J.K LASSER PRO™ SURVIVAL SKILLS IN FINANCIAL SERVICES Strategies for Turbulent Times The J.K Lasser Pro Series J.K Lasser Pro Survival Skills in Financial Services Julian Lowenthal J.K Lasser Pro Advising Entrepreneurs: Dynamic Strategies for Financial Growth Marc J Lane J.K Lasser Pro Keeping Clients for Life Karen Altfest J.K Lasser Pro Estate and Business Succession Planning: A Legal Guide to Wealth Transference Russell J Fishkind Esq and Robert C Kautz Esq J.K Lasser Pro WealthBuilding: Investment Strategies for Retirement and Estate Planning David R Reiser and Robert L DiColo with Hugh M Ryan and Andrea R Reiser J.K Lasser Pro Fee-Only Financial Planning: How To Make It Work for You John E Sestina J.K Lasser Pro Preparing for the Retirement Boom Thomas Grady J.K Lasser Pro Expert Financial Planning: Investment Strategies from Industry Leaders Robert C Arffa, M.D J.K Lasser Pro Advising Mature Clients: The New Science of Wealth Span Planning Neal E Cutler J.K Lasser Pro New Strategies for College Funding: An Advisor’s Guide Raymond Loewe, CLU, ChFC J.K Lasser Pro Real Estate Investment Trusts: New Strategies for Portfolio Management Richard Imperiale The Wiley Financial Advisor Series Tax-Deferred Investing: Wealth Building and Wealth Transfer Strategies Cory Grant and Andrew Westhem Getting Clients, Keeping Clients Dan Richards Managing Family Trusts: Taking Control of Inherited Wealth Robert A Rikoon, with Larry Waschka Advising the 60+ Investor: Tax and Financial Planning Strategies Darlene Smith, Dale Pulliam, and Holland Tolles Tax-Smart Investing: Maximizing Your Client’s Profits Andrew D Westhem and Stewart J Weissman J.K LASSER PRO™ SURVIVAL SKILLS IN FINANCIAL SERVICES Strategies for Turbulent Times Julian Lowenthal John Wiley & Sons, Inc For Susan, whose courage, insight and support inspire me every day and for Steven, a joy today and a vision of the wonderful things yet to come Copyright ©2002 by Julian Lowenthal All rights reserved Published by John Wiley & Sons, Inc., New York Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 750-4744 Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 605 Third Avenue, New York, NY 10158-0012, (212) 850-6011, fax (212) 850-6008, E-Mail: PERMREQ@WILEY.COM This publication is designed to provide accurate and authoritative information in regard to the subject matter covered It is sold with the understanding that the publisher is not engaged in rendering professional services If professional advice or other expert assistance is required, the services of a competent professional person should be sought Wiley also publishes its books in a variety of electronic formats Some content that appears in print may not be available in electronic books For more information about Wiley products visit our Web site at www.wiley.com ISBN: 0-471-21880-4 Printed in the United States of America 10 Acknowledgments This book would not have been possible without the help of a wide network of colleagues, family and friends Many thanks to the industry professionals who gave their time for interviews and who selflessly shared their insights Their words, both on and off “the record” form the heart and soul of the book A special thanks to Keith Darcy, a long-time friend and mentor who was the original instigator of this project Thank you to Susan Davis, who reviewed and edited drafts of the manuscripts and provided guidance on the importance of being pithy I also want to thank Arline Lowenthal for taking on the tedious job of transcribing the bulk of the interviews Finally, thanks to David Pugh at John Wiley and Sons, Inc for putting up with me, Hy Turner, my role model for perseverance in the literary world, and Jacqueline Philpotts for pointing me in the right direction early on in the project V The camera, the tape recorder misused, well-used There are the paparazzi; and there is Walker Evans The portable tape recorder, too, is for better or for worse It can be, tiny and well-concealed, a means of blackmail, an instrument of the police state or, as most often is the case, a transmitter of the banal Yet a tape recorder, with microphone in hand, on the table or the arm of the chair or on the grass, can