Just as you qualify a potential advisor they will be qualifying you and your company.  The questions are relevant for a newly forming advisory board and one that has been in existence.  Astute prospects are likely to ask some of the following questions:

1. Why are you interested in me as an advisor?
2. What role would I play on the advisory board?  This addresses what skills and experiences you want to tap.
3. What is unique about your company that would be of interest to me?
4. If I join what benefit would I get from serving?
5. What is the full compliment of advisory skills and experiences you are recruiting?  Which have been filled?
6. What are your expectations as to my availability and access to my contacts?
7. How long would I be expected to serve?

For a company with an existing advisory board you can anticipate these questions:

1. Have any advisors resigned and if yes, what were their reasons?
2. Where does the advisory board get bogged down, specifically what topics do they have problems addressing?
3. Do members meet outside of the regularly scheduled meetings or only tend to see each other at meetings?  This question is the potential advisor’s way of determining what relationship-building opportunities exist and therefore future business or referrals.

Very often these questions will be asked as you’re scheduling the first or second meeting.  The prospect will be evaluating whether it’s worth their time to consider the opportunity never mind agree to it.  If a prospect doesn’t ask some of these questions you’ve either done an outstanding job or they really aren’t that savvy.

What other questions would you ask initially if requested to join an advisory board?

As a contract CFO and financial consultant I have noted over the years the dearth of financial literacy education there is in the public schools.  To bridge this rather wide education gap here are a few resources and events in preparation of April being Financial Literacy Month.  I will update and add as more become known.

Save the date of April 19, 2010 from 9-11 AM Central for the 2010 Financial Literacy and Education Summit. This is a live webcast taking place at the Federal Reserve Bank of Chicago.  Click the link and register now as space is limited.  If you live in the Chicago area it may be possible to attend the event.

A New Financial Guidance Tool - Hello Wallet which calls itself a “money guidance service” launched recently.  See the post New Tools for Financial Planning Advice on the NY Times blog “Bucks” which compares it against Mint.com and SmartMoney’s LifePlan.  Hello Wallet is currently offering a free 30 day trial.  Make sure to check it out and let me know how well it worked for you.

Teaching Youth Financial Literacy – Many people today would not be in the financial bind they are had they been taught basic practical money skills while in junior and senior high school. Even today the courses that do sometimes exist are electives and not requirements.  Filling that gap for today’s youth is the National Youth Financial Educators Council. Visit the site for the many programs offered.