Unequaled - James A. Runde - ebook

Unequaled ebook

James A. Runde

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The real secret to career success and what it takes to get ahead is EQ Unequaled is the client service professional's guide to getting ahead and achieving professional goals. You're smart and hard working, but guess what--so is everyone else. So how do you stand out? You need to distinguish yourself in order to get ahead, but simply being good at your job is not enough. Moving up is about soft skills, networking, client connections, emotional intelligence, and your personal reputation. This book is a frank and candid guide to what it really takes to succeed in the field, packed with insights, stories, and actionable tips based on the author's 40 years at Morgan Stanley. You'll learn how to lead, when to follow, and how to build the reputation you need to get ahead in a competitive field. This book shows you how to step up your relationships, strengthen your soft skills, and build your brand for success. * Differentiate yourself and expand your career * Build relationships through planning and preparation and deliver commercial results * Lead effectively, increase productivity, and build a better work environment * Build, enhance, and leverage your personal brand to support your own success * Network effectively to find mentors and sponsors Realizing your career goals means being visible, having influence, and crafting a reputation as a valuable contributor while delivering outstanding results. Unequaled shows you how to adapt yourself, collaborate with colleagues, influence clients, and become an excellent boss.

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Liczba stron: 218




Table of Contents

Title Page

Copyright

Dedication

Preface

Acknowledgments

Part 1: Navigating Your Career (How to Manage Yourself)

Chapter I: What Is There Other Than Brains and Hard Work?

Chapter II: Emotional Quotient (EQ)

Adaptability

Adapting to Adversity

Collaboration

Empathy

Chapter III: The Three

D

s: Details, Deadlines, and Data

Details Always Matter

Know Your Deadlines

Get the Data Right!

Chapter IV: Expectations and Evaluations

Promotion Committee

Grab That Cup of Coffee with the Boss

Chapter V: Networking: Risks, Benefits, and Tips

Benefits of Networking

Be Systematic

Icebreakers

Currency

Chapter VI: Where Are You?

How to Be Happier

Create a Roadmap to Your Dream Job

Navigating the Headwinds and Tailwinds of Your Career

Chapter VII: Selling Yourself

Speak Up

Chapter VIII: The Path to Sponsorship

Role Models

Mentors

Sponsors

Chapter IX: Magic Formula

Ability

Opportunity

Courage

Part 2: Becoming More Commercial (How to Work with Your Clients)

Chapter X: Why Is Being Commercial Relevant to You?

Turn Client Relationships into Revenue

How to Be More Commercial

Chapter XI: How to Win Business

The Art of Building Client Relationships

How to Monetize Client Relationships

How to Better Persuade Others

Chapter XII: How to Prepare for the Client Meeting

The Four

R

s

Change of Mindset

Have a Strong Opening and Strong Close

How to Ask for the Order

Dealing with Rejection

Chapter XIII: Differentiating Yourself with Clients

Differentiating Yourself through Likability and Trust

Differentiating Yourself through Insight

Using the Apple Five Steps of Service

Chapter XIV: Assessing the Client Situation

Know Your Client's Vital Signs

How to Know if You Are Making Progress with a Client

Chapter XV: How Firm Strategy Is Commercial

Know Your Firm's Strategy

Connect Firm Strategy to Commercial Impact

Clients Hire Your Firm and They Hire You

Trust-Based Client Relationships

Part 3: Becoming an Exceptional Leader

Chapter XVI: Engaging and Leading People

Three Hats

Three

C

s of Team Building

Screening Prospective Team Members

Chapter XVII: The War for Talent

The Three

M

s

Be Alert to the Three

D

s

Values and Culture

Chapter XVIII: Importance of Exceptional Leadership

Herzberg's Motivation-Hygiene Theory

A Team Never Forgets How You Make Them Feel

Importance of Optimistic Leadership

Definition of a Good Boss

Knee-Jerk Reaction

Adaptive Leadership

Chapter XIX: Control the Controllables

Chapter XX: Closing Advice

Ten Books that Might Help You

Highly Practical Tips

Summary

About the Author

Index

End User License Agreement

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Guide

Table of Contents

Begin Reading

List of Illustrations

Chapter V: Networking: Risks, Benefits, and Tips

Figure 5.1 Take the Networking Fork

Chapter VI: Where Are You?