transform both the visitor and the host On one occasion, during the play-back, my companion murmured in wonder, “I never realized I felt that way.” And I was filled with wonder, too Studs Terkel Working 1972 Contents Introduction: Setting the Stage Cast of Characters xi xvii Part One The Situation Room CHAPTER CHAPTER CHAPTER I Don’t Think We’re on Wall Street Anymore Now You See It, Now You We the People 19 47 Part Two Survival Manual 63 CHAPTER CHAPTER CHAPTER CHAPTER Oh No, Not I—The Five By Five Top of the Charts You Can’t Handle the Truth! Officer Candidate School 65 71 93 101 Part Three Pressure Points 131 CHAPTER CHAPTER CHAPTER 10 CHAPTER 11 CHAPTER 12 CHAPTER 13 Goodbye Mr Chips Road Trip “The Biggest Thing Is That People Aren’t Stupid Anymore” Sometimes You Just Have to Say, What the ? How Did I Get Here? There Is No Need to Change—Survival Is Not Mandatory 133 145 157 169 181 191 Conclusions: Curtain Call Appendix Terms You Should Know Appendix FSI Skills Guide Index IX 195 203 231 245 236 APPENDIX Skills Definition Listening ■ Receives, attends to, interprets, and responds to verbal messages and other cues such as body language in ways that are appropriate to the purpose ■ Comprehends, learns, critically evaluates, appreciates, or supports a speaker as the occasion requires Survival Skills in Financial Services ■ ■ ■ ■ Speaking ■ Organizes ideas and communicates oral messages appropriate to listeners and situations ■ Participates in conversations, discussions, and group presentations; selects an appropriate medium for conveying a message ■ Uses verbal language and other cues such as body language in a way appropriate in style, tone, and level of complexity to the audience and the occasion ■ Speaks clearly and communicates a message ■ Understands and responds to listener feedback ■ Asks questions as the need arises ■ ■ ■ Leaders need to listen to their stakeholders Managers must listen to their employees to understand how they are being impacted by change Builders and Producers need to listen to their customers more than ever Supporters need to listen for clues on how to add value Clearly articulating your vision, your concerns, and your message to others is more important than ever—and in this industry, there is no time to waste Wherever you are on the institutional food chain, remember that speaking goes hand in hand with listening There must be a dialogue FSI SKILLS GUIDE 237 Skill 4: Do You Manage Systems or Do Systems Manage You? Systems is a daunting word—it does not mean computers only Social organizations, such as the office in which you work, are systems To stay relevant and come out a winner, you must be able to use these systems to your advantage Skills Definition Understands Systems ■ Knows how social, organizational, and technological systems work ■ Operates effectively within these systems Monitors Systems ■ Distinguishes trends ■ Predicts impacts of actions on system operations ■ Diagnoses deviations in the functioning of a system or organization ■ Takes necessary actions to correct performance Improves Systems ■ Makes suggestions to modify existing systems in order to improve the quality of products or services ■ Develops new or alternative systems Survival Skills in Financial Services ■ ■ ■ ■ ■ ■ ■ “Whom should I approach to see if I can use Jennifer on this project?” “What’s the fastest way to get London’s closing prices?” “Since we asked our tellers to cross-sell, we have seen longer lines at the branch.” “Our new investment products are great, but our call center has been swamped with questions.” “Let’s reduce the number of pricing options on our cash management services It will be simpler to implement and reduce operational mistakes.” Step up—if you have something to say, say it “If we make this minor adjustment, we can use our loan processing system in the new securities subsidiary.” 