Free guide: 2026 edition
Handbook on advisors
A practical guide to finding, engaging and working with advisors and board members. Updated for 2026 with data from 1,000+ Boardio searches and our 2026 advisor compensation survey.
Everything you need to use advisors well
Having the right advisors by your side can change the course of a company. The handbook shows how to work out what kind of advisor you need, how to find them, how to agree on compensation and ways of working, and how to build a partnership that lasts. No jargon, just what works.
Introduction to advisors
What advisors do, the most common reasons companies use them, and how an advisor differs from an advisory board member, board member, consultant or coach.
Identifying your needs
A simple three-step process to turn your goals into a specific advisor profile, plus when location and domain expertise really matter.
Finding the right advisors
Why close relations and LinkedIn often fall short, how a Turnkey search works step by step, and an agenda for the first interview.
What the data says
Findings from 806 searches and 9,225 applications: why companies use advisors, where they want to go, and what gets the best response.
Getting started with your advisor
The advisor agreement, compensation benchmarks for retainers, success fees, revenue share and equity, and how to agree on ways of working.
Managing advisor relationships
Communication, measuring impact with the right KPIs, and knowing when the role needs to change.
Success stories
Eleven real cases: market entry in Germany and DACH, board members after 30 years, preparing a business for sale, a SaaS spin-off and more.
Tools and checklists
An advisor brief template, a first interview checklist, an advisor agreement checklist and a kick-off checklist.
Final words
How to take the first step, and where to read more.
Advisor, consultant or board member?
Advisors do not make the final decisions or run the company. They are experienced guides who give input and guidance to the people leading the business. It helps to know the difference between the roles people take when they share their expertise.
| Role | What they do | Decision power |
|---|---|---|
| Advisor | Gives guidance, insights and introductions based on experience in a specific field, market or industry. | None. Advises the people who decide. |
| Advisory board member | Part of a group of advisors giving collective guidance on different aspects of the business. | None. Offers viewpoints to consider. |
| Board member | Formal member of the company's board with legal responsibilities. | Yes. Takes part in major decisions. |
| Consultant | Solves a specific, clearly defined problem: analyses it and recommends a fix. | None. Delivers a project. |
| Coach | Develops a person's own skills, such as leadership or communication. | None. Works with an individual. |
Advisors are like tools in a toolkit: pick the right one for the specific job you are working on.
What the data says about finding advisors
The 2026 Advisor Search Report analysed 806 advisor searches and 9,225 applications on Boardio from 2015 to 2026. These are the findings that matter most when you plan your own search.
- Be specific. Name the target market, the network you need and the outcome you expect. Specific briefs get more and better applications.
- Search wide. Do not limit the search to your home country. The best advisor for your German expansion may live in Stockholm.
- Move fast. Applications arrive within days. Companies that respond quickly win the advisors others miss.
- Board roles attract the most interest. Board, chair and independent director searches receive 74% more applications than the average search.
What advisors expect to be paid
Compensation levels and models vary between countries and roles, but clear patterns exist. The handbook uses our 2026 survey of advisors on the Boardio platform, a directional benchmark rather than a global census (n = 38, mostly Europe).
More than half of advisors (55%) sit in the €1,000–€5,000 per month range for a retainer.
| Monthly retainer | Share of advisors |
|---|---|
| Under €500 | 3% |
| €1,000–€2,000 | 26% |
| €2,000–€5,000 | 29% |
| Over €5,000 | 18% |
| Will not work on a pure retainer | 8% |
The most common success fee on funding raised. 7 of 38 advisors will not work on a success fee alone.
Revenue share on introduced customers, typically paid over an agreed period such as 12 to 24 months.
Refuse to work per meeting. Those who accept it mostly expect €250–€1,000 per meeting.
Ready-to-use checklists
Practical templates to use in your own search. Copy them into your planning documents. The PDF also includes a first interview checklist and a kick-off checklist.
Advisor brief template
A good brief answers these questions in a few sentences each:
- Company: what you do, stage, size and home market.
- Goal: what you want to achieve in the next 12 to 24 months.
- The gap: the skills, experience or network your team is missing.
- The advisor: the background and network you are looking for. Name target markets, industries and the type of people they should know.
- Expected contribution: key tasks, the outcome you expect and a rough time commitment.
- Compensation: the model you have in mind (retainer, success fee, equity or a mix).
- Role: advisor, advisory board member or board member.
Advisor agreement checklist
Put the agreement in writing and make sure it covers:
- Scope: the advisor's role, key tasks and expected outcomes.
- Time commitment and meeting rhythm.
- Compensation: model, amounts, payment terms, and vesting for any equity.
- Confidentiality and handling of company information.
- Conflicts of interest and other engagements.
- Intellectual property created during the engagement.
- Term, review points and how either party can end the agreement.
- Governing law.
Real searches, real results
We have run more than 1,000 searches for advisors and board members. The handbook includes eleven cases that show the range of needs companies bring to us, and what happened.
Opening doors in Germany for a software company
A software company with a presence in Germany needed entry points to customers and partners.
Result: Nine potential advisors in four weeks. The company started working with two.
External board members after 30 years
A founder had become the bottleneck: every decision needed his attention. He wanted a board with external members.
Result: Two new board members from Boardio, and 66% revenue growth.
Preparing a construction company for sale
An anonymous search for advisors who had been through the whole sale process themselves.
Result: Several advisors who had sold their own businesses applied. The company started working with two.
Hans has been a perfect partner for us. He has an exceptional ability to find the most essential thing very quickly.Mikko Lehtinen, Chairman, Tagomo Digital
Is the Handbook on Advisors free?
Yes. The handbook is a free PDF download with no sign-up or email required.
Who is the handbook for?
Founders, CEOs and boards of startups, scaleups and established companies that want to use advisors, advisory board members or board members to grow faster. Advisors will also find it useful for understanding what companies expect.
What is new in the 2026 edition?
A new chapter with data from the Advisor Search Report 2026, compensation benchmarks from the 2026 advisor compensation survey, updated success stories and a new chapter of ready-to-use checklists.
How much do advisors typically cost?
In the 2026 Boardio survey, 55% of advisors sit in the €1,000–€5,000 per month range for a retainer. Success fees of 3–5% on funding raised are the most common model for investor introductions, and equity is common in early-stage companies. Chapter 5 covers all models in detail. See also how to compensate advisors.
How do I find an advisor through Boardio?
Post a free search brief at boardio.com/start. Advisors from a network of 12,000+ in 120 countries apply, you interview the best, and you pay a one-time success fee only if you start working with an advisor Boardio found. See what is an advisor for the basics.
Put the handbook to work
Post a free search brief. Pay only if you start working with an advisor.
Ask Boardio
English answers from public Boardio pages.
Ask about Turnkey, pricing, advisors, or how Boardio works.