Getting the most from your client advisory board

These steps will help you keep the conversation at a CAB meeting on track and keep clients in the loop long after the meeting is over:

> Invite an expert
Let a facilitator do the work of chairing your CAB meeting.

Mediating a CAB meeting requires special expertise, says Julie Littlechild, president of Advisor Impact Inc., with offices New York and Toronto. “It takes a certain amount of skill to be able to step back and not take anything [said during the meeting] personally.”

You may choose to hire a professional facilitator or invite someone you think has the necessary skills to mediate the discussion. Evans, for example, invites a wholesaler from a fund company to mediate her CAB meetings.

“Their role [is] to moderate the meeting so that I [can] just sit back and listen,” she says. “When people are responding to the facilitator, very often you’ll get more discussion, more brainstorming and more candid feedback.”

Evans introduces the facilitator as an acquaintance or an industry consultant.

> Go solo
While it’s usually a good idea to include team members at most events, a CAB meeting is an exception.

Even if you have support staff, you should attend the event by yourself, says Evans. That way you can ask clients about your staff and receive candid answers.

> Show you were listening
What you do after the meeting is as important as the meeting itself. It is important to have a follow-up plan.

Within two weeks of the meeting, send those who attended a summary of what was discussed and any action you plan to take as a result of the feedback, says Evans. Make sure you discuss the notes with your team before forwarding them to clients.

Sending summary notes to clients tells them that you have heard their concerns, according to Evans. It also gives clients a chance to make corrections or clarifications if it appears you misinterpreted anything.

As well, you can follow up with the CAB three or six months later. Write another letter — or schedule another meeting if you feel it’s warranted — to outline the changes you have made as a result of clients’ input, Evans says.

> Have a post-mortem
Write down a few notes about what worked and what didn’t with the CAB.

“Do your own debrief notes on how you can improve the event next time,” says Evans. Those notes can then act as a template for a future CAB.

> Show your appreciation
Give clients who attend the CAB meeting a small gift or token as a thank-you, says Evans. Be strategic with the gift. Make sure it’s something tangible, useful and reminds the client of you and your business.

For example, at past events Evans has given out pens with a USB keys inside them.

IE