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Joining a local nonprofit is one example of how financial professionals insert themselves into situations where they can rub shoulders with HNW individuals. Based on the local, “More money, more problems” these folks often have future client potential. When you get involved, do you need to have passion? Do you need to be an expert? Does this count against you? Will they see through you?
My position is you do not need passion. It is beneficial, but not a requirement. It is more important to have an open mind and a sincere desire to learn. A good example is the local art museum. The people who join as members are not all art historians or local painters. They do not attend the opening of an exhibition, loudly wondering which was Picasso’s greatest period? (It has been said his Blue Period was the most important time.) The people supporting the arts are often local business owners and professionals. Once you have your practice running smoothly and are making good money, supporting the arts is a popular thing to do.
You should not get involved with an organization is you have no interest whatsoever or have negative feelings about the activity. If you feel running is a waste of time, you should not be joining a running club. It is highly unlikely you will bring people around to your way of thinking.
You should openly express a sincere interest in learning. If you join a club for people who enjoy wine, you will attend wine tastings and talks. You will meet people who know much more than you know. Do not worry about looking dumb. Let them know you are learning. People with a passion are eager to teach. It is smart to develop a niche as a specialist subject. You might not understand the complex word of French red Burgundy wine, but you have learned a lot about Malbecs from Argentina and researched the major producers.
If you are serving on the board of a cultural institution. You are there for a reason. Do not hide your light under a bushel basket. If you are an accountant, they likely want the benefit of your oversight concerning their finances. In smaller organizations they might even expect to avail themselves of your talents for free. If this is impractical for some reason, you need a “nonprofit organization” rate you and your firm can offer. Oversight as a committee member might be free, doing their taxes and filing, maybe not.
Understanding the mission is important. Passion might mean being an evangelist, seeking to convert people to your way of thinking. You might not go that far, but you should still be a supporter. Why? Because many volunteers, especially board members, are expected to actively do fundraising. You need to understand enough of what the organization does to make a compelling case for friends to contribute.
Do you need firsthand experience with the mission? In cases concerning medical charities, hopefully you never have cancer! You do realize the importance of raising money to fight the disease. You might have personal stories to tell about friends or family members who have battled the disease.
If you serve on the board of the art museum, do you need to be an art collector? No. You are helping guide the operation of a business enterprise. They likely have a full time staff, but the board is often developing a strategic plan for future growth. They are also looking at the need to grow the operation to better achieve it’s mission. This might involve a capital campaign to finance construction. You need a good head for business. Many board members are art collectors, but it is a hobby. In some cases, there might be rules art dealers and others who profit from the sale of art cannot serve on the art museum board because of conflicts of interest.
You can be involved with a nonprofit for many reasons. You are not required to have passion. A sincere interest in the mission and learning is sufficient.