238 APPENDIX Skill 5: How Well Do You Manage Technology? We all manage technology As you learned, many professionals have a love-hate relationship with this stuff It allows you to so much more yet it can be a pain in the neck But, whatever your relationship, you can’t avoid it If you spend your time hoping it will go away, chances are more likely that you’ll just go away Skills Definition Selects Technology ■ Judges which sets of procedures, tools, or machines—including computers and their programs—will produce the desired results Applies Technology ■ Understands the overall intents and the proper procedures for setting up and operating machines, including computers and their programming systems Survival Skills in Financial Services ■ ■ ■ ■ ■ ■ Maintains Technology ■ Prevents, identifies, or solves problems in machines, computers, and other technologies ■ ■ What works for you? Do not be afraid to ask for the resources you need Make sure to develop a strong case before you approach the powers that be Clearly not everyone needs to get to this level of detail, but you should understand the major systems used in your (or your client’s) organization What is its function? What are basic inputs and outputs? What value does it provide to the institution? Attention, Supporters—do not wait for a crisis If you see a small problem, step up and say something before it becomes a big problem FSI SKILLS GUIDE 239 Skill 6:Think About Your Thinking Skills Think about how you think It’s like getting ready to get ready But it’s definitely worth your time Get your creative juices flowing Make better decisions Problem solving, learning—financial services is a mind game Skills Definition Creative Thinking ■ Generates new ideas by making nonlinear or unusual connections, changing or reshaping goals, and imagining new possibilities ■ Uses imagination freely, combining ideas or information in new ways, making connections between seemingly unrelated ideas ■ Reshaping goals in ways that reveal new possibilities Decision Making ■ Specifies goals and constraints ■ Generates alternatives ■ Considers risks ■ Evaluates and chooses best alternatives Problem Solving Recognizes that a problem exists (i.e., that there is a discrepancy between what is and what should be) ■ Identifies possible reasons for the discrepancy, and devises and implements a plan of action to resolve it ■ Survival Skills in Financial Services ■ ■ ■ ■ ■ ■ “Maybe our customer shouldn’t be thinking about issuing additional stock Convertible debt might be a better approach.” “Let’s forget about the competition’s offering for a minute If we were to design a new, flexible insurance product, what would it look like?” In a changing market, plan for change Generate alternatives Don’t get caught unprepared Acknowledge uncertainty— you may not know the odds Now what you do? “We’re not getting the interest from our high-net-worth customers that we anticipated.” “How about pricing the individual components of the cash management product instead of charging one flat fee?” 240 APPENDIX Skills Definition ■ Evaluates and monitors progress, revising the plan as indicated by findings Mental Visualization ■ Sees things in the mind’s eye by organizing and processing symbols, pictures, graphs, objects, or other information ■ For example, sees a building from a blueprint, a system’s operation from schematics, the flow of work activities from narrative descriptions, or the taste of food from reading a recipe Knowing How to Learn Recognizes and can use learning techniques to apply and adapt existing and new knowledge and skills in both familiar and changing situations ■ Is aware of learning tools such as personal learning styles (visual, aural, etc.), formal learning strategies (note taking or clustering items that share some characteristics), and informal learning strategies (awareness of unidentified false assumptions that may lead to faulty conclusions) ■ Survival Skills in Financial Services ■ “It looks like revenues are up I guess they just wanted more control over what they were buying.” ■ “If we adopt a standard retail branch design, our customers will feel more comfortable— they won’t hesitate to drop in regardless of where they are.” “If we add more information in this step, we can eliminate this confirmation notice and streamline the settlement process.” ■ ■ ■ ■ “Joe really opened up to me when I asked about his plans for retirement I’m going to try this at my next meeting.” “Do you have a copy of the data that