I just came across an incredible story that was reported by Financial Planning magazine recently: “Charles Barkley Plug [Is] a Slam Dunk for Raymond James Advisor.”
The article is about a CNBC interview with the former NBA great conducted on the floor of the New York Stock Exchange Feb. 17. The interview, conducted by CNBC’s Bob Pisani, includes this exchange:
Pisani: “Who manages your money?”
Barkley: “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.”
"I trust him with my life"? How would you like to get that kind of endorsement from a client? Barkley’s response reflects the very essence of trust — clearly, he views his advisor as a leader.
You’ll never get that kind of client endorsement if your value proposition is defined solely in terms of being a fiduciary, or a 3(38) advisor, or fee only, or whatever else is being peddled these days as a way to differentiate yourself.
In short, clients “get” leadership; they will never “get” fiduciary.
If you want to succeed as a retirement advisor, you’ve got to elevate your game. You’ve got to learn how to lead and demonstrate that you have the ability to inspire and the capacity to serve others.
That’s one of the topics of a workshop session at the upcoming NAPA 401(k) Summit in San Diego, featuring yours truly and 2014 NAPA 401(k) Leadership Award winner Kathleen Kelly of Compass Financial Partners. Our session, “The Impact of Leadership on Participant Outcomes,” will be moderated by Lisa Smith of Fidelity Investments Institutional Services.
At the workshop, we’ll tackle:
- how employees who are inspired by the company they work for are far more likely to participate in their company's 401(k) plan;
- how to recognize those situations where employees are not engaged; and
- how to take a leadership and fiduciary role in designing a plan that still operates in the best interests of plan participants.
So please join us at Workshop 23, Tuesday March 24 at 8 a.m., for what promises to be a lively and valuable session!
Don Trone is the founder and CEO of 3ethos. He recently coauthored with Mary Lou Wattman his latest book, LeaderMetrics®: What Key Decision-makers Need to Know When Serving in a Critical Leadership Role.
