By Tony Cole, Founder of Anthony Cole Training Group
The U.S. military academies are all about performance management. If it moves, it gets measured.
The late Peter Drucker, known internationally as the “Father of Modern Management”, has a famous quote in his magnum opus Management: Tasks, Responsibilities, Practices (Harper Row, 1974), that says, “Leadership is lifting a person’s vision to higher sights, the raising of a person’s performance to a higher standard, the building of a personality beyond its normal limitations”.
Last month, CNBC Portfolio Perspective featured an article by Sarah O’Brien who wrote that the financial services industry will become more “customer focused” and “a more ethical, value-oriented socially responsible profession over the next five to 10 years”. Per the article, regardless of what happens to the current DoL regulations under Trump, the industry will migrate this direction because of burgeoning awareness.
A great reckoning with investors will soon confront financial institutions (FIs). Since the mid-1990s, the financial industry has made bold promises about how technology, the internet, big data and other revolutionary tools will transform all aspect of their financial lives.
Not long ago I was asked by another consultant, what are the biggest problems I see in the financial institution industry? I immediately replied, that it is simply a lack of vision, passion and capacity.
If you have hired salespeople in the past several years, if you are hiring currently or if you expect to hire in the near future, I urge you to complete OMG’s Sales Hiring Calculator, answering the following fifteen questions online. The process should take less than five minutes and if you enter this information into the calculator, we'll instantly provide you with the total cost of your hiring mistakes that will include the dollars spent on recruitment, development and lost business.
Management Principles from Manufacturing, LEAN Production, and Six Sigma
Reality is a strange bedfellow. April 10th came and went and no fiduciary standard, but the run-up was certainly painful.
Whether you love or regret the dawn of the smart phone and the 24/7 access it gives us, such technology has always been able to provide more opportunities than obstacles. Such is the case in a post-DOL-rule world. The “Advisor of the Future” will need a digital advice strategy to augment and feed the growth of tried-and-true personal, high-touch relationships.
In 1853, Chef George Crum had enough of a customer who repeatedly sent his fried potatoes back to the kitchen, complaining they were too soggy and thick. As a result, Crum decided to slice the potatoes ridiculously thin and fry them so the slices were nearly burnt. The potato chip has been a staple of the snack food world ever since. Chaos can beget invention.
We have a natural tendency to become more risk-averse as we get older. Even so, the road to safety is not always easily traveled — especially for boomers, a market-savvy generation whose nest eggs rose (and fell) with the 401(k).