leadermetrics | naifa-nys state of the state 2015
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Don Trone, GFS®Founder & CEO
Three Objectives
1. Update on the fiduciary movement
2. Introduction to LeaderMetrics®
3. Introduction to the Best Practices Standard for Life Insurance Stewardship
Leadership and stewardship evoke a higher sense of purpose, than fiduciary; and, do so with principles that are not subject to the overview of regulators.
Copyright © 2008-2015. 3ethos
First book to integrate the three subjects – leadership, stewardship and governance
Who manages your money? “Raymond James. I'm [at] Raymond James, Birmingham, Ala. My guy's name is Glenn Guthrie. I've been with him for 27 years and I trust him with my life."
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Two Faces of a Fiduciary Standard:Positive and Punitive
DOL’s Reproposed Fiduciary Definition
What’s included?
What’s missing?
Fiduciary Evolution –
We’re at the front of the 3rd Wave1st Wave (1985 – 1999) – What’s a prudent process?
2nd Wave (2000 - 2012) – What are the best practices?
3rd Wave (2013 – Present) – What’s our leadership role?
Fiduciary is a floor, not a ceiling – you should never be satisfied by being merely
compliant with a fiduciary standard
Leadership and stewardship evoke an even higher sense of purpose than
fiduciary
Clients love leadership, they flake out with
fiduciary
Leadership is exhilarating –
Fiduciary is exhausting!
Leadership is exhilarating – Fiduciary is exhausting!
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OxytocinSerotoninDopamine
Cortisol
Fiduciary section of the brain Leadership section of the brain
Ethos
96% of respondents indicated that there is a lack of trust in the financial services industry.
63% of respondents see deficit in ethical culture as lead cause.
Trust and a well-defined ethos are inextricably linked with leadership.
Ethotic leadership™Is the ability to inspire and the capacity to serve others by having a well-defined framework that integrates leadership, stewardship and governance.
Copyright © 2008-2015. 3ethos
Fiduciary Standard
Pentagonal Hierarchy™
Leadership
Stewardship
Governance
1. Purpose
2. Philosophy
3. Practice
4. Process
5. Product
Fiduciary or Suitability Standard
Leadership
Stewardship
Governance
1. Purpose
2. Philosophy
3. Practice
4. Process
5. Product
To build trust, spend more time above the line
Pentagonal Hierarchy™
Universal ApproachOne framework to satisfy multiple standards:
Suitability’
Fiduciary
Governance
Project Management
Global Wealth Management
Life Insurance Stewardship
2 Leadership Tenets
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Attributes of ethotic leadership™
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We need leaders of character, competence and courage. Who are passionate and disciplined about protecting the long-term interests of others.
Aligned
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AttentiveWe need leaders who are active listeners and observant. Who can promote inclusiveness and gather information about a particular situation and use it to engage others, and to foster shared reflections.
Copyright © 2008-2015. 3ethos
AgileWe need leaders who are not afraid to be vulnerable, and recognize that they don’t have to win every argument to be in control. Who are able to absorb more risk and be more resilient.
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AdaptiveWe need leaders who have the capacity to evolve. Who are able to pivot as new ideas and challenges are presented.
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We need leaders who can breakdown stereotypes, be inclusive of others, and be more transparent about their feelings. Who can accept uncertainty with fortitude and calm.
Accepting
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ArticulateWe need leaders who are genuine in both their written and spoken word, and who are able to adapt and customize their communications to their audience. Who can be inclusive of contentious points, yet also be affable and capable of demonstrating a sense of humor.
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We need leaders who are able to keep a sense of perspective in the face of adversity. Who are able to see optimistic outcomes despite known risks.
Ardent
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Action-orientedWe need leaders who are comfortable being a champion of others’ initiatives. Who may be the smartest person in the room, but won’t have to prove it. Who have a sense of vision, and feel confident to move forward when others want to gather more facts.
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We need leaders who can generate a greater ROI because they are able to do more with less, and collaborate with team members who have diverse talents and ideas. Who will focus on issues that can be controlled, and won’t get hung up on missed opportunities.
Accountable
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AuthenticPerhaps the most important of the ten attributes – we need leaders who are connected with their sense of purpose, who are passionate about their life’s work, and who have a well-defined process for managing key decisions.
Copyright © 2008-2015. 3ethos
17 DimensionsLegally Substantiated
Accept Failure
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The key to your success will be your
Ability to inspire and Capacity to serve.
You will be known by your
Character, Competence and Courage;
and, for the
Purpose, Passion and Process
you project when protecting the long-term
interests of others.
Copyright © 2008-2015. 3ethos
Don Trone, GFS®Founder & CEO
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