Pros and Cons of Serving on Boards

Many of you reading this post are at the peak of your careers. You’ve probably been asked to join multiple boards and wondering it’s worth it. Sitting on boards can be a great way to boost your credentials and give back to organizations you support. But, there is often a bigger time commitment than expected. It can take longer to get things done than you’re used to and there’s potential liability exposure.

To help us understand the pros and cons of sitting on boards, we reached out to several HB clients who are highly sought by a variety business, academic and not-for-profit organizations.

Blake Christian, CPA  a partner of HCVT in Long Beach, CA said the most important decision to consider is whether or not you have the right skill set for the particular board. “You should ask the board members what the strengths, weaknesses, opportunities and threats are to the future business plan for the entity--as well as the areas of expertise of the current board members. You will also want to understand the time commitment involved, the frequency of board meetings, the time of day the meetings are held and whether you are also expected to sit on a committee to deal with other entity issues,” added Christian, author of the forthcoming book, Benefits of Becoming A CPA-Preneur .

Matt Topley, chief investment officer of Fortis Wealth told me he not only wants to make a difference, but enjoys the opportunity to learn from fellow board members who come from different industries and professions. Topley stressed the importance of making sure your values and work style is consistent with the other board members. “If you’re very action-oriented like I am—make sure the board is equally action-oriented and not filled with members who serve to socialize or pad their resumes,” added Topley, a 2018 Philadelphia Inquirer Influencer in Finance award winner.

According to Christian, “If your skills fill shortfalls within the board, then you are likely a good match. For example, if the entity is having trouble getting funding and you have skills with grant-writing, banking, capital campaigns, etc., then that is a good match.  If they are looking to improve their financial controls, forecasting, etc. and you have accounting expertise, again that can be a good match.”

When Topley joined the board of his alma mater, Holy Family University in 2010, the school was experiencing significant financial challenges as many small colleges do. “I chair the endowment committee and serve on the audit committee. With a new focus on financial metrics, Holy Family is now on solid financial footing with an increased enrollment. Holy Family is now one of the Philadelphia areas, top-ranked schools in terms of cost-versus-return and graduate job placement,” noted Topley.

Christian, who has served on over 25 boards during his career, recommends that prospective board members do their due diligence before joining.  “Review their historical financial statements and check out the founders and board members to ensure they have the expertise and solid reputations.  Then attend at least one board meeting or committee meeting to get a feel for the style and competency of the board. You will also want to make sure the entity has adequate insurance policies for the board members.  It is not uncommon for boards to be sued for their actions or inactions,” added Christian.

Conclusion

Cynics would say “No good deed ever goes unpunished.” But if you do your homework about a board and join for the right reasons, chances are you’ll find it highly rewarding both professionally and personally.

TAGS: Joining boards, board involvement, @taxcredits_CPA , @MattTopley, Blake Christian, Matt Topley,

Getting Quoted in The Journal Is Not Impossible, But……

Research shows that getting mentioned in the press is one of the most effective ways for financial advisors to enhance their personal brands and to become bona fide thought leaders. But, the competition for journalists' attention is fierce. Not only are PR folks pitching them constantly, but so are financial professionals themselves and/or their agencies. 

The media industry has changed dramatically over the past few years. The number of journalists has shrunk, but the number of stories editors expect to be filed has increased as so much content has moved to the Web. 

According to Rich Chernela, a veteran financial media relations professional who has recently joined our firm, “Journalists are expected to update stories repeatedly and there are fewer and fewer in-depth stories. A number of reporters I know have complained to me that they are limited to 500 word stories. This leaves very little room for anything but top line info and very little, if any, analysis.”

So, how do I get coverage (that counts)?

Chernela says the old fashioned PR approach of introducing sources to journalists for future commentary remains a key element of any PR program. That said, the tried and true approach has become more difficult in light of the factors mentioned above. “This leaves journalists little time to break away for background meetings or phone calls—let alone lunch.”

TIP: Whether you’re doing your media outreach by yourself or with an agency, make sure you are VERY FAMILIAR with the topics and industries the journalist covers and show some evidence that you’ve read a few of their recent articles. It’s an instant red flag when a journalist receives a pitch that’s way out of his or her target area and you might not get a second chance to get on their radar.


Make a journalist’s life easier

A creative PR person can get the attention of a journalist with a clever story idea that identifies a trend or issue that is being overlooked.  A good PR person should be monitoring breaking news and quickly identifying journalists whose beats are relevant to the breaking news and contract them to offer a client for comment. 

“To break through the noise, a PR person must know the client's take on the topic,” added Chernela.  “Journalists don't want to hear about someone who can comment on a hot topic or issue--they want a source who is not just credentialed, but who has an authoritative and unique take on the issue.”

Speaking of media attention

• Our client Anthony Glomski, founder of AG Asset Advisory was quoted in Forbes this week Why Many Entrepreneurs Are Missing Opportunities To Maximize Their Wealth. 
• Meanwhile, Kyle Walters, (L&H CPAs) has been a twice-monthly guest columnist in Accounting Today and was just named to Accounting Today’s Top People to Watch list for 2018.
• Matt Topley (Fortis Wealth) was featured in Advisor News (So, Your Client’s Child Is An Elite Athlete – How Do You Plan Financially For That?) ….and his colleague, Randy Hubschmidt, was recently quoted in US News & World Report (Take a Crash Course in Student Housing Investments).
• James Nevers (Soundmark Wealth) recently shared his thoughts about planned giving in the Self Magazine financial planning guide (What Financial Planners Want You to Know Before You Donate to Charity).
  Conclusion

We can’t guarantee you’ll see results like those of our clients above. But if you do your homework and follow our plan, you’ll be more than ready when the right media opportunities come knocking.

TAGS: Rich Chernela, Kyle Walters, Anthony Glomski, Matt Topley, Randy Hubschmidt, James Nevers,