by Doug Gray | Dec 16, 2024 | change, Coaching, Leadership, organizational leadership, Personal Development, positive psychology, strengths, talent
… to savor the possibilities.
He stood there for so long that a gigantic security guard said, “You can’t just stand here.”
No response.
Then the guard said, ” If you don’t move along then I’ll have to fine you $100.”
Still no response.
Then the guard said, “What are you doing here? Where are you going?”
The positive psychologist smiled and said, “How about if I pay you the $100 and come back next week? I want you to ask me those two questions week after week.”
And so began the history of professional coaching…
Yes, you can define a meaningful outcome for yourself!
Based on my research, here are the top outcomes for business coaching. Pick one or two.
Top business coaching outcomes:
o Banking and financing
o Board of directors/advisors
o Branding
o Change management
o Communication skills
o Compensation and benefits
o Computer security
o Conflict resolution
o Customer service
o Ethics
o Insurance / risk management
o Leadership assessments
o Managing growth
o Managing others
o Marketing
o Net profit
o Operations
o Personal finances
o Personal health and well-being
o Presentation skills
o Safety/ workers compensation
o Sales
o Talent development
o Time/energy management
Now what?
Find someone who can ask you those two questions: “What are you doing here? Where are you going?”
Any thoughts or comments?
Schedule a 1:1 session now! I’d love to discuss your answers!
by Doug Gray | Dec 13, 2024 | change, Financial Professionals, Leadership, Managers, organizational leadership, positive psychology, strengths, Success, talent
The Future of Family Offices: Why Multidisciplinary Teams Are Essential
The goal of every family office is the same- to serve the financial and capital needs of current and future generations. However, the process is changing.
We will always require attorneys and wealth advisors to “stay in their swim lanes” and practice compliance. That will never change. Those silos are necessary, but NOT sufficient. Today, cross functional teams of interdisciplinary advisors are collaborating and providing external expertise.
Recently I was asked to create video recordings for a multi-family office (MFO) with over $1B in assets under management. They wanted me to share succession planning advice with their 80+ clients. Last week I talked with my new friend, Charmaine Tang, CEO of Orca Americas, about the need for people and technology to model innovation for family offices. Also last week I invited Brannon Fisher, a MFO partner, to share advice with our Next Gen Peer Group leaders when we met in Denver. Minutes ago I spoke with Bradley Franc, CEO of Succession Strategies, who said, “We don’t do what you do. We should partner.”
Notice the pattern?
We all have such meetings, because we all serve the current and future needs of our clients.
I can only imagine that such collaboration will accelerate. There is a growing trend toward building multidisciplinary teams within large family offices. Those internal teams may include specialists from various fields together to collaborate and provide comprehensive advice. Naturally, each advisor brings unique legal, financial, or relational expertise. Every smaller Family Office needs to do the same. They need to develop external teams of expert advisors. The power of multidisciplinary collaboration lies in our ability to address the full complexity of family dynamics and wealth management.
Wealth advisors, thankfully, are focused on maximizing assets for long-term gain. Attorneys and insurance advisors focus on protecting assets and minimizing risk, thankfully! Both roles are critical and are NOT sufficient for Next Gen leaders who expect more transparency, digital access, and opportunities to learn.
Family Offices, like any social organization, need to evolve. Every aspect of the family’s wealth or legacy deserves expert advice.
Navigating Intergenerational Conversations
Consider a typical family office meeting: the Elder Generation is planning for retirement and succession, while the Next Generation is learning about investments and long-term financial planning. In the middle, a team of advisors—legal, economic, and often behavioral psychologists (like me) —helps facilitate the conversation.
These discussions may be delicate. The Elder Generation needs to learn to bite their tongues. They need to encourage the Next Generation to ask questions about access to funds, investment strategies, and their personal goals.
For younger family members, these meetings present an opportunity to learn about critical topics like compounding interest, wealth distribution, and long-term planning. I’ve been facilitating a series of family meetings with three Elders, five Next Gens, and three wealth advisors from Northern Trust. By the end of the last session, the Elders were beaming with satisfaction. A multidisciplinary team ensures that these meetings are not just about financial details but about fostering open, constructive dialogue across generations. Advisors from different fields can help ensure that the right questions are being asked and that all voices are heard.
The Expanding Role of the Family Office
Family offices have historically focused on wealth management—handling investment portfolios, estate planning, and tax strategies. But the role of the family office is evolving faster than ever. Many family offices are expanding toward a more comprehensive model that addresses both financial and Family Capital.