supports your presentation? I would like to review it.” Learn, baby, learn FSI SKILLS GUIDE 241 Skills Definition Reasoning ■ Discovers a rule or principle underlying the relationship between two or more objects and applies it in solving a problem ■ For example, uses logic to draw conclusions from available information, extracts rules or principles from a set of objects or written text, or applies rules and principles to a new situation (or determines which conclusions are correct when given a set of facts and conclusions) Survival Skills in Financial Services ■ ■ Stay ahead of your customer As her business grows, she is going to need wealth management Be there for her “My customer is going to need access to global markets next year Who can we bring in to help him out?” Skill 7: Evaluate Your Personal Qualities It’s the people, stupid Winners and losers in a world of consolidation and convergence will be determined not only by technical competence but also by the impression others have of you Focusing on and developing your personal qualities will help you in any position you hold Skills Definition Responsibility ■ Exerts a high level of effort and perseverance toward goal attainment ■ Works hard to become excellent at doing tasks by setting high standards, paying attention to details, working well even when assigned an unpleasant task, and displaying a high level of concentration Survival Skills in Financial Services ■ ■ ■ ■ ■ Get a reputation of being someone people can depend on Be punctual at meetings with clients and coworkers Follow up Volunteer You can be more than relevant You can add value 242 APPENDIX Skills Definition ■ Survival Skills in Financial Services Displays high standards of attendance, punctuality, enthusiasm, vitality, and optimism in approaching and completing tasks Self-Esteem Believes in own self-worth and maintains a positive view of self ■ Demonstrates knowledge of own skills and abilities ■ Is aware of his or her impression on others ■ Knows own emotional capacity and needs and how to address them ■ Sociability ■ Demonstrates understanding, friendliness, adaptability, empathy, and politeness in new and ongoing group settings ■ Asserts self in familiar and unfamiliar social situations ■ Relates well to others ■ Responds appropriately as the situation requires ■ Takes an interest in what others say and ■ ■ ■ ■ ■ ■ Don’t be afraid to say that you don’t know “I am not sure how often the loan gets re-priced—let me make a call and get right back to you.” As the industry continues to consolidate and converge, there will be occasions where you will be thrust into new team situations Practice, practice, practice The more you it, the easier it gets Push yourself into social situations you would otherwise avoid FSI SKILLS GUIDE 243 Skills Definition Self-management ■ Accurately assesses own knowledge, skills, and abilities ■ Sets well-defined and realistic personal goals, monitors progress toward goal attainment, and motivates self through goal achievement ■ Exhibits self-control and responds to feedback unemotionally and not defensively Integrity/Honesty ■ Recognizes when being faced with making a decision or exhibiting behavior that may break with commonly held personal or societal values ■ Understands the effects of violating these beliefs and codes on an organization, oneself, and others ■ Chooses an ethical course of action Survival Skills in Financial Services ■ ■ ■ ■ ■ “I should sign up for that seminar on changes in the tax code I am not sure I fully understand the implications for my clients.” “By the end of this year, I should be able to increase the number of new policies I have written by ten percent compared to last year.” In times of increased pressure to grow the business or to get things done faster, ethical issues may come into play “This may not be the best product for them, buy if I make this sale, I’ll exceed my goal for the quarter.” Do not jeopardize your relationship with customers or co-workers for a onetime, short-term gain Index action plans insiders, 192 providers, 193 Adamson, Doug on convergence of jobs, 48–49 on decision making, 117 on innovation management, 109–110 on lean operations, 