When I first stepped into consulting back in 2018, I had a broad idea about how the game worked. I knew it would give me flexibility, expose me to a wide range of projects, and introduce me to different teams, but I knew less about how much effort it would take to establish myself. In the beginning, I was excited to have the freedom to work from anywhere. I spent weeks traveling in India, getting lost in the streets of Istanbul, picking up Italian while roaming around Florence, and escaping to the quiet charm of the island of Madeira. As long as I had reliable internet and a quiet place to complete my projects, this seemed to be the perfect work arrangement.

But behind the perks was the reality. No one was lining up to offer me contracts. I had to be strategic and persistent. My first engagement paid significantly less than what more experienced consultants made, but I took it anyway. I wasn’t in it just for the money, I was in for the impact that my work could make, and I was here to stay. A defining moment for me was during a trip to India in 2018. My visit to a slum was one of the most impactful and life-changing experiences. It wasn’t part of any tourist guide itinerary, I just wanted to see beyond the usual surface-level narratives. Seeing the extreme living conditions of its residents, yet fighting to survive, hit me hard and cemented my decision to work in international development, and to focus on financial inclusion and consumer protection. Since then, I haven’t looked back.

Regulatory reform: a balancing act

During the last seven years, I have been fortunate to work on several projects with multiple teams and organizations across the world. I have met colleagues on different continents, navigated through various work styles and cultures. I have observed and experienced teams of consultants where interactions flowed easily like the calm waters of a river. In other teams, friction between colleagues disrupted that flow like big stones blocking the river flow and changing its direction. Other times, people’s grasp of the task was unclear, not because of their own fault, but because a defined project scope and expectations were not properly set. With all these implicit challenges, selecting the right person to complete a given task is particularly important in financial regulation. If the work is done right, it’s a game-changer. It can, for example, open doors for financial inclusion, shield consumers from exploitative practices, and build trust in the system. But the stakes are high, especially with the rise of various technologies. While these have made financial services more accessible, they have also created new risks. One wrong regulatory move and you either inhibit access or leave consumers unprotected. One not only needs to master the art of drafting the proper law or regulation to protect consumers but also be deeply familiar with the context in which the regulation will be applied.

That’s why hiring the right consultant is crucial. But how do you find someone who truly understands the complexities and can ensure long-term impact? Drawing from my experience, I have put together a list of six key areas to focus on when hiring a consultant. While I speak from my area of expertise, these can be applied to other consulting fields as well.

1. Figure out what you actually need first

Engaging a consultant without clear goals is like hiring a wedding planner without deciding whether you want a backyard barbecue or a grand ballroom event.

Before you start looking, get specific about what you want to achieve. Are you analyzing existing regulations to conduct a gap analysis? Creating disclosure requirements for digital financial services? Revising complaint-handling procedures? Take the time to write a brief, even if it’s just for internal use. Simplify it by writing an in-scope, out-of-scope initial requirements. It will keep both you and your future consultant aligned from the very first conversation.

2. Technical skills matter, but political savvy matters more

Regulatory reform isn’t just about rewriting policies, it’s about managing power dynamics, balancing interests, and dealing with bureaucratic hurdles. I’ve been in rooms where financial sector representatives have unloaded years of frustration on regulators. Those moments can get tense, (believe me, you need to bring your bullet-proof vest 🙂 )

A great consultant isn’t just a technical expert, they are a strategist and a diplomat. Ask candidates how they’ve handled resistance before. Have they ever turned a hostile stakeholder into an ally? Good stories might show how battle-tested they are for the job.

3. Look for relationship builders, not just experts

Financial consumer protection work is deeply collaborative. If a consultant can’t break down complex ideas, mediate between stakeholders, or build genuine relationships, they will struggle. They need to either know or quickly pick up the rules of the game!

Some of my best professional relationships did not start in a formal meeting, but in casual settings. I once had lunch with central bank officials where we bonded over travel stories, academic experiences, and our favorite local dishes. At the end of that meal, the governor looked at me and said, Diana, I want you to keep working with us until this project is done. After the contract had ended, they found new funding to bring me back. That’s the power of real connection.

When hiring, prioritize someone who understands the human side of consulting. Regulatory reform isn’t just about policies, it’s about people.

4. Cultural fit and working style matter more than you think

I’ve seen organizations hire consultants with impressive CVs, but their approach clashed with the team’s culture. I’ve personally turned down projects just to avoid working with toxic people. As a consultant, I have the luxury of choosing my projects, and I’ve learned that no amount of prestige or money is worth dealing with unnecessary drama. I leave those for theater plays.

Sometimes, hiring a slightly less experienced but adaptable consultant is better than hiring a heavyweight expert who can’t work well with others. So, make sure you hire someone you like to work with, not only because they are good at what they do.

5. Invest in quality

Yes, experienced consultants charge higher fees. But cutting corners on expertise can cost you more in the long run, whether it’s through failed reforms, missed deadlines, or reputation damage. In financial regulation, decisions impact millions of people. Paying for top-tier expertise isn’t just an expense, it’s an investment in getting it right. Sometimes we learn this through a painful experience, which can be costly.

6. Set clear deliverables from day one

Before you sign anything, make sure everyone is on the same page about deliverables, timelines, and success metrics. A good consultant won’t shy away from this, they will insist on it. For new clients or complex projects, I like drafting a short roadmap to make sure we’re aligned before we even finalize a contract. It’s a small step that saves time and misunderstandings down the road.

Hiring the right consultant for regulatory reform is about more than just checking credentials. It’s about finding someone who can navigate the technical, political, and human sides of the work.

What else would you add to this list?

PS: I’ve created a consultant hiring checklist and I would be happy to share it with you. If you are interested, comment, “template” and I will send you the document.