The Family Capital Model includes five key areas:
- Health and well-being
- Family governance and decision-making
- Succession planning and education for the next generation
- Family dynamics and interpersonal relationships
- Risk management, both financial and relational
This expansion reflects a broader understanding that to preserve a family’s legacy, the focus must be on the whole family, not just its financial assets. How do Family Office leaders support that broad need? With timing and expertise.
The Importance of Multidisciplinary Collaboration
Timing matters. Bringing in the right expertise at the right time is critical for any family office. A well-rounded team of advisors can ensure that a family’s needs—whether related to wealth, legal matters, or family dynamics—are met efficiently and effectively. When a Family Office relies solely on financial experts, it risks overlooking other vital family legacy elements. A multidisciplinary team mitigates this risk by ensuring that all aspects of the family’s life and legacy are considered in decision-making processes. Quarterly meetings work well. An annual cadence of ownership meetings is a minimal requirement.
Expertise matters. Advisors from different disciplines often approach problems from unique perspectives. After years of formal schooling, credentialing, and serving similar clients, those perspectives are reinforced and they bias every advisor. Thankfully! Think of any trigger event, like the sale of an asset or death of an Elder. Financial advisors are adept at identifying the right moments—like liquidity or birthdays or significant life milestones—to reassess strategies. Legal and insurance advisors ensure that these strategies are sound from an asset protection or risk management perspective. Family psychologists or governance consultants may facilitate conversations around succession planning, interpersonal relationships, and decision-making structures. Nothing is more crucial.
Today, more than ever, families face complex challenges beyond financial management. We all require a team that can holistically serve our needs for expertise in health, wealth, and relationships.
Embracing the Complexity
Let’s assume that Family Offices will play an increasingly important role in managing wealth and the complex needs of families. The sheer scale of assets expected to be transferred between generations in the next decade—estimated to be over $80 trillion USD – makes succession planning and Next Generation leadership development essential priorities for Family Offices. That’s why our team partners with Family Offices. People need our 360 assessment process to confirm who has leadership capacity and what behaviors to develop. People need our Peer Groups to improve communication, reduce conflict, and reduce anxiety about succession.
Let’s also assume that technology will also play a more significant role. Advanced tools, from AI-driven assessments to virtual platforms for family collaboration, are already being used to enhance family governance and communication. Can you imagine a hologram with your 100-year old Elder or Founder in a discussion? Can you imagine 5 generations of family in a meeting, rather than 2-3 generations, as a result of enhanced lifespans? Those technologies will never replace the need for human expertise. Curiosity and humility can never be replaced by AI, and those are two competencies worth developing in most family systems.
Preparing for the Future
To navigate this evolving landscape, Family Office leaders must ensure that their teams can handle both financial and family capital needs. Multidisciplinary teams are not just a trend—they are becoming necessary for Family Offices looking to sustain their success across generations. External advisors provide scaled solutions and reduce costs.
For advisors who serve Family Offices, now is the time to evaluate whether your advisory team is comprehensive enough to address the full range of family needs. Are you prepared to guide your clients through complex psychological and social transitions?
If not, consider expanding your advisory network to include experts who can help you address the evolving challenges facing family offices today. We can help.
Schedule your 1:1 session here.
by Doug Gray | Apr 15, 2020 | Business, Leadership, positive psychology, Resources, Success, talent
Hello friends,
There is plenty of nonsense from online extremists. I’m sick of it. You may be frustrated too.
One of my clients said, “I’m just paralyzed. I’ve submitted my PPP application to Wells Fargo because I trusted them to deliver. Now they say I should consider a new bank. I don’t know who to trust.”
Another client said, “We have adopted new norms for remote work. Everyone has a laptop with a secure virtual private network (VPN). But, people are late for meetings. WebEx doesn’t work. We get interrupted by crying children and barking dogs. Our deliverables are down 20% in 3 weeks.”
That’s why I want to give you these 6 great resources:
- As a species we have always adapted to aversive stimuli with resilience. 100 years ago over 600,000 people died as a result of the Spanish Flu Pandemic. Our grandparents survived. 100 years from now we will have new global health protocols. You and I will not be alive, but our children will learn from our work today. Resilience defines us. We can adapt. Some great resources are at the Greater Good Science Center.
