Can you be a good board member?

The key characteristics of board members I would consider including commitment to the mission or goal of the customer and the organization, objective and independent judgment, legal compliance, courage, directness, honesty, integrity and understanding of values, vision, and the long term goals.  In our company, we have in-house compliance officer and manager (required by  law) with government inspection to ensure all orders and papers are following the regulations. Also, advisors would interview and review their customers’ investment plans annually. In order to renew license, every two years financial advisor needs to study and complete 24 credits in financial policy, management, and products training.  For those large investment funds, I think companies should hire outside independent consultants to examine the whole investment plan and ensure each one follows its investment objective and goal. Increasing legal compliance, training and education, and product knowledge, all these will benefit both consumers and the investment industry.