Figure 6.1 Boss, Lifestyle, Geography, Pay

Chapter VIII: The Path to Sponsorship

Figure 8.1 Sponsorship Pyramid

Chapter X: Why Is Being Commercial Relevant to You?

Figure 10.1 Steps to Getting the Order

Chapter XI: How to Win Business

Figure 11.1 The Art of Building Client Relationships

Figure 11.2 Client Relationship Diagram

Chapter XII: How to Prepare for the Client Meeting

Figure 12.1 How to Prepare for the Client Meeting

Chapter XV: How Firm Strategy Is Commercial

Figure 15.1 Connect Firm Strategy to Commercial Impact

Chapter XVII: The War for Talent

Figure 17.1 The War for Talent

Chapter XVIII: Importance of Exceptional Leadership

Figure 18.1 The Three

P

s

List of Tables

Chapter X: Why Is Being Commercial Relevant to You?

Table 10.1 Top Skill Shortages Among Graduates

Chapter XI: How to Win Business

Table 11.1 Pitch Time Allocations

Chapter XVIII: Importance of Exceptional Leadership

Table 18.1 Herzberg's Factors for Satisfaction and Dissatisfaction

JAMES A. RUNDEWITHDIANA GIDDON

UNEQUALED

TIPS FOR BUILDING ASUCCESSFUL CAREERTHROUGHEMOTIONALINTELLIGENCE

 

 

 

Copyright © 2016 by James A. Runde. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

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 Section 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, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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Library of Congress Cataloging-in-Publication Data:

Name: Runde, James A., 1946- author.

Title: UnEQualed: Tips for Building a Successful Career through Emotional Intelligence / James A. Runde.

Description: Hoboken, New Jersey : John Wiley & Sons, 2016. | Includes index.

Identifiers: LCCN 2016013558 (print) | LCCN 2016015925 (ebook) | ISBN 9781119081456 (cloth) | ISBN 9781119246084 (ePDF) | ISBN 9781119246114 (ePub) | ISBN 9781119246084 (pdf) | ISBN 9781119246114 (epub)

Subjects: LCSH: UnEQualed—Vocational guidance. | Financial services industry—United States.

Classification: LCC HG4534 .R86 2016 (print) | LCC HG4534 (ebook) | DDC 332.660973—dc23

LC record available at https://lccn.loc.gov/2016013558

Cover Design: Paul McCarthy

This book is dedicatedwith love to my wife, Barbara, who always brings out the best in me.

PREFACE

When a team of us worked on the United Parcel Service IPO, it was the largest IPO in history at that time. A group from Columbia Business School read about the deal in the Wall Street Journal and asked if I would give a speech explaining how we had won such a large piece of business. This deal was unusual because UPS chose Morgan Stanley to be the lead underwriter without talking to any other investment banks.

The speech that I made to the Columbia Business School students discussed the importance of emotional intelligence quotient (EQ), trust-based client relationships, and other soft skills. The presentation was well received, and word-of-mouth created demand at IBM, Princeton University, Davis Polk & Wardwell, and throughout Morgan Stanley. I heard the presentation was popular because I was authentic in telling stories and explaining what I had learned both from my mistakes and from the experience of others. Audiences also told me they liked hearing practical advice from a practitioner.

I had been a reader of self-help books for many years, but found most of them to be irrelevant or in the “dare to be great” genre. I also read books about finance and banking; they were full of complex equations, but many of them said nothing about “client”—not even in the index. I could not find a book that provided useful tricks of the trade for professional services people in banking, consulting, law, or accounting. I began to see that my presentation might help fill that need.

