While the discussion around expert networks revolves exclusively around the client end, consisting of the funders, consultants, and strategists behind the demand, there is the other part of the industry that never gets talked about. The experts themselves form the other end of the expert network industry, numbering in the thousands of professionals who provide their knowledge through expert networks. Choosing the wrong expert network will waste your time, diminish the value of your expertise, and expose you to undue risks of compliance.
Below is a sincere industry insight into how experts should approach their selection process.
Reasons Why Experts Join Networks
There are many reasons why experienced individuals join expert networks:
- Additional income – Hourly charges for consulting sessions vary from $200 to $1,000 or more per hour based on the individual’s experience, expertise, and network.
- Knowledge engagement – Many experts enjoy interacting with intelligent and curious clients regarding the topic.
- Market knowledge – Regular consultations allow former executives to remain up-to-date with industry changes after retiring from their positions.
- Networking – Meetings with investors and consultants create new possibilities for advising, serving on boards, and management.
- Freedom – There is no obligation to be involved regularly; everything takes place according to your schedule.
This concept works perfectly due to its mutual benefit. On one hand, the client receives information that would be impossible to obtain otherwise. On the other hand, the expert earns money for existing knowledge.
What Experts Should Expect from an Expert Network
All networks don’t necessarily have the same approach to compensating advisors. Here’s what should distinguish the best networks from others, from the expert point of view.
- Transparent and Fair Compensation Model
- First and foremost, ask yourself a basic question which is how much do you get for your services? And how reliable is this income going to be?
- Be aware of how the compensation model works. Are there any networks that disclose hourly rates prior to consultations? How are the rates determined? Are you considered a specialist with unique knowledge, or are all experts paid equally?
- How quickly the fee for consultations is settled? Is there an opportunity to increase the rates gradually?
The best networks will pay much higher for truly senior, unique expertise than others. So when a network is offering you the same rate as for an average expert and think twice about its valuation of your skills.
- Compliance Protection
It’s non-negotiable. Expert networks that fail to put the effort into building their compliance framework leave their experts vulnerable to potential problems.
What constitutes solid compliance from the expert’s perspective:
- Written guidelines about what subjects are acceptable to cover in advance of every call
- Screening to ensure that no one is asking for advice about a company whose material non-public information you know
- Someone from the compliance team who can answer if a client asks something that doesn’t sit well with you
- Recording and documenting calls for your protection as much as theirs
If a network’s compliance screening appears to be a token gesture, move on. This risk is all yours.
- Quality of Client Matching
The optimal situation for an expert network call is to work with a client whose questions fall squarely within your area of expertise. Inadequate matching results in wasted time and poor-quality consults.
- Expert networks with great recruiters will provide accurate background in advance of a call
- You should never find yourself answering questions on a subject about which you have no knowledge
- The best networks will turn down clients in situations where you may not make a great fit
- Opportunity Frequency and Quantity
A network is as good as the quantity of opportunities it produces. Before investing your time into creating your profile on a network, ask yourself:
- How often does the network post in your industry or area of expertise?
- How often do similar advisors get consulting requests?
- Does the network have a self-serve portal where you can be found by potential clients?
- Time Respecting
The best networks make it easy to participate:
- Easy booking platforms that schedule according to your convenience
- Pre-call information that includes all the necessary details about the session
- Professional correspondence from the recruitment team
- No obligation to take calls that are unsuitable
Final Thoughts
Each expert is different and does not require one particular expert network. The correct expert network should take into consideration the expert’s industry, level of experience, geographical preference, and participation level desired.
However, the common elements found in all the best networks include proper payment, strict adherence to compliance, high-quality matching, and respect for the expert’s time and expertise.
Any network which considers an expert a mere commodity from which to extract value and you will know within seconds. Your expertise certainly deserves something more than that.