Mike Way, a seasoned expert in financial services and now with AMP’s North business, dives into a wealth of insights. He discusses the critical importance of personality profiling and differentiation for advisors. Mike emphasizes transparency and collaboration as keys to business growth, highlighting how trust enhances the advisor-client relationship. He also explores the need for strategic clarity in navigating complex business landscapes and the role of non-monetary incentives in fostering motivation within teams.
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volunteer_activism ADVICE
Strategy vs. Planning
Use Roger Martin's "Playing to Win" framework to distinguish strategy from planning.
Focus on making trade-offs and deciding what you won't do.
insights INSIGHT
Target Market Specificity
Defining your target market in detail is crucial for effective strategy.
Generic descriptions like "high net worth" are insufficient for differentiation.
question_answer ANECDOTE
Bank App Example
Many large banks aim to have the "number one digital app."
This lack of differentiation highlights the importance of unique value propositions.
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This book teaches the 5-question Strategy Choice Cascade and the 7-question Strategy Logic Flow, frameworks developed by Roger Martin and applied by A.G. Lafley during his tenure as CEO of Procter & Gamble. It emphasizes the importance of focusing on where and how to win, using real-life examples from P&G to illustrate how these strategies can be applied across various organizations. The authors argue that companies must 'play to win' rather than just 'play to play,' highlighting the need for clear strategic goals and selective focus on winning aspirations.
To kick off 2025, Rocksy is joined by Mike Way. Mike recently joined AMP’s North business, where he is focused on strategy, transformation, and supporting financial advice practices through initiatives like the Growth Collective. He and Andrew discuss the value of personality profiling and the need for advisors to differentiate themselves, and the importance of transparency and collaboration between platforms and advisors for effective business growth.
Mike Way LinkedIn: https://www.linkedin.com/in/mikeway/ AMP Website: https://www.amp.com.au/ Roger Martin "Playing to Win": https://www.youtube.com/watch?v=3vAIur-N8gM Lippitt-Knoster Model: https://www.walkme.com/blog/managing-complex-change/ CliftonStrengths personality profiling tool: https://www.gallup.com/cliftonstrengths/en/252137/home.aspx
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