Over time, demand grew for my presentation, which resembled the first section of this book. This talk, called “Navigating Your Career,” was especially popular among new hires and on business school campuses. Later, I learned that mid-level bankers were asking themselves how they could become more commercial. It was hard to find a credible outside teacher or speaker to address this issue. I was asked to create another speech based on my experience with clients. The second section of this book grew out of the commercial presentation. About five years ago, I was told that since I had helped junior bankers navigate their careers and mid-level bankers bring in more business, I should create a talk that would help senior people who were becoming managers and leaders in the firm. The third part of the book is based on working with this more senior group.

Soon I was doing as many as 50 presentations annually around the world. The presentations were unique because I focused on practical tips, I always shared my slides afterward, and I always asked for email feedback on ways to make my presentations better. Those emails often led to one-on-one coffees. Many of those coffee-mates kept in touch and asked for input as their careers progressed. My talks grew stronger because of this feedback.

This book is the compilation of those three presentations, the feedback I received from my colleagues, and the lessons I learned from those mentoring sessions. I wrote this book because I wanted to help others succeed in their professional services careers. So here it is.

That's why I wrote the book. Now who should read this book?

I have learned through giving these speeches over the years that my presentations are relevant well beyond investment banking. This book is an important guide for any person whose success is dependent on the importance of EQ and trust-based client relationships and who wants to succeed in a professional services career. This book is just as pertinent for the person who is just starting a career in professional services as it is for the seasoned professional. The first section of this book tells a junior person how to make a “job” in professional services into a “career” in professional services. The second section provides advice for anyone who is covering clients or preparing to cover clients. The third section is an important guide for anyone who is taking on a leadership role in a professional services firm, whether you are leading a small team or a large part of a professional services organization.

That's who should read this book. So why should you read it?

Banks and other professional services firms are facing a shortage of talent, especially talent with the right mindset, which means a proven ability to network, create trust-based client relationships, lead people, embrace the firm's strategy and culture, and deliver commercial results. My goal in this book is to help you to learn from my experience—and my mistakes—so that you can be the right talent with the right mindset at every stage of your career.

The critical distinguishing factor in a successful professional services career today is EQ. Emotional intelligence is the ability to monitor your own and other people's emotions, to discriminate between different emotions and label them appropriately, and to use emotional information to guide thinking and behavior. It is the single biggest predictor of performance in the workplace and the strongest driver of leadership and personal excellence. Over my 40-year career, I have learned how you can leverage EQ to create durable relationships. Without EQ, the likelihood is that you will be your firm's “best-kept secret”—not recognized, not appreciated, not promoted, and often not properly compensated.

In this book, I show you how and why EQ and soft skills are both commercial and strategic. EQ has been used to explain why people with average IQs outperformed those with the highest IQs 70 percent of the time. EQ has become part of the business vernacular, but too often it is dismissed as either simply jargon or too much in the realm of psychology. But in my judgment, EQ is more than charisma or personality. It is exhibited in adaptability, collegiality, and empathy.

Early in your career, you will quickly discover that you, like all your colleagues, are smart and hard working. Interpersonal skills are vital to distinguishing yourself at the beginning of your career. Understanding your firm's culture and incorporating it into your behavior are other keys to getting ahead. Other important considerations at the beginning of your professional services career include communicating with your boss, networking, and finding mentors and sponsors. All of these form the foundation for what I call the magic formula of ability, opportunity, and courage.

When serving clients in the second phase of your career, trust and likeability are more powerful than having encyclopedic knowledge or knowing complex equations. It is important but difficult to build relationships and turn those relationships into revenue. You will need to master the arts of creating insight out of information and using your time wisely.

The third career phase involves leading people and building teams. This book provides evidence and examples of how to better engage and motivate knowledge workers. It explains what makes a good boss and a great leader. In today's business world, a leader needs to both anticipate and adapt to changes in technology, demographics, and volatility.

The measure of this book's success will be how well it changes your mindset and, more importantly, your behavior. My goal is to give you useful tools that will help you build a satisfying and successful career.

