Advisory boards are versatile. They can be general in scope or address the needs of particular groups or markets. Advisory boards can broaden the spectrum of input a bank receives without expanding the official board beyond an efficient number of directors. Advisory boards can be a training and proving ground for people you may want to invite onto the official board when an opening arises. Advisory boards can attract helpful people who, from fear of liability or due to time constraints, don't want to be official bank directors.
Advisory boards can provide new business opportunities through word of mouth referrals.
Advisory boards need careful planning and continued attention to become effective sources of information and business. Without the nurturing of senior management, advisory boards slots may become, at best, honorary positions and, at worst something of a joke. To order this Community BankTools Policy Guide, note the catalog number and click here . E-mail the ABA Webmaster.