116 on learning, 86 on people skills, 84 on relationship skills, 167 on staying relevant, 186 on time management, 117 alliances, strategic, 29 back office issues, 142–143 Bailer, Tom on adapting to change, 77–78, 108 on analyzing customer needs, 163 on business size, 59 on Cognizant Customers, 31, 161 on customer concept, 159 on globalization, 147 on leadership, 51 on learning, 86, 87 on partnerships, 75 on systems thinking, 105, 106 banks characteristics, profit dynamics, risks, 7–8 services provided, benefit expenses, securities firms, 10 Buchert, Dennis on accountability, 116–117 on management development, 110 on people issues, 51 on tech effects, 134, 139 builders described, 48, 53–55 relationship development, 111–113 standing out, 113–115 business focus, adopting, 120–121 business size issues, 58–59 Carlson, Lee, 77, 148 change issues, 90–91 planning for, 176–177 change forces See also survival skills Cognizant Customers change force, 30–34, 157–167, 200 demographics change force, 42–43 distribution change force, 43–44 global mobilization change force, 25–30, 147–151, 199–200 helping employees adapt, 108–109 information change force, 41 key concepts, 20–21 levels of impact matrix, 69 overview, 65–67 pace of, 3–4 rewriting the rules change force, 38–40, 183–189, 201 shifting risks change force, 34–37, 172–178, 200–201 summary, 195–196 survival skills matrix, 68 tech effects change force, 21–25, 134–141, 199 clearing corporations, described, 14 Cognizant Customers change force builders impact, 160 critical survival factors, 162–168 customer types, 30–31 defined, 31–32 245 246 INDEX Cognizant Customers change force (cont.) impact analysis, 32–34 impact matrix, 160 knowledge needed, 161–162 overview, 157–160 producers impact, 161 summary, 200 supporters impact, 161 commission income, securities firms, commissions expenses, securities firms, 10 commodities markets, 95 communication expenses, securities firms, 10 communication skills listing, 84 compensation expenses, securities firms, 10 competition, 39 consolidation, 39 convergence, 39 credit card associations, 14 credit rating agencies, 14 customer needs, 162–164 types, 30–31 Darcy, Keith on change planning, 176 on leadership, 51, 102, 104 on people skills, 82–83 on personal performance, 40, 182–183 on relationships, 73, 139 data sources, shelf life table, 16 Davis, Robert on building skills, 121 on change, on globalization, 147–148, 153–155 on leaders, 103 on relationship skills, 165–166 on rewriting the rules, 181 dealer services, securities firms, decision making, 117, 175–176 Deming, W Edward, 193 demographics change force, 42–43 demutualization, 39 deposit products, 95 depository institutions, 13 deregulation See rewriting the rules change force distribution change force, 43–44 diversity issues, 149–151 dividends, 10 employee expenses, securities firms, 10 expenses banks, securities firms, 10 fee-based services banks, 7, 96 securities firms, finance companies, described, 13 Financial Modernization Act of 1999, financial services industry (FSI) characteristics, 5–6 skills guide, 231–243 finding information, 118 flexibility skills change, ability to, 77–79 example scenarios, 76 gaining flexibility tips, 79 floor brokerage expenses, securities firms, 10 focusing, 120–121 foreign exchange (FX) markets, 95 services, Friedman, Thomas, 26 funds transfer systems, described, 14 Glass Steagall Act of 1933, global mobilization change force builders impact, 147–148 critical survival factors, 149–151 defined, 26–27 impact analysis, 27–30 impact matrix, 147 knowledge needed, 148 leaders impact, 147 producers impact, 147–148 summary, 199–200 Graham Leach Bliley legislation, Green, Micah on business size, 58 on changing rules, 14 on creative solutions, 115 on globalization, 148 on risk management products, 174 growth, reasons for, 54–55 Guinn, Patricia on Cognizant Customers, 161–163 on customer concept, 161 INDEX 247 on demutualization, 39 on people skills, 84 on risks, 12–13 on tech effects, 139–140 Harper, Rodgers, 160 hedgehog and fox story, 89 high-net-worth individuals (HNWIs), 31 Iati, Robert on relationships, 74 on tech effects, 22, 133, 143 income banks, securities firms, 