ACKNOWLEDGMENTS

This book reflects the impact of many people throughout my life and career. First, my parents had a powerful and positive influence on my life. My mom and dad instilled in me a deep respect for faith, education, and teamwork. I will forever be grateful for their guidance and sacrifice.

I also would like to thank the people who contributed to my career success, who taught me the ropes and showed me how to do first-class business in a first-class way. Their contributions to my professional progress were noteworthy and invaluable. Parker Gilbert was my model of integrity and financial judgment and a very loyal friend. Griff Sexton was the first person I met at Morgan Stanley and was my mentor throughout my career.

Special thanks to Morgan Stanley Chairman and CEO James Gorman and President Colm Kelleher. Both have shown themselves to be exemplary leaders of the firm through the exceedingly difficult transition period in the wake of the financial crisis. Their relentless focus on strategy, shareholder value, and cost has allowed Morgan Stanley to reshape its business model while maintaining a premiere client franchise in the investment banking industry.

This book would not have been possible without the support and encouragement of my wife, Barbara, and my children, Dan, Kevin, and Kate. As a seasoned publishing industry expert, Kate and her insights were especially valuable throughout the process.

Credit is most definitely due to the person who did so much to make this book come to life: Diana Giddon. Words cannot express my appreciation for her professional advice and her persistence and assistance in editing and polishing the manuscript. She knows the subject matter very well, as she is a consultant to professional services firms and a former investment banker.

Several individuals read the entire manuscript and offered their thoughtful comments on it. Cory Spencer not only offered helpful comments on the manuscript but was instrumental in suggesting the format and creating the basic outline. Others who earned my appreciation are my sister, Kate Raab, Lenore Pott, Ken Pott, Bob Hallinan, Peg Sullivan, Mary Clare Delaney, Jennifer Zimmerman, Rebecca Tyson, Erika Gruppo, David Darst, Daisy Dowling, Emily Rosenfield Magid, Lauren Garcia Belmonte, Felicity Tan, Ching-Ching Chen, Levi Malik, Vanessa Capodanno, Sarah Philips, Jessica Zoob, and Alison Kittrell.

The team from John Wiley & Sons has been outstanding from start to finish. Pamela van Giessen, Bill Falloon, Meg Freeborn, and Laura Gachko were essential in creating and polishing this book and all of them have my respect and gratitude.

PART 1NAVIGATING YOUR CAREER (HOW TO MANAGE YOURSELF)

CHAPTER IWHAT IS THERE OTHER THAN BRAINS AND HARD WORK?

Have you ever wondered if you are your firm's best-kept secret? Do you wonder if brains and hard work are enough for you to succeed and get ahead at your firm?

When I started as an investment banker in 1974, I believed that brains and hard work were what got me a position at Morgan Stanley. On the first day of work, it took me about 10 minutes to realize that the woman to my right was smarter than I was and the man to my left was working harder than I was. I thought, “Oh no—there is no way I am smarter than that woman, and I can't work at that guy's pace. I might be toast.”

I concluded that there must be something else to distinguish beyond the brains and hard work that got me (and everyone else) the job. The emotional intelligence quotient, or EQ, card was the only and the best that I could play.

I learned about EQ both by being part of a big family and by working with really bright people in the Navy. I grew up in a family of 10 children in Sparta, Wisconsin. I quickly learned how to listen. I became adaptable by relating to my siblings, who were different ages and had different interests. My parents were schoolteachers as young adults. They each taught eight grades in one-room country schoolhouses in rural Wisconsin. My parents taught us to work as a team to get things done in our home.

After graduating from Marquette University, I joined the U.S. Navy and served as an officer for five years on the nuclear energy staff of Admiral Rickover.

My first month in the Navy was very similar to my first month at Morgan Stanley. I realized that to survive and thrive, I needed more than brain power alone. By being friendly, asking and offering to help others, and creating a network, I was able to solve problems more quickly and put issues in perspective. This same approach proved effective later as I started in a professional services firm.

