Blitzer, Clancy & Company’s Post

Miles Bake and John Sutherland have highlighted a key issue here - when NEDs are appointed from outside sector (for all the good reasons of bringing diversity of thought, diversity of experience and a different frame of reference) how do they learn the business well enough to provide sound oversight? It seems to me that there is no substitute for hard graft - a thorough induction programme (weeks not hours), working at the sharp end, meeting employees, customers, investors, regulators. But of course that doesn't happen. I have had 9 NED roles over the past 20 years and my observations cover businesses from £1m turnover to £10b turnover. The inverse law seems to apply - the bigger the business and the bigger the NED role, the less annual time commitment required on Board business and the less expected on induction. Yes it's true that one of the skills that makes a successful NED is the ability to gain an overview of a business very quickly, but let's not kid ourselves that even a very capable out of sector NED can do that in a half day briefing. The NEDs that I have observed gain this overview well are those that cut through the bureaucracy and arrange their own induction and ongoing learning experiences. And it certainly helps to be a portfolio NED, not a concurrent Executive, to have the time to do it properly. So this raises obvious questions about the induction of NEDs, but also brings us back to the hoary old theme of NED overload, especially for serving Execs.

“If the senior leaders fail to convince TD and Cowen staff that they are better as a combined team, then they have “missed the opportunity,” Mr. Solomon said. 
“As much as we talk about strategy, culture and people eat strategy for breakfast in our business,” Mr. Solomon said. “Of all the skepticism that might have been out there about a big firm buying a small firm – everybody’s got their narratives and their own concerns – we’ve been here for a year and the opportunity set for people on an individual basis, on a team basis, we’re serving clients unequivocally better here than it would have been at either organization on a stand-alone basis.” Interesting article, from the arms length perspective of someone who used to work for TD, but not directly w/in the TDS business and with very limited knowledge. But based on my readings and discussions I think that the Cowen aquisition was brilliant from a culture & diversity perspective and has the potential to fundamentally shift the dial that could never have been acheived naturally via a top down or bottom up apporach, at least not in the short to meduim term. Which will inevidably drive business too. Here’s hoping they integrate successfully & propell both the business and the culture.

Stephen Le Seelleur, Managing Director of our Jersey office, has been instrumental in driving the growth and diversification of Equiom Jersey's corporate and private wealth services. Under his leadership, Equiom Jersey has enhanced its service offering, delivering tailored solutions that address the unique challenges faced by businesses and high net worth individuals in today's dynamic market. Read about his priorities and vision for the business in his latest interview with Connect Magazine #CorporateServices #PrivateWealth #Business

The latest article from our CEO - let us know how we can help you maximize your MVV at your credit union!

Check out this great conversation between 3 Black business leaders and our own Frederick Royall III as they reveal what it takes to grow a company.

Considering a career move? Well worth reading the Stephen Le Seelleur article on his career and the #Equiom values

Managing change within your business can be complex. Join us for the next instalment of the NatWest Business Insights Series; Responding to Change. 18th January 5.30pm https://zurl.co/E8j0

There’s a misconception that compensation is the primary reason individuals leave their jobs. Often, the decision to move on comes from a lack of connection with the leadership team or the broader organization. As firms look for strategies to develop and retain advisors, the ones that are in the best shape share commonalities, including: 1. A higher advisor productivity 2. A higher level of retention 3. An intentional professional development process I had the opportunity to join Peter Bielan, Founder of The Bielan Group and BISA, along with Jim Ely, West/California Region Executive Division Manager, U.S. Bancorp Investments, Inc., Angela K. Holliday, President, Frost Investment Services, and Ric Pearson, LUTCF, RCC, Senior Consultant for Advisor Development, TruStage Wealth Management Consulting Services, for an in-depth conversation on the industry’s future and the war for talent that firms are facing. If you missed the webinar, I encourage you to watch it: https://lnkd.in/eGuBZ3g8 and set the stage for a successful future.

Building Relationships and Leading with Humanity… A couple of weeks ago, on what would have been my uncle's 85th birthday (he passed away 2 1/2 years ago*), I found myself reflecting on the profound impact Dave Komansky had on the world of finance. His journey from modest beginnings in the Bronx to becoming the CEO of Merrill Lynch is not just a story of personal success, but also one of leadership that continues to inspire. Uncle Dave's keys to success in his business career were simple yet profound. He approached every role with the determination to excel, focusing on doing the job better than anyone else ever did or ever could. To young people beginning their careers, Uncle Dave offered timeless advice. He believed that real success in business comes down to three things: people will do business with you if they know you, if they trust you, and if they like you. He emphasized the importance of building relationships based on trust and likability, qualities that transcended technology and could disintermediate any relationship built solely on digital interactions. I vividly recall visiting his office with my young sons over 25 years ago and witnessing his genuine interest in the elevator operator's family during our ride from the garage to his office. His focus on people, irrespective of their role, never ceased to amaze me and left an indelible impression. His leadership style was anchored in empathy, integrity, and an unwavering pursuit of excellence. Understanding that true leadership is about being approachable, empathetic, and authentic, he inspired trust and loyalty among clients and colleagues alike. David Komansky's legacy serves as a reminder of the enduring value of human-centered leadership. Thank you, Uncle Dave, for inspiring me to lead with humanity. *From Sept, 28, 2021 NY Post - Former Merrill Lynch CEO Dave Komansky dead at 82: https://lnkd.in/dka-msJ7 From April/May/June 2020 Edition of Leaders Magazine: Building Relationships - An Interview with David H. Komansky: https://lnkd.in/d2dPfsU5