- Teams are stronger than individuals. They always have been stronger. Consider any project team, family team, virtual or direct team… Teams will always will be stronger because teams provide different perspectives, tension, innovation, results. Social isolation leads to anxiety and depression, and kills more people than cardio-vascular disease, obesity and smoking. Combined. Lately I have been calling at least 5 old friends every day. Physical isolation is critical. Social isolation occurs when we do not reach out to one another. Some great free resources are here. You can strengthen your teams today.
- Networks of teams are stronger than individuals. Networks look like spiderwebs or a map of your favorite highways. Networked organizational maps make it possible for anyone to be a leader. One good article on the road ahead using networks of teams is from McKinsey. It’s worth sharing with your teams.
- The road ahead is paved with new leaders, from many networks. Consider recent examples of healthcare leaders like your local physicians and nurses, or Dr. Anthony Fauci. Consider thousands of leaders in education who quickly migrated course content online and are encouraging songs across the physical distance. Leaders emerge when teams practice using OKRs. Objectives and Key Results (OKR) increase accountability and engagement, especially with over 50% of the workforce who are millennials. Recently, over 20% of the U.S. workforce has lost their job or is underemployed. Please share this link from my newest book with anyone in a career transition. For anyone interested in learning about OKR Leadership, please share this link to chapter 1 in audio or digital format. You may be a great leader for your loved ones.
- We finally have a new language to describe our virtues and character strengths. Over 7 million people use the language of signature strengths to describe themselves or others “At your best.” For the past two years I have listed my signature strengths in my email signature as a small experiment. I strongly recommend that you take the free VIA assessment here and practice developing your strengths daily. When we leverage our strengths, then we are more capable of flourishing. The science and practice of character strengths has gained momentum during this pandemic, because people want to know, “What really works?”
Just thinking of you, today, at your best.
Respectfully,
Doug Gray, PhD, PCC
CEO, Action Learning Associates, LLC
704.995.6647 mobile, 615.236.9845 office. Calendar Me.
My top signature strengths: creativity, hope, perspective, honesty, zest
by Doug Gray | Dec 27, 2018 | Business, executive presence, Leadership, Leadership Coach Nashville, leadership workshop, Managers, organizational leadership, Personal Development, positive psychology
Here are some gifts from 2018 that I’d like to share with you, my clients and associates.
I strongly recommend that you save this url in your contact for “Doug Gray” or “Action Learning Associates.”
You may want to download this new content and add it to your digital folder for “Action Learning Associates.” There are many great resources here!
Here’s to you, at your best! When playing with new friends like Spider Monkeys, or not.
Q4 included several customized leadership development workshops.
- One F500 client wanted to “develop a culture of fiscal accountability using Objectives and Key Results (OKRs).” If you are a client and want to see the customized app that included that content please contact me here.
- One client wanted to “introduce positive psychology practices into their organization.” Over 1,300 people have viewed the content here.
- One F500 client wanted to “develop the executive presence and the reputations of their leaders.” A video of that content is here.
- Several small business leaders wanted succession planning content to accelerate their leadership to the next generation.
Q3 included trademarking the AD-FIT model for any managers or professional coaches to use.
- Many clients asked, “What works?” They needed a process or protocol to cascade consistent expectations to direct reports, to serve clients, to lead others effectively.
- A 90-second video explanation is at https://action-learning.com/ and here
- The AD-FIT process for external providers, consultants and coaches is at https://www.whycoachesfail.com/ .
- The AD-FIT process for managers and leaders is athttps://action-learning.com/action-leadership-store/
- The AD-FIT Level 1 Certification Course is at www.WhyCoachesFail. If you are a client and would like free access please contact me here.
- Many consultants, managers and professional coaches have completed the AD-FIT Level 1 Certification Course. And I have been invited to share the AD-FIT model at the Metrics That Matter conference hosted by Explorance, in March, 2019. Contact me for licensing details.
Q2 included my PhD in Organizational Leadership dissertation defense from the Chicago School of Professional Psychology.
