LeaderMetrics | NAIFA-NYS State of the State 2015

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."

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 fiduciarystandard
Leadershipand stewardshipevoke
an even higher sense of purpose than
fiduciary

Clients love leadership, they flake out with
fiduciary
Leadershipis exhilarating –
Fiduciaryis exhausting!

Leadership is exhilarating – Fiduciary is exhausting!
Oxytocin
Serotonin
Dopamine
Cortisol
Fiduciarysection of the brain Leadershipsection of the brain

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.

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 Approach
One framework to satisfy multiple standards:
Suitability’
Fiduciary
Governance
Project Management
Global Wealth Management
Life Insurance Stewardship

Attributes of ethotic leadership™

We need leaders of character,
competence and courage. Who
are passionate and disciplined
about protecting the long-term
interests of others.
Aligned

Attentive
We 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.

Agile
We 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.

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

Articulate
We 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.

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

Action-oriented
We 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.

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

Authentic
Perhaps 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.

17 Dimensions
Legally Substantiated

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.

LeaderMetrics | NAIFA-NYS State of the State 2015

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