Balancing a NED Portfolio: How Many Roles is Too Many?

There is no such thing as a "typical" NED portfolio career. This may come as a shock because most advice on Non-Executive Director roles portrays the journey as linear and fixed.

Beyond the One-Size-Fits-All Approach to Your Portfolio Career

The reality is that you have your own unique goals, interests and lifestyle you want to create. How can a standardised approach to your portfolio career possibly take that into account?

One thing I've observed working with hundreds of executives is that the "right" number of NED positions varies dramatically from person to person. Many executives don't have this fully mapped out yet - and that's perfectly acceptable.

Rather than focusing on what a career "should" look like or how many roles you need to secure, a better question is: What do you want your ideal NED portfolio to look like?

When you understand this, you can build a career that supports you, your family and your lifestyle. That's probably why you're making the transition from corporate executive to Non-Executive Director in the first place.

Let's explore four key truths based on real-world experience that will dispel some of the misconceptions resulting from conventional wisdom you may have heard about balancing board roles.

Truth 1: Active Executives Can Effectively Balance 1-2 NED Roles Alongside Their Current Position

Contrary to popular belief, you don't need to wait until retirement or career exit to begin your NED journey. Most executives can easily manage one to two paid board appointments while maintaining their full-time executive responsibilities without compromising performance in either arena.

This dual-track approach offers significant advantages:

• You're more attractive to SMEs while actively solving complex problems at a senior level
• You can develop boardroom skills in a low-risk environment, with your main income secure
• You begin building the relationships that will lead to future opportunities when you're ready to expand your portfolio

The key is selecting the right opportunities - ones that complement rather than compete with your executive role, both in terms of time demands and potential conflicts of interest.

Start building your NED portfolio career while you're still operationally relevant.

Truth 2: The Most Successful Portfolios Reflect Individual Priorities, Not External Expectations

The concept of a "standard portfolio" is misleading. Your ideal mix should be uniquely yours, designed around your financial needs, interests and desired lifestyle.

I recently worked with three executives who each crafted dramatically different portfolio structures:

• The first mapped out a focused portfolio of three SME board roles, each paying £25,000-£45,000 annually. This clean, straightforward approach gave her clear boundaries and predictable income.
• The second created a varied portfolio with two paid NED roles, a part-time consulting arrangement with a former employer and a pro bono position with a charity aligned with his personal mission.
• The third took just one substantial project with a high-growth company, combined with NED advisory work that allowed him to leverage his expertise across multiple businesses without ongoing operational responsibilities.

Each of these approaches was successful because it aligned with the individual's unique goals and circumstances.

Design your portfolio around your life, not the other way around.

Truth 3: Your Ideal Portfolio Will Evolve as Your Skills, Interests and Market Value Develop

The portfolio you begin with may not resemble the one you have three years later. Many executives I've guided through this transition start with one approach and gradually refine it as they discover what truly energises them and where they add the most value.

One former marketing director initially planned a pure NED portfolio but discovered she enjoyed project-based transformation work. Her ultimate mix became two Non-Executive Directorships to pave a foundation for increased NED roles in the future, complemented by high-value consulting projects.

She shared: "I would never have predicted this combination when I started, but it plays perfectly to my strengths and gives me the variety I now realise I need."

Your portfolio should be viewed as a dynamic entity that will evolve with your experience. Flexibility creates opportunity in your portfolio career.

Truth 4: The Right Mix Balances Financial Needs, Impact and Personal Fulfillment

In planning your NED portfolio, three elements must be in harmony:

• Your financial requirements - what income do you need and what level of security?
• Your impact potential - where can your expertise create the most value?
• Your personal fulfillment - what work energises rather than depletes you?

I recently spoke with a former operations executive who had built what appeared to be a "perfect" portfolio on paper - four NED roles with established companies. Yet, he found himself strangely unfulfilled.

After reflection, he restructured to three roles: two well-paid SME positions and one pro bono role with a social enterprise. The financial impact was minimal, but the satisfaction difference was profound.

"The social enterprise work reconnects me with why I got into business in the first place," he explained. "That energy flows into my commercial roles, too."

Balance financial, professional and personal rewards in your portfolio mix.

Designing Your Unique NED Portfolio

The most important truth is this: The ideal NED portfolio isn't about accumulating board seats or achieving some predetermined mix of activities. It's about thoughtfully designing a combination that works for you.

As someone who has spent over a decade guiding executives through transitions, I can confirm that the most successful approaches are deeply personal. What works brilliantly for one person might be completely wrong for another.

There is nothing wrong with a traditional portfolio of multiple Non-Executive Director roles if it aligns with your goals and working style. Many executives thrive with this approach.

I'm simply encouraging you to think beyond conventional models and design a portfolio that reflects who you are and what you want from this next phase of your career.

What Does Your Ideal NED Portfolio Look Like?

What does your ideal portfolio mix look like? Have you considered combining NED roles with other types of work? Or if you're already building your portfolio, what have you learned about what works for you?

If you're ready to design your ideal NED portfolio career - whether that's purely NED roles or a customised mix of board positions, advisory work and other opportunities - our SME Non-Exec FastTrack workshop gives you everything you need to create a personalised strategy that works for you.