How to Find a Startup Advisor Without a Retainer

Short answer: You can find a startup advisor without a retainer by using a success-fee search instead of a retained one. On Boardio, the brief is free, there is no Boardio retainer, and the company pays a one-time Turnkey success fee from €1,900 + VAT only if it starts working with an advisor Boardio found. The advisor's own compensation (equity, a cash retainer, revenue share, or a mix) is agreed separately and directly with the advisor.

This explainer separates two questions founders often mix up: how you pay to find an advisor, and how you pay the advisor. For the full pricing and process of the no-retainer model, see Boardio's no-retainer advisor search.

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Retainer, success fee, equity-only: what each one pays for

Three terms come up in almost every conversation about advisor costs. They describe different things, which is why answers to "advisor without a retainer" questions so often drift into equity and vesting.

• Retainer (for the search). A fee paid to a search firm or platform up front or every month, whether or not you end up working with anyone. You carry the risk of a search that does not land.
• Success fee (for the search). A fee paid only when the search produces a result. Boardio Turnkey works this way: one fee, paid once, and only if you start working with an advisor Boardio found.
• Equity-only (for the advisor). A way to compensate the advisor with shares or options instead of cash. It says nothing about how you found the advisor.

So "no retainer" can mean two things. No retainer to a search provider, which is what a success-fee search gives you. Or no cash retainer to the advisor, which is a decision about the advisor's own compensation. You can have both, either, or neither.

What you actually pay on Boardio, and when

Here is the Turnkey sequence from the company side, with the cost at each step.

1. Submit a brief covering the market, the expertise, and the outcome you need. Cost: nothing.
2. Boardio runs the search across 12,000+ advisors in 120 countries, and relevant advisors apply. Cost: nothing.
3. You receive a curated shortlist. Cost: nothing.
4. You meet candidates and decide who to work with. Cost: nothing.
5. You start working with an advisor Boardio found. Cost: a one-time success fee from €1,900 + VAT. Stage-based tiers may apply for scaleups and established companies.

If you do not start working with anyone from the shortlist, you pay Boardio nothing for that search. Boardio does not charge companies a monthly platform retainer, and it takes no cut of the advisor's compensation.

To be precise: Boardio is not free for companies. The brief is free and there is no Boardio retainer, but the company pays the success fee on success. Advisors join Boardio free.

How to structure the advisor's compensation separately

Boardio's fee and the advisor's pay are two separate agreements. The success fee goes to Boardio once. The advisor's compensation is negotiated between you and the advisor, and it runs for as long as the engagement does. The common models:

• Equity. Shares or options, usually vesting over the engagement. Common at early stages when cash is tight.
• Cash retainer paid to the advisor. A fixed monthly or quarterly fee for a defined time commitment. This is the advisor's pay, not a search fee.
• Revenue share. A percentage of the revenue the advisor directly brings in. It fits sales-focused and market-entry roles where the contribution is measurable.
• A mix. For example, a small equity grant plus a modest cash fee for active months.

Whatever the model, write down scope, expected hours, deliverables, vesting, and termination terms before work starts. Some founders use a standard template such as the Founder Advisor Standard Template (FAST) as a starting point for equity-based arrangements. For ranges and stage-by-stage guidance, read our guide on how to compensate advisors.

When a startup advisor search without a retainer fits

A success-fee search is a good fit when:

• You need a named advisor for a specific job: market entry, fundraising, go-to-market, or deep industry expertise.
• You want to see real candidates before committing budget.
• You need someone outside your home market. About 90% of companies using Boardio seek advisors outside their home market, which is usually where a founder's own network is thinnest.
• You want the advisor's compensation to reflect their actual role, without a search retainer on top.

It fits less well when you already know the advisor you want (you only need the compensation agreement) or when the role is a full-time executive position. That is a recruitment process, not an advisor engagement.

Next step

The full no-retainer model, including what you pay and what you do not, is on boardio.com/no-retainer. When you are ready, submit a free brief and Boardio starts the search. You pay the success fee only if you start working with an advisor Boardio found.

Boardio is an advisor and board member matchmaking platform connecting startups and scaleups with experienced advisors across 120 countries.

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