9–10 individual roles and responsibilities discussed, 98–99 refresh schedule, 98 industry knowledge overview, 94 players, 96 processes, 96–97 products, markets, and services, 95–96 refresh schedule, 95 information, finding, 118 information change force, 41 information management skills guide, 233–234 innovation importance, 114–115 managing, 109–110 institutional awareness discussed, 97–98 refresh schedule, 97 insurance companies described, 10–11 products offered, 95 profit dynamics, 13 risks, 12–13 services provided, 11–12 interest expenses banks, securities firms, 10 interest income banks, securities firms, 10 Internet, business impact, 22–23 interpersonal skills guide, 234–236 listing, 85 investment banking income, securities firms, 10 investment management services, securities firms, investment products, 95 Jenness, Thorn on efficiency, 121 on fast-changing environments, 176 on globalization, 146 on self-help, 122 Kasman, Bruce on adapting to change, 109 on FSI careers, 48 on FSI dynamics, 19 knowledge brokers, transforming to, 138 knowledge diversification skills discussed, 79–81 diversifying tips, 82 Kohlmann, Thomas on business size, 59 on Cognizant Customers, 163–164 on customer solutions, 187 on globalization, 149 on growing with customers, 114 on industry culture clashes, 182 on knowing everything, 166 on relationship building, 112 on responding to customer needs, 163–164 Kroeger, Barry on Cognizant Customers, 30 on innovation, 114 on risk management, 29 on risk mind-sets, 174–175 Lackritz, Marc on business focus, 120 on globalization, 148 on knowledge needed, 93 on leadership, 50–51 on navigational business concept, 137 on patterns, 173 on personal qualities, 76 on relationships, 73 on risk taking, 109 on risk-based decisions, 175 on surviving business cycles, 172 248 INDEX law of unintended consequences, 106–107 leaders described, 48, 50–51 getting involved, 102–104 systems thinking, 104–107 learning skills discussed, 85–87 learning tips, 87–88 loan products and services, 7, 95 long-term thinking, 187–188 management skills guides, FSI See also managers; survival skills interpersonal skills, 234–236 managing information, 233–234 managing resources, 232–233 managing systems, 237 managing technology, 238 personal qualities, 241–243 thinking skills, 239–241 managers See also management skills guides, FSI basic skills, mastering, 110–111 components of job, 52–53 defined, 48, 52 dynamic work environments, creating, 107–110 rewriting the rules impact, 184 risk taking, 109 shifting risks impact, 172 tech effects impact, 134–135 markets, FSI, 95–96 Nautilus Group, 125–129 non-interest expenses, banks, non-interest income, banks, O’Hare, Kathleen on change, 90–91 on Cognizant Customers, 159 on dealing with people, 123 on diversity, 149–150 on globalization, 25–26, 145 on law of unintended consequences, 106 on people skills, 85 on risk, 35, 169, 173 on staying relevant, 186 on tech effects, 136 partnering, strategic case study, 125–129 discussed, 121–124 people skills, 82–85 Perrotty, Sue on human capital, 47 on knowing everything, 165 on leaders, 184 on long-term thinking, 187 on people impact, 83–84 on risk management, 171 on staying ahead of the curve, 161 on tech effects, 139 personal qualities skills guide, 241–243 Peters, Tom, 21 planning for change, 176–177 producers described, 48, 55–56 relationship building, 117–119 speed importance, 116–117 products offered, FSI, 7, 95–96 professional levels, FSI builders, 48, 53–55, 111–115 convergence of levels, 48–50 leaders, 48, 50–51, 102–107 levels of impact matrix, 69 managers, 48, 51–53, 107–111 overview, 47–50, 67 producers, 48, 55–56, 116–119 summary, 198–199 supporters, 48, 56–57, 119–124 survival skills matrix, 68 providers action plans, 193 benefits issues, products and services, 88 change issues, 15–16 defined, 15 selling cycle questions, 57 selling in rules-changing times, 188–189 selling in shifting-risks markets, 177–178 selling to Cognizant Customers, 166–167 selling to globally mobilized customers, 152 tech effected customers, positioning products and services, 140–141 INDEX 249 regulations See rewriting the rules change force regulators, described, 14 Reich, Robert, 