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Mountain or Molehill? How Do You Build Your Strategic Alliances?

Building and maintaining strategic alliance’s does not need to be viewed as a mountain that can’t be climbed Choose to climb the molehill instead and you will put the process of strategic alliance planning into proper perspective.  This is not to say that developing and reviewing your plan won’t take a lot of hard work and preparation; all relationships do.   Building your strategic alliances and/or partners is the same.

We have found that most advisors have not taken the time to invest in building strategic alliances, much less start to develop a plan.  Yet, those that build alliances generate higher revenues and profits.   It only takes a small number of strategic partners to have a positive impact within your firm.  

In our blog, Strategic Alliances Build A Foundation For Long-Term Success, https://aeschlapia.wordpress.com/2012/04/30/strategic-alliances-build-a-foundation-for-long-term-success/, we reviewed the steps you should include when developing your Strategic Alliance Plan.

Don’t make your strategic alliance plan a mountain; it only needs to be a molehill

Many advisors avoid the process of creating strategic alliances because it appears to be an overwhelming project with diminutive benefits.  Reality is, by creating strategic alliances you will position your firm to bring value to your clients and your business.  Start and keep your plan small and simple.  Focus on:

  • One or two relationships
  • Create mutual benefits for each organization
  • Align your vision and mission with the partners you choose
  • Mutually commit to specific actions and review, review, review
  • Establish a trial period
  • Define key and measurable metrics
  • Have an exit strategy

Recognize the importance your entire team can play in developing your strategic alliance plan and contribute to relationships that can be established.   You don’t need to take the entire project on yourself.  Delegate pieces of your plan and commit to regular meetings to discuss progress, challenges and overcoming objections.

Ironstone has found that the key factor in a strategic alliance plan is to follow up on metrics and expectations that you and your partners have agreed upon.  Lack of follow up leads to non- productive and one-way relationships.  If you find you are in a one-way relationship, you need to leave and create a new one.

We are curious!!  Does your firm have strategic alliances?  Tell us about it!

Follow us as we explore each of Ironstone’s Fundamental 4™!

  • Strategic Planning
  • Business Development
  • Operational Effectiveness
  • The Human Element

Coming up next, learn about Business Development and Your Firm’s Advisory Board

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:


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Create A Powerful Asset With An Advisory Board

You don’t need to tread in unfamiliar waters alone. Building an advisory board for your firm will create a powerful asset that will provide advice and objective feedback elevating the level of service you provide and improving the current client experience.

Advisory boards have no fiduciary responsibility. Their advice is non-binding. Your advisory board should provide you with great feedback and will naturally become a powerful referral engine as they gain a vested interest in the success of the firm.

Eight Steps To Creating Your Advisory Board

Determine The Objective – Your advisory board will help you look at your firm with an open mind. Objectives should include; insight to product and business development, marketing and technology, and research that encompasses emerging industry trends.

Define Your Advisory Board Member Profiles – Choose clients that will become evangelists for your firm while mentoring you as an advisor. When forming your board identify clients that can provide you with diverse skills, experience and knowledge. The ideal members of your board will be open minded, thought-provoking, problem solvers and have strong communication skills.

Establish Expectations – Make sure you have clear objectives so that board members know what is expected of them. You should be specific in communicating responsibilities, the areas in which you are seeking help, and how often you will want to interact. If private information will be discussed inform advisory members that they will be signing a confidentiality agreement. You may want to consider having board term limits so that when changes are needed, board members and clients are not offended.

Develop Board Relationships – Ask your board members for their opinions and advice, and establish a mentor/sounding board relationship with them. Express your appreciation frequently and don’t be offended if you hear something you don’t like, your advisory board must be open and honest.

Prepare For Board Meetings – Advanced preparations may include: soliciting agenda items from the board (to prevent unplanned discussions) and distributing important information prior to the meeting along with your meeting agenda. Host your meeting in a location that is free of distractions and stay on track by stimulating dialogue and having a results oriented gathering. Summarize minutes and include recommendations on key issues.

Compensation – Most board members are eager to serve and help firms and will usually not expect or inquire about compensation. Consider making a donation to their favorite charity in their honor. Make sure you comply with FINRA regulations.

Keep Board Members Informed – Keep your board members excited about your business by providing them with updates at times when you aren’t asking for their advice. The fact that they’ve agreed to be on your board means they care about your firm. Keeping them up-to-date will enhance their commitment to your practice and in turn, help them be of greater value to you.

Celebrate– Find ways to celebrate your board members affiliation with you. Create an e-mail list for high-level communication or incorporate your advisory board into your website.

Advisory Board Members can help you see what you are not seeing yourself.

Embrace the insight they offer and remove the personal barriers and

roadblocks that may be preventing you from experiencing positive change.

Ironstone can assist you in developing an Advisory Board Plan. We specialize in identifying gaps in your existing plan and will collaborate with you to develop solutions that are parallel in achieving the results your desire.

We want to hear from you!  Does your firm have an advisory board and if so, how are they working for you? Share your best ideas here!   We always love hearing from you!
Follow us as we explore each of Ironstone’s Fundamental 4™!
• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element

You won’t want to miss our next in the series: Operational Effectiveness-Client Database
• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Follow us on twitter @ https://twitter.com/#!/AndreaSchlapia
• Join us on Facebook! https://www.facebook.com/IronstoneCommunications
• Connect with us on LinkedIn @ http://www.linkedin.com/profile/view?id=29647364&trk=tab_pro