With industry change well under way, I am seeing two distinct behaviours in the firms that we are working with, and there is a high level of struggle between them that is proving to be a considerable management challenge.
ENABLERS VS PROTECTORS
‘Enablers’ are ones that are extremely aware of the impact of regulatory change in terms of what this means in terms of the supply chain. I hear lines like ‘servant leadership’, they question really what does ‘client centric’ mean, and they fundamentally are prepared to air their views about they would like to receive as a client of an investment firm. Words like ‘proposition’, ‘service’, ‘value’, ‘trends’, method of engagement are common.
‘Protectors’ are the ones that appear to display the characteristics of seeking to retain much of the current industry model and structure and seem to be trapped in some lines of thought and practice that is perhaps becoming redundant. Words and phrases like ‘product’, ‘distribution’, ‘segment’ are used heavily, often in the context that these things are fixed.
Are you an ‘enabler’ or a ‘protector’ ?