Maximum Advisor Episode 026_Steve Wershing

The Importance of Advisory Boards with Steve Wershing

Episode: 026

In this week’s episode of Maximum Advisor Podcast, Chip Munn is joined by Steve Wershing, CFP, and president of The Client Driven Practice. Wershing began his career in the finance industry over 32 years ago and has held a variety of roles that have led to his expertise as a leader in organizing and running client advisory boards and referral coaching.

Chip and Steve discuss the importance of an advisory board and why it’s a crucial component to better understanding your client’s financial needs. Steve explains, “A client advisory board is a facilitated, ongoing conversation with about a dozen of your best target clients so that you can gain insight into their perspective on the experience that you provide and understand, therefore, how to improve it.”

Wershing unpacks the valuable role a facilitator plays within these advisory boards. “But part of what a facilitator will do is sort of deflect things and reroute a conversation, or even to be, you know, a target, if that's what's needed.” He continues discussing how a facilitator may need to intervene when discussions veer off course, allowing you as the lead advisor to stay out of conflict when needed.

Both Chip and Steve agree that the main reason many advisors shy away from creating advisory boards is out of fear. Steve states, “And any advisor who believes my clients are just too private to participate, does not know their clients that well because we find that clients appreciate the opportunity to give the feedback they enjoy these meetings.”.

Steve closes the segment by encouraging the audience to start small when creating an advisory board. Beginning with just a one-on-one meeting until the comfort level grows to where a larger gathering can take place. “They (your clients) want you to do a better job for them, but also many clients sort of vaguely correlate your success with their success. So the more successful you are in a lot of ways, they feel that secure in their own future. So clients are motivated to help.”

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Related Resources

Stop Asking for Referrals: A Revolutionary New Strategy for Building a Financial Service Business that Sells Itself

The #1 way to start getting referrals? STOP ASKING
In all his years of helping financial professionals build and grow their businesses, Stephen Wershing has learned that the number one way to make sure you don't get a referral is by asking for it. Why? Because studies prove that clients refer you not to benefit you but to benefit themselves. So you have to approach the challenge from a completely new angle. Learn more >


Stephen Wershing

CFP® is President of The Client Driven Practice

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Stephen Wershing, CFP® is President of The Client Driven Practice, a firm that creates unique brands for financial advisors informed by client feedback. He is known for his work in organizing and running client advisory boards and referral coaching.

Wershing is a popular speaker, co-hosts the podcast Becoming Referable, and blogs weekly. He has authored articles or been quoted in all major financial services publications and the consumer press.

He started as a Registered Rep in 1987, moving to branch and then regional manager. He spent 14 years as a broker-dealer executive. He is a partner in a financial planning firm. Steve appreciates that family and friends continue to eat his cooking, struggles at woodworking, and will jump at the chance to speak or facilitate an advisory board meeting in any city where there is west coast swing dancing.