Early in my career, I saw how EQ (or the lack of it) was more powerful than IQ. For example, we had been trying hard to win a mergers-and-acquisitions (M&A) mandate from the Walt Disney Company. After a number of attempts, we finally persuaded the CEO of Disney to visit Morgan Stanley's New York headquarters. The head of our mergers-and-acquisitions division said we should put our most brilliant M&A banker in charge of the meeting—let's call him Bill.

Bill ordered up reams of analyses and created a huge presentation of M&A ideas, giving the CEO his best ideas. The CEO disliked all of Bill's ideas and said that he had his own pet acquisition idea, which he had not discussed with any other bankers. After the CEO told Bill his specific target and plan, Bill looked at the CEO with a straight face and asked, “Now why would you do a Mickey Mouse thing like that?”

The CEO turned red in the face, stood up, and left our building. Anyone with an ounce of EQ would have known better than to make a sarcastic remark about the icon of the potential client's company. Bill might have been very good at analyzing acquisitions, but he was a total dunce when it came to EQ.

CHAPTER IIEMOTIONAL QUOTIENT (EQ)

Why do people with average IQs outperform those with the highest IQs? In his book, Emotional Intelligence: Why It Can Matter More Than IQ, Dr. Daniel Goleman, an expert on brain and behavioral sciences, addresses emotional quotient (EQ) versus IQ.1 EQ provides the evidence that being smart is not just a matter of mastering facts or equations; it requires mastering your own emotions and understanding the emotions of the people around you. EQ is a better predictor of success, quality of relationships, and overall happiness.

EQ is about your relationships:

Your relationship with yourself (self-awareness/adaptability)

Your relationships with your colleagues (collegiality/collaboration)

Your relationships with your clients (empathy)

I think of EQ in terms of adaptability, collegiality/collaboration, and empathy, or ACE.

ADAPTABILITY

“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.”

Attributed to Charles Darwin, English naturalist and geologist

Let's start with adaptability. There is constant change in professional services firms. Competition changes; just ask those who were once at Lehman Brothers, Bear Stearns, or Arthur Andersen. Technology changes; when I started at Morgan Stanley, there was one computer that used punch-cards for data entry. Leadership changes; Wall Street firms periodically reorganize. Regulations are replaced; for example, Dodd-Frank and the Volcker Rule have caused important strategic and structural adjustments. As a result of all these changes, adaptability is critical to success in professional services.

Your ability to adapt begins with the awareness of where you are and that you will need to change at certain points in your career. Self-awareness is your ability to recognize your emotions and how they affect your thoughts and behavior, as well as understanding your strengths and weaknesses. Self-awareness can help you to adapt to the array of different bosses with different working styles you will encounter throughout your career.

You inevitably will work on different types of projects or different types of products. You will work with an array of different clients with different personalities. For example, when a new CFO joins a client, the incumbent bankers are guilty until proven innocent. This means that the incumbent bankers need to prove themselves to the new CFO. If you are one of those incumbents, you will need to be aware of how the new CFO perceives you and be able to adapt to the new CFO and a potentially new finance team.

As you move up the corporate ladder, you will need to adapt to different roles and responsibilities. What made you a great associate will not make you a great vice president. It is hard to be on the road covering your clients as a vice president while still trying to do your own spreadsheets or research like an associate.

Almost invariably, if you look at the job specifications or performance evaluation form for vice president, you will find that what got you the promotion is not enough to get you to the next level. In What Got You Here Won't Get You There, author Marshall Goldsmith explains that your success and accomplishments to this point will not get you where you want to go.2 You have to adapt in order to continue advancing your career.

ADAPTING TO ADVERSITY

“There is no education like adversity.”

Benjamin Disraeli, British politician and writer

Ben Franklin is famous for his wisdom and knowledge. He said that there is nothing certain except death and taxes. I agree, but he forgot to include adversity. Everyone has personal and professional setbacks. I have seen co-workers have emotional outbursts or become almost catatonic when they missed a promotion, lost a deal, or were dealt some other negative surprise. In some cases, they spent so long in their funk that it damaged their career or reputation.