- My dissertation title was “Positive Psychology Coaching Protocols: Creating Competitive Advantage for Leader Development.“
- My abstract / summary was: A gap exists between positive psychology coaching (PPC) theory and practice because PPC lacks rigorous measurement, evidence-based protocols and standard processes. This quasi-experimental study assessed the relationship between PPC protocols and performance or behavioral outcomes of leaders. The participants were global professional coaches (n = 220) who completed two sets of surveys after delivering 90 days of coaching, and completed approximately 60 minutes of digital training. The primary assessments were (a) the Psychological Capital Questionnaire (PCQ-12), (b) the Values in Action (VIA-72) questionnaire, and (c) the Outcome Measures Survey that included the Goal Attainment Satisfaction (GAS) score. The PPC protocols included compliance using assessments, defining meaningful coaching outcomes, compliance over time, and compliance with the AD-FIT coaching protocol. Those participants with higher compliance to the AD-FIT coaching protocol (n = 16) reported slightly higher goal attainment scores than the participants with lower compliance (n = 18). Open text box analysis was conducted to deepen understanding of the relationship between participation and leader outcomes. The top two performance outcomes (n =100 responses) were increased productivity and focus. The top two behavior outcomes (n =115 responses) were improved relationships and effectiveness. The theoretical, methodological and practical significance of this research indicate opportunities to create competitive advantage in leader development.
- A riveting 60-minute video of the dissertation defense with research findings is hosted at https://www.youtube.com/user/dgrayful/videos
- In Q4 the dissertation was finally published online for researchers at ProQuest. If you’d like a copy in PDF please contact me.
- Yes, you may now call me Dr. Doug Gray, if you wish.
Q1 included a website redesign and marketing with new content.
A final note for your files…
All of you who are individual or team coaching clients are familiar with this new client intake document. Here is a very generous gift. When I work with leaders I ALWAYS use the AD-FIT process. Since 1997. It works. Outcome-based coaching is a straightforward process. I strongly recommend that YOU adopt the AD-FIT protocols. Click on the bullet below. Then download the content. Then use these 28 validated outcomes for executive coaching or business coaching. Leaders practice leadership, just as physicians practice medicine and attorneys practice law.
A friend recently asked why I like to GIVE AWAY so much content to my clients and associates. I have several answers:
- You are my champions and buying agents who will download and share this new content as you see fit.
- My ancestors are teachers and ministers, accustomed to sharing practical knowledge. I know what works.
- I can share everything I know, and still know it. Wisdom is meant to be shared.
May you have an OUTSTANDING 2019!
by Doug Gray | Aug 3, 2018 | Business, change, Coaching, Leadership, Managers, organizational leadership, positive psychology, strengths, Success
by Doug Gray | Oct 7, 2017 | Business, change, Coaching, Leadership, Leadership Coach Nashville, organizational leadership, Personal Development, positive psychology, Resources, strengths, Success, talent assessment
Protocols abound in finance for security and risk mitigation. Thankfully.
Protocols abound in healthcare for efficacy and efficiency. Thankfully.
Protocols are not yet adopted by coaches, but they need to be adopted ASAP.
For details on my dissertation research of global executive coaching and leader outcomes, using positive psychology protocols, contact us here. For certification programs using the AD-FIT coaching protocols, see the products for internal managers here, see the products for external coaches and consultants here.
We trademarked the following model because our clients asked us, “What works?”
Positive Psychology Coaching Protocols:
The AD-FITTM Model
Assess coachee’s signature strengths:
___________________________
___________________________
___________________________
___________________________
___________________________
Assess Mindset: To what extent is the leader/ coachee willing to change?
(Fixed mindset 0-20%, 20-40%, 60-80%, 80-100% growth mindset)
Define a meaningful goal or outcome for the leader/ coachee. (A measurable performance or behavior)
Focus on the leader/ coachee’s agenda. (“I’m a little concerned about…”)
Intervention or possible action for the leader/ coachee. (“Have you considered…”)
Takeaways or next step for the leader/ coachee. (Model accountability and change.)
% of adherence to this model? (0-20%, 20-40%, 60-80%, 80-100%)
Understanding of Positive Psychology Coaching (PPC) protocols:
Introduction to Positive Psychology
Positive Psychology (PP) may be operationally defined as the science of well-being and optimal functioning. The phrase “positive psychology” was coined by Maslow (1954) and is rooted in humanistic psychology. Recent research in PP has defined five clusters of scientific findings, the PERMA model, that describe positive emotions, engagement, relationships, meaning, and accomplishments (Seligman, 2011). The construct of signature strengths can be assessed using the Values in Action (VIA-72) questionnaire (Seligman & Peterson, 2011). The construct of Psychological Capital (PsyCap) can be defined as a dynamic, higher-order construct comprised of hope, efficacy, resilience and optimism (Luthans, Youssef-Morgan & Avolio, 2015).
