Common Misconceptions About Expert Networks & How They Operate
With the popularity of expert networks growing, so have the number of misconceptions surrounding them. Expert networks are nothing new and most of them have been around since the early 2000s and late 1990s.
ARE THEY A SCAM?
Many people wonder if expert networks are a scam. In the simplest terms, no, expert networks are not a scam.
An expert network’s main objective is to help their clients make better business decisions by matching them with the third-party experts who have the expertise they need. These subject matter experts are well-compensated for their time, often according to rates they set themselves. While you may be skeptical when you are told that you could earn hundreds of dollars an hour just by telling people about what you do every day, the truth is your knowledge is extremely valuable and companies are willing to pay money for it.
IS IT JUST CONSULTING?
Expert networks are often confused with consulting firms. However, they are different and consulting firms actually use expert networks when they need to learn about a new industry or niche topic. Consultants turn to expert networks to speak with industry professionals across all sectors, saving them the cost of hiring thousands of employees who have expertise in all areas.
IS EXPERTISE OBTAINED THROUGH EXPERT NETWORKS LEGAL?
Obtaining expertise through an expert network is legal. Expert networks like Guidepoint provide legal counsel as part of their rigorous compliance protocols and have routine checks set in place. It is part of the compliance team’s duty to ensure the dos and don’ts of standard procedure when participating in these consultations. Guidepoint has implemented conservative rules that every Advisor must agree to before every consultation and all Advisors must also complete a compliance tutorial before joining the network. Guidepoint also runs periodic background checks on all new Advisors which encompass many things including criminal histories in the U.S. and abroad.
Expert networks have been around for decades and will only become more widely used as time goes on. Whether you are looking for answers to business questions or are a subject matter expert who is looking to share their expertise, we are always here to help.