Don Trone, founder and CEO of 3ethos, spoke on the concept of behavioral and inspirational governance (BIG) and how it will define the value of an elite insurance and financial advisor in the year 2020. His presentation was one of the Big Ideas talks on the Main Stage of NAIFA’s 2016 Performance + Purpose conference. BIG is focused on understanding the governance process of critical decision making. It provides a framework to link the qualities of leadership, stewardship and governance.
Leaders and elite financial advisors, Trone said, share the ability to find balance and consistency in their core values, behavior and decision making. They use this as a framework to link leadership, stewardship and governance.
All of this takes on a heightened importance in the wake of the Department of Labor rule requiring retirement advisors to serve as fiduciaries to their clients. While Trone disagrees with the DOL rule, calling it a “goat rodeo” that has given rise to much confusion, he said that advisors can benefit as fiduciaries by implementing BIG concepts in their practices.
Elite advisors must take a leadership role in teaching others to become behavioral and inspirational governance stewards with their clients.