31, 115 Reid, Anita on anticipating client’s future states, 113–114 on leaders, 183–184 on retaining good people, 103–104 on working together, 119 relationships skills See also change forces; management skills guides, FSI action plan, 75–76 with customers, 72–74 with non-customers, 74–75 relevancy, 186 resource management skills guide, 232–233 retail customer types, defined, 30–31 revolving credit, defined, 228 rewriting the rules change force builders impact, 184–185 critical survival skills, 188–190 impact analysis, 39–40 impact matrix, 183 knowledge needed, 185 leaders impact, 183–184 managers impact, 184 regulation overview, 38 summary, 201 Ridlon, Walter, 125–129 risk and reward concept, 35–36 risk management products, 96 risk(s) See also shifting risks change force decisions, risk-based, 175–176 defined, 34 mind-sets, 174–175 risk management, 151 risk taking, managers, 109 roles and responsibilities, individuals discussed, 98–99 refresh schedule, 98 salespersons See producers securities firms characteristics, profit dynamics, 9–10 risks, services provided, 8–9 securities services, banks, services provided, FSI, 96 shifting risks change force See also risk(s) critical survival factors, 174–177 impact analysis, 36–37 impact matrix, 172 knowledge needed, 173–174 leaders impact, 172 managers impact, 172 risk management, overview, 170–171 risks overview, 34–36 summary, 200–201 supporters impact, 172–173 size issues, business, 58–59 skills guides, FSI See also managers; survival skills interpersonal skills, 234–236 managing information, 233–234 managing resources, 232–233 managing systems, 237 managing technology, 238 personal qualities, 241–243 thinking skills, 239–241 speed, need for, 136–137 strategic alliances, 29 strategic partnering case study, 125–129 discussed, 121–124 Stuchiner, Robert on generalization, 118 on globalization, 28 on information sources, 118 on law of unintended consequences, 107 on life insurance industry, 12 on organizational change, 187 supporters business focus, adopting, 120–121 described, 48, 56–57 strategic partner concept, 121–129 survival skills See also change forces; management skills guides, FSI flexibility skills, 76–79 key skills, summary, 71–72 knowledge diversification skills, 79–82 learning skills, 85–88 matrix, 68 people skills, 82–85 relationships skills, 72–76 250 INDEX Sweet, Larry on globalization, 148 on information change forces, 41 on rewriting the rules, 38 systems expenses, securities firms, 10 systems management skills guide, 237 systems thinking, 104–107 team skills, 113 tech effects change force critical survival factors, 136–140 described, 21–23 impact analysis, 23–25 impact matrix, 135 manager impact, 134–135 paradoxes, 134 producers impact, 135 summary, 199 supporters impact, 135–136 technology management skills guide, 238 The Cluetrain Manifesto customer knowledge, 157–158 financial services interaction, 23 Web site, 23 The Lexus and Olive Tree, 26 thinking skills guide, 239–241 Thriving in Chaos, 21 trading execution venues, described, 14 trading gains and losses, securities firms, 9–10 transaction and deposit products, 95 ultra-high-net-worth individuals (UHNWIs), 31 uncertainty management, 151 Vaccaro, John on business size, 59 on knowledge brokers, 138 on tech effects, 134 Wecker, Richard on global mobilization, 27 on intrafirm relationships, 74–75 on management results, 184 on Nautilus Group, 125–129 on people skills, 83 on relationship building, 112 on stock companies, 182 on strategic partnering, 122 on team skills, 113, 186 on working harder, 185 working together challenges, 119 ... mission—and Survival Skills in Financial Services was born What Is Survival Skills in Financial Services? Let me start out by explaining what the book is not It’s not: ■ ■ ■ The latest installment in. .. among other things, separated the various financial services sectors into the three distinct arenas of banking, securities, and insurance Financial Modernization Act of 1999 In Washington they... result of my investigation is the book you are holding in your hands (or paging through on your computer or listening to in your car or you get the idea) Survival Skills in Financial Services