Study group blueprint for advisors

Study groups are built on sharing ideas in the same manner that MDRT was founded: When each member brings an idea to the table, they all walk away with more than they contributed. Among the benefits study group participants can realize include increased productivity, being propelled by others’ successes to reach the next level, learning about a new specialty or target market, and having a trusted sounding board for sharing challenges and ideas.

Study groups are successful when all participating members agree about their expectations and the group deliberately plans to meet its goals. These best practices will assist you in creating a new group, joining an existing group or re-energizing your current group.

1. Forming a study group

Many study groups seek like-minded people, whether their similarities are in a practice specialty, locale or career stage, or they simply enjoy each other’s company. Whatever criteria is used, select members who will help your group achieve its goals. Examples of standards that can be considered for membership eligibility include:

• Size of member’s practice
• Geography
• Age
• Experience
• Production level
• Credentials
• Industry involvement
• Community involvement
• Company or broker-dealer affiliation
• Market or product specialty
• Individual production vs. management role

When recruiting and forming a study group, its purpose must be perfectly clear so all members are aligned as to what they will contribute and what they will receive. The purpose could be to share sales ideas, improve practice management, increase personal growth or all of the above. Most importantly, each member of the group must be willing to share ideas and experiences with the others.

Some study groups find it advantageous to form with advisors in the same community or region, or even within the same company or broker-dealer. Others find including as much diversity as possible is valuable. Group size could be three members, 50 or anywhere in between, and there could be minimum requirements such as years of experience, education or involvement in professional associations like MDRT. Consider how these factors will help your group meet its common objectives and serve its purpose.

Adding or removing members

Use criteria established by charter members to determine membership eligibility. New members can be nominated by a current member and a collective decision-making process determines acceptance. A prospect could be considered a provisional member for the first meeting attended. This approach provides the current membership and the provisional member an opportunity to determine if they are a good fit. Or an alternative is having a membership sub-committee interview prospects and recommend acceptance or not to the other members.

2. Determining study group meeting format and content

From creating an agenda to deciding when and where to meet, there are many decisions that come into play after you form a study group.

Frequency

Meeting frequency can depend on geographic diversity and the budgets of study group members. Local study groups might meet in person as often as monthly, while far-flung groups might only get together annually. Those who meet less frequently sometimes meet for multiple days.

Location

The location should be equidistant for all members or be a location to which all members are happy to travel. It is equally important to ensure the location is conducive to having a quality meeting and the catering is suitable. Some study groups have a sit-down lunch; others use a buffet so they can grab their food and continue discussions.

Some study groups meet via video conferencing, either for their meetings or between in-person meetings. However, the general consensus is virtual meetings do not achieve the same energy and commitment levels as in-person meetings.

Agenda

Developing an agenda provides a track for a meeting to run on and enables members to keep control of it. In your agenda, include the timing of each item so the meeting flows and members won’t go off on a tangent. Send out your meeting agenda at least seven to 10 days before the meeting so members have time to prepare.

Content

Study groups can use their members as the content leaders throughout the meeting, invite outside speakers (in person, or via audio or video) or a mixture of both. There is no right or wrong; it depends on the study group’s objectives.

Harness the ideas of your group’s members by enabling them to contribute to a brainstorming session, where each member has a five-minute slot to share an idea. Alternatively, a member with a specialty can run a 30-minute session on a topic of value to the group, or you can have
a mixture of both. Consider the value that comes from sharing mistakes or failures, along with success stories. A simple formula to follow is for all members to be prepared to discuss the following:

• Something working really well
• Something you need help with
• One resource (such as a blog, product, service, podcast) you believe would help others in the group

Outside speakers or recorded presentations should be carefully selected. Some groups have found that vendor presentations are an easy way to reduce meeting costs while learning about a new product, service or provider. However, not all groups want to include this type of content. Others include outside professionals, such as centers of influence, to educate the group. When an outside speaker is recruited, make sure they hit the mark by briefing them on the group’s purpose and the members’ experience levels in that topic area.

Guests

Guests should only be allowed with the unanimous agreement of the group. Some study groups allow members to invite a guest once a year; others only allow a guest if the individual is a prospective member. Ideally the rules regarding guests should be agreed at the formation of the group and included in the bylaws so there are no misunderstandings.

Social activities

When study group members travel a great distance to meet, some enjoy scheduling social activities, such as dinners. This designated time allows the members to catch up without disrupting the formal business agenda.

3. Formalizing the study group

Many successful groups have formal written bylaws to govern their activities. The bylaws should be clear, covering all aspects of the group such as how it runs, who leads, and how members are added to or terminated from the group.

Here are some items to include in your bylaws document:

• Mission statement
• Confidentiality agreement
• Minimum and maximum number of members
• Structure of the group, including demographics and agenda
• Division and payment of expenses
• Rules of inclusion
• Rules of expulsion
• Attendance expectations
• Frequency and location of meetings
• Leader’s responsibilities
• Schedule for leadership rotation
• Decision making
• Guest attendance policy
• Outside speaker policy
• Process for disbanding the group

4. Challenges study groups face

Be aware of these common pitfalls to ensure your study group is as effective and successful as possible.

• Lack of documentation, such as written criteria for participation and poor organization
• Aging membership without a process or plan for introducing new, younger members into the group
• Changing regulatory obstacles without a way for the group to study and address them
• Underestimating costs when considering members’ locations and meeting sites
• Lack of open and honest communication among members
• Failure to communicate about and resolve issues within the group
• Lack of strong and effective leadership and process for rotation
• Lack of commitment to prepare for and attend meetings

Thriving study groups can develop into a personal support system with deep friendships that enhance the growth of all members. The chemistry within the study group will determine the depth of this connection.