Name: The Benefits of Having a ‘Personal Board of Directors’
Uploaded: 2026-03-10T18:15:00Z
Duration: 2 min 56 s
Description: Mollie Colavita, CEO of J.P. Morgan Advisors, recommends that advisors seek out a group of trusted people who can act as a sounding board to help address pressing issues.

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Mollie Colavita, CEO of J.P. Morgan Advisors, recommends that advisors seek out a group of trusted people who can act as a sounding board to help address pressing issues.

https://m.wsj.net/video/20260311/f79ee94f-8475-4cea-97a7-5c3dcdc6ea53/2/hls/manifest-hd-wifi.m3u8

The Benefits of Having a ‘Personal Board of Directors’

This notion of everything that's happening in your business is a reflection of something that you've created, enabled, or allowed. It also leads to needing to have a sounding board. And if you don't have resources within the firm that you can go to to serve in that capacity, there are certainly plenty of people professionally who do this for a living. I've also found that the best advisors are really smart about building their own network of people. Sometimes it's a very tight knit group of peers who they have respect and trust in. Others, well, more recently, I actually had a very, very good advisor gave me a piece of advice as I moved into this role. He asked me, "Who's your personal board of directors?" And, you know, it's a concept that's not new, but I hadn't thought about it in the context of me stepping into this role. And I asked him, "How did you form yours?" How did you decide who would be part of that process for you? How do you actually engage them? Do they know they're on your board? But having a place where you can go and sort of download what's going on, having someone listen, even if they don't have all the answers, they're just sort of helping you sort through.

To your question though, when you asked this person, was it recommended to be kind of explicit? Like, hey, will you be part of my board of directors in quotes and explaining it? Or is it more you just do it without giving it that designation, if you will?

You know, I think it's another, it's a bit of personal style in this example. It happened more organically and his board is not comprised of people who are only in the financial services industry. It's a very diverse group of people. And there are people who help him both within his profession, but also personally. Because again, in this business, the lines blur.

Totally, and I think, I love the idea of having people who are not just in the industry because I think we're all guilty of it. And you're in your profession, you're in your little bubble, you talk to your peers and it's very easy to lose perspective 'cause we don't know what we don't know. Even if you try to be humble about it, it's very valuable often to get a trusted opinion from someone who really understands you and you respect their opinion, knowing that it's coming from a good place and a neutral place, if you will. So I think that's really fantastic. And if you have, let's say two or three people on your, you know, board of directors who are not in the industry and if they're all saying something similar, then you probably should put some stock into what they're saying 'cause there's a clear pattern.

Exactly.

Yeah.

Yeah, I think it just also encourages you to be more curious and less certain and, you know, you can get in your head and you can also get into an echo chamber and make a lot of assumptions that need to be tested.