Introduction to Positive Psychology Coaching
This Positive Psychology Coaching (PPC) program was designed in response to a perceived need for development of business leaders actively engaged in professional coaching. The confidential relationship between coaches and coachees will be maintained throughout this research. Autonomy and mastery are critical aspects of professional coaching relationships, and will be maintained throughout this research.
The goals of this PPC program include: (a) assessing and developing individual character strengths using validated strengths-based assessments, (b) adhering to a structured evidence-based protocol for positive psychology coaching, (c) developing a strengths-based goal attainment process customized for each leader (coachee), (d) measuring Goal Attainment Scaling (GAS) by evaluating adherence to three goals that are personally meaningful and relate to business outcomes for the leader (coachee), (e) modeling action planning and accountability in each coaching session by evaluating adherence to the coaching protocols, (f) quantitatively and qualitatively measuring the effect of positive psychology coaching on coachee outcomes.
Coaching engagement goals
The goals for each coaching engagement will be defined by each client (coachee) and customized with their professional coach. Each coachee will be encouraged to define three goals that are personally meaningful, relate to business outcomes, and can be measured using the goal attainment scale (GAS). Representative examples of coaching engagement goals may include (a) driving retention and organizational performance through tactical execution, (b) developing strategic thinking and planning, (c) developing leadership capability in key areas to leader success, (d) aligning and integrating current role with desired future role, (e) developing executive presence, (f) aligning operations with other business sectors to drive shared accountability and measurable impact on business outcomes.
Coaching engagement outcomes
The outcomes of each coaching engagement are typically described by knowledge, skills and abilities (KSAs.) Examples of knowledge outcomes for the coaching engagement may include (a) aligning the leader’s role with organizational vision, mission, and values, (b) defining how the leader’s role expectations affect collaboration with others, (c) understanding the strengths and values that describe each leader “at their best” and incorporating those strengths into regular vocabulary, and (d) defining key actions essential to reinforce business outcomes.
Examples of the skills outcomes of the coaching engagement may include (a) building capacity to manage resources and the productivity of others, (b) developing strategies for managing energy and time to improve productivity, (c) communicating the leader’s vision and key messages in an impactful manner, (d) developing skills in written messaging that focus on strength-based leadership, (e) modeling self-awareness by incorporating signature strengths into leadership and management activities, (f) applying conflict resolution skills to reach mutually beneficial and positive outcomes, (g) demonstrating effective active listening skills, (h) accurately reading a situation and projecting confidence, decisiveness, assertiveness and poise under pressure, (i) modeling collaborative leadership skills by creating actions plans that include partnering with other leaders, supporting performance goals, building key alliances, and implementing business outcomes.
Examples of the abilities outcomes of the coaching engagement may include (a) fostering innovation, (b) directing initiatives that build alliances and mutual respect, (c) communicating across business sectors by translating key messages between different groups, (d) leading alignment with others using strategic thinking, (e) enhancing problem solving ability to approach common issues/concerns with extraordinary thinking to foster innovation.
Possible activities for PPC engagements
The following list of evidence-based activities is a descriptive resource and is not intended to be prescriptive for any professional coaching or consulting engagement.
- Encourage your coachee to take a validated assessment such as the Values in Action (VIA-72) assessment or the Psychological Capital (PSQ-12) assessment
- Conduct a strengths-based interview of your coachee using results from the Values in Action (VIA-72) assessment
- Conduct a strengths-based interview of your coachee using results from the Psychological Capital (PSQ-12) assessment
- Encourage your coachee to describe their best leadership story (“At my best story”) using results from a validated positive psychology assessment
- Encourage your coachee to determine three performance or behavioral goals, that are personally meaningful, that relate to business outcomes
- Measure achievement of those three business-related goals using the goal attainment scale (GAS)
- Encourage your coachee to develop a gratitude journal
- Encourage your coachee to document “Three Good Things” for a day or a week, and note any contributing variables or patterns
- Invite your coachee to practice multiple acts of kindness toward others, especially within 24 hours
- Conduct a Best Future Self activity or guided meditation activity
- Encourage your coachee to document the quantity and quality of physical activity, emotional shifts and cognitive energy, for at least 24 hours
My bias/ The bottom line:
The art and science of professional coaching requires that professional coaches adhere to the AD-FITTM protocol model.
See details in the products section.
For details on assessment, interventions, certification, training, or research contact us today.
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