As financial advisors, we like to explore the big picture of both your professional and personal goals. At the root of that discussion is, what are you doing in your professional life that will enable you to fund and enjoy your personal life? Interestingly, we sometimes stumble into conversations where our relationships will say in passing, “I might also seek to join a Board…” That’s when we say, “Fantastic! But let’s talk about why and how you want to do that.”
There are all kinds of reasons to seek a Board position to raise your professional profile. Some benefits include:
Broadening your knowledge base in an industry that is tangential (or even not related) to your own, but that gives you an opportunity to critically think and problem solve in a way that might help your own organization
Expansion of your professional network in ways that could introduce new advisors or mentors to your personal development or the development of your business or employer
Opportunities to provide mentorship to others outside of your organization, which can help you learn to be a better manager in your own workplace
Learning leadership skills from your peers. Great coaches frequently tell their athletes to identify what skills and strategies they fear from their most threatening opponents, and learn and copy what they do!
But why discuss these things with your financial advisor? Because your financial advisor is uniquely equipped to help you evaluate over time whether the time and effort you allocate to your Board position is paying off in your financial growth plan. Additionally, financial advisors are routinely exposed to a multitude of industries and corporate structures, and can work with you to determine what kind of Board position makes most sense within the context of your personal financial plan.
Harvard Business Review published a report in 2016 that stated, “We found that serving on a board increases an executive’s likelihood of being promoted as a first-time CEO to an S&P 1500 firm by 44%–and even if they weren’t promoted, we found that serving boosts an executive’s subsequent annual pay by 13%.” [1]
As your financial co-pilot, Regent Peak Wealth Advisors is here to help you plan for your current professional goals, that will help you achieve your future personal goals.
[1] https://hbr.org/2016/05/serving-on-boards-helps-executives-get-promoted