Welcome to our summer reading list for 2024. The team at Third Factor has once again come together to recommend their top reads from the past year. Whether you want fiction, non-fiction, or even a cookbook filled with new recipes to try, you’re sure to find something new and interesting on this list. This year, we’ve included a special recommendation from our new AI coaching companion, PJ. What does a virtual 3×4 Coaching expert recommend you read this summer? Scroll down to find out.

Ask will teach you how to read other people’s minds. Okay, maybe not literally – but author Jeff Wetzler shows convincingly that, with the right questions and the right approach to listening, we can get incredibly good at knowing what others are thinking. The book opens with a sobering look at how bad we are at intuiting others’ thoughts and feelings, and how easy it is to stay on the surface without ever benefitting from the thoughts and opinions that others truly hold, but may be reluctant to share. Wetzler lays out a highly practical framework for curiosity, packed with great questions and tips for listening. As someone who speaks for a living, I am always looking to get better at listening – and this has been an incredibly helpful book.

I highly recommend “Hidden Potential” by Adam Grant, especially for its take on team dynamics. The book shows that team success isn’t just about picking the most skilled people but about building the glue that holds everyone together. This resonated with my experience with Canada’s National Basketball Team. Their World Cup success wasn’t just about talent but their unity and teamwork, leading to their first Olympic qualification in over 20 years. Grant’s insights reflect what I’ve seen firsthand in sports.

I heard Pooka Lakshmin speaking about “faux self-care” on the Ezra Klein podcast and was very intrigued so I picked-up her book. It’s very thoughtfully written with examples from Lakshmin’s clinical practice and her own experiences. She points out that self-care shouldn’t be something to add to your to-do list but behaviour changes in your everyday life. She breaks down the four key elements of self-care: boundaries, self-compassion, getting to know yourself, and asserting your power. She even explains how the more we practice these concepts the more we can impact change on a larger scale. I am already working on incorporating tips from the book, and I feel off the hook for not being into meditation or yoga.

As someone who isn’t a big fiction-reader (but loves history!), The Amazing Adventures of Kavalier and Clay is an epic novel that blends history, adventure and human emotion into a masterpiece. It’s set against the backdrop of World War II and follows the journey of Joe Kavalier and Sam Clay, two cousins, as they move from Europe to navigate the world of 1930s America. Joe Kavalier, a talented artist and escape artist, escapes Nazi-occupied Prague to seek refuge in New York City, where he teams up with his cousin Sam Clay, an ambitious writer, to create the iconic superhero “The Escapist.” As they rise to fame, they encounter love, loss and challenges while facing their own personal struggles, relationships and identities. Chabon does an excellent job bringing the streets of New York City to life, as the layers of complexity to each character makes for a beautifully crafted and captivating story of friendship, creativity and strength in the face of adversity. It’s a fun, nostalgic and uplifting read for summertime.

A senior executive at Stripe and former senior executive at Google, Johnson has made an impact in some of the biggest and fastest growing companies in the world. The book is full of incredibly practical advice and tools. More importantly, it helps leaders understand how to deliver on a key challenge: leading with both empathy and accountability. If you get the audio version, as an added bonus, the author personally reads the book, which in my experience, truly makes the words come to life.

“Leaders Eat Last” by Simon Sinek is an essential read for anyone aspiring to become a better leader in their organization. Sinek explores the core principles of leadership that build trust, foster collaboration, and drive innovation within teams. By creating a culture where employees feel valued and empowered, the book offers actionable insights that can transform your leadership style and significantly improve team dynamics and performance. Embrace these principles to inspire and lead your organization toward sustained success.

“Demon Copperhead” is a compelling novel that reimagines Charles Dickens’ “David Copperfield” in modern Appalachia, following a resilient and sharp-witted kid named Demon navigating tough times, poverty, and additiction. It’s a powerful story about overcoming adversity and offers deep insights into human resilience and empathy.

This is a book about the practice of paying attention and refining our sensitivity to tune in to the more subtle notes. This is not a book you read and put on a shelf. You can pick it up any time as it is dripping with wisdom, for life, art and creativity. I love everything about this book, from the person who suggested it and bought it for me through to the texture of the creative cover and silky pages in between. Rubin suggests that living in discovery is at all times preferrable to living through assumptions. I like that perspective.

With summer just around the corner and my daughter’s wedding fast approaching, I’m diving into the Love and Lemons Cookbook for some culinary inspiration. This cookbook is a treasure trove of effortless and delicious vegetarian recipes, perfect for the special occasion at our cottage. With many vegetarians among our guests, I want to ensure that the weekend is filled with delightful and satisfying meals. If anyone has favorite meatless recipes to share, I would love to hear them! Let’s make this celebration as tasty as it is memorable.

For a deep dive into the psychology of change and how to guide others through it, “Immunity to Change: How to Overcome It and Unlock the Potential in Yourself and Your Organization” by Robert Kegan and Lisa Laskow Lahey is a fantastic choice. It explores why people resist change, even when it’s in their best interest, and offers practical steps for identifying and overcoming those internal barriers. It’s particularly insightful for coaches working with individuals facing significant personal or professional transitions.

“Remarkably Bright Creatures” by Shelby Van Pelt is a delightful read. This heartwarming and immensely readable novel explores the power of connecting with other living creatures and its impact on our lives. With a clever storyline and a touch of mystery, it’s perfect for a feel-good summer read. If you enjoyed “A Man Called Ove,” you’ll love this book.

Many websites use affiliate links to make money when you buy something from Amazon – we don’t. Feel free to follow the links provided or pick up the book you want from your favourite local bookseller. As our business continues to grow, we are very excited to welcome Chris Gentile to the team as Director, Strategic Partnerships & Accounts. Chris joins us from the Smith School of Business at Queen’s University, where he managed client relationships for customized executive education programs – many of which were delivered in partnership with Third Factor. Before Queen’s, Chris oversaw strategic partnerships at EF Education First, a private education firm focused on developing professionals through educational travel. Chris holds a Bachelor’s degree from the University of Toronto, and a certificate in Adult Learning & Development from the Ontario Institute of Studies in Education (OISE) at UofT. Chris has shown a true passion for helping organizations develop their workforce for the future and working with thought-leaders to develop innovative solutions that drive lasting change. We’re excited to see him continue to build on his success with Third Factor. In the midst of rapid expansion and a shift to a remote-first environment, retail consulting and technology company, Orium, partnered with Third Factor to give its leaders a framework and skills to lead with its values. Twenty-four of Orium’s leaders participated in a total of three days of training, leading to an uplift in engagement among leaders and their teams, and enabling the organization to navigate the pressure that comes with doubling in size. Click here to read the case study.

Seizing the Opportunity in Wealth Management

Wealth management is undergoing an epochal change with an $84.4-trillion wealth transfer at stake. The hearts, minds and wallets of the next generation will go to firms that can:
  1. Level up field coaching and enable advisors to have new and more uncomfortable conversations
  2. Up-skill advisors to manage bigger teams with a diverse range of experience
  3. Become exceptional matchmakers using psychometric data to create winning advisory teams
In this webinar, Third Factor CEO, Dane Jensen, will outline how to make the move from investment advice to "Personal CFO" using examples from our work with some of North America's leading wealth management firms and based on the whitepaper he co-authored with Third Factor Principal Trainer, Garry Watanabe.. You should attend if:
  • You're responsible for leadership development or change management within a wealth management organization
  • You need new ideas for up-skilling advisors to engage in new conversations and navigate the changing industry landscape
  • You're looking for innovative solutions to enhance the succession planning process
  • You want to learn more about how top wealth management firms are navigating the fundamental shift in client preferences

Seizing the Opportunity in Wealth Management


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About the presenter: Dane Jensen is the CEO of Third Factor, the author of The Power of Pressure: Why Pressure Isn't The Problem, It's The Solution, an acclaimed speaker, an instructor at Queen's University and the University of North Carolina, and a regular contributor to Harvard Business Review.
Sitting across the table in an office in central Manhattan, a top financial advisor with one of the world’s largest wealth management firms didn’t mince words: “The investment business is dead. I want to be my clients’ life coach and personal CFO.”It was a provocation, but one that gets at the heart of the epochal shift happening in wealth management. For the affluent and high net worth segments, what was formerly a transactional business rooted in investment tips is rapidly shifting to an advisory business rooted in planning for a life well-lived. The stakes are well understood: firms that can make this shift at scale faster and better than their peers will emerge as winners in a once-in-a-lifetime $84.4-trillion intergenerational wealth transfer. Those who can’t make the shift will be forced to compete with increasingly capable, low-cost transactional platforms.

Having different conversations

Conversation 1: Help clients articulate financial goals

01

Conversation 2: Surface potential derailers

02

Conversation 3: Navigate inter-generational matters

Estate planning, tax, and financial literacy skills for the next generation. Beyond the unique expertise required to navigate these areas, these conversations can be infused with inter-family tension, especially when a prized asset like a cottage hangs in the balance. No client wants the transfer of their wealth to result in rifts amongst their children. As a result, advisors are sometimes hesitant to insert themselves into what feels like a fraught discussion.

03

Conversation 4: How to lead a life well lived

The best advisors provide access to expertise and experiences that support clients in living long, meaningful, healthy lives that allow them to enjoy the benefits of their financial freedom.

04

Taking stock of the list above can be overwhelming. “What is most different from three years ago,” shared one advisor, “is the amount of things you need to know – from planning, to asset management, legal, mortgages, insurance, and so on.” And sitting above the array of new technical and product expertise is a heightened level of conversational skills required to build client relationships in which individuals feel safe to discuss highly personal matters – hopes and fears that they often have not shared even with their family or close friends.

Better conversations at scale

In every wealth management organization, there are high performing advisor teams already having these conversations with their clients. The challenge is doing it consistently and at scale. Even planning conversations, the first and most straightforward of the four categories above, are not yet happening with consistency. As of 2023, JD Power reports that only 57% of full-service wealth management clients say they have a financial plan in place. So how do we scale excellence? Our experience points to three key leverage points for seizing the opportunity:

01.

Level up field coaching to both role model the new kinds of conversations we want advisors to be having with their clients, and to surface and overcome barriers to the adoption of new products and technology.

02.

Equip advisors with the leadership skills to manage bigger teams