reading (or should be):

Have a link we missed? Leave them in the comments section or email us at For more of the best links during the week, make sure you follow us on Twitter.  

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