Dr. Randall Stutman is an author, highly sought-after speaker, and executive leadership coach to some of the world’s most exceptional CEOs, billionaires, and hedge fund managers. As the founder of the Admired Leadership Institute, he is widely recognized as a world-class authority on leadership strategy and style. Today, Dr. Stutman joins us to discuss the behaviours and skills that make admired leaders and how you can translate those characteristics and strategies into your financial decision-making process. Tuning in, you’ll learn about the importance of followership, find out why admired leadership is so rare, and hear some practical advice to help you make better decisions. We also discuss why you should actually disagree with your clients more often, why relationships are the cornerstone of any business, questions to ask yourself to find the right client or financial advisor, and much more. Don’t miss this fascinating and broad-reaching conversation on leadership and decision-making with specific applications for financial advice relationships!
Key Points From This Episode:
(0:03:36) A typical approach to leadership development (and why it doesn’t work).
(0:07:21) The two key qualities or characteristics of an admired leader.
(0:09:23) Benefits of followership to create change and implement decisions.
(0:10:28) A simple definition of leadership and why not everyone can be an admired leader.
(0:13:08) Why great leaders and great organizations are values-driven.
(0:16:15) Ways that consensus decision-making can hurt or strengthen an organization.
(0:23:02) Other shortcomings in the decision-making process and how to avoid them.
(0:27:29) Practical advice for financial advisors to become admired leaders.
(0:32:33) Why checklists should never be the focus of a conversation or relationship.
(0:33:52) Traits of admired leaders that financial consumers can emulate.
(0:35:55) The best way for a couple to reach agreed-upon financial goals.
(0:37:29) Tips for financial advisors to give better feedback and maintain relationships.
(0:44:30) What a successful relationship with a financial advisor looks like.
(0:46:07) How to avoid outcome bias for people who have been successful in the past.
(0:48:00) Rapid-fire time management strategies, hallmarks of effective meetings, what’s missing in virtual communication, what motivates people, and more.
(0:55:46) A very important metric by which Dr. Stutman defines success.
Links From Today’s Episode:
Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
Rational Reminder Website — https://rationalreminder.ca/
Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/
Rational Reminder on X — https://twitter.com/RationalRemind
Rational Reminder on YouTube — https://www.youtube.com/channel/
Rational Reminder Email — info@rationalreminder.ca
Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/
Benjamin on X — https://twitter.com/benjaminwfelix
Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/
Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/
Cameron on X — https://twitter.com/CameronPassmore
Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/
Admired Leadership Institute — https://admiredleadership.com/
Episode 238: Prof. Ralph Keeney — https://rationalreminder.ca/podcast/238
Books From Today’s Episode:
Working Through Conflict: Strategies for Relationships, Groups, and Organizations — https://www.amazon.com/dp/0367461471/
Communication in Legal Advocacy (Studies in Communication Process) — https://www.amazon.com/dp/B09T21F8KX/
Episode 305 - Is Private Credit Special?
Episode 304 - Budget 2024: The Capital Gains Inclusion Rate
Episode 303 - Scott Galloway: The Algebra of Wealth
Episode 302 - Michael Green: Market Efficiency Is Not The Question
Bonus Episode - Prof. Meir Statman: A Wealth of Well-Being
Episode 301 - Optimal Government Pension Claiming
Episode 300 - Abby Sussman: Financial Judgment and Decision Making
Episode 299: The Most Important Lessons in Investing
Episode 297 - Do Stocks Return 10-12% On Average? & Zero to Millionaire with Nicolas Bérubé
Epidose 296 - Adam Alter: The Anatomy of a Breakthrough
Episode 295 - Home Country Bias, Seg Funds, and Todd Rogers on Writing for Busy Readers
Episode 294 - Dan Harris: 10% Happier
Episode 293 - Eric Balchunas: Spot Bitcoin ETFs
Episode 292 - Rob Copeland: Ray Dalio and Bridgewater
Episode 291 - The Quant Winter, and is Canada Pension Plan a Scam?
Episode 290 - Morgan Housel: Same as Ever
Episode 289 - Retiring Retirement Income Myths with the Retirement Income Dream Team
Episode 288 - Scott Rick: Navigating the Money Minefield in Real Relationships
Episode 287: A Practical Look at Private Equity w/ Steve Balaban & Epic Life w/ Justin Breen
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