Consultants will suggest ways to remake your institution, and trade magazines will tell you about the business opportunities you're missing. And while your directors may have some strong ideas about how you should run the show, no doubt, you've got some ideas of your own. And, not least of all, advisory boards can generate additional business. This BankTools will help you determine if you should start an advisory board and how you can create the most effective boards. It includes checklists that will guide you in tailoring an advisory board for your institution and case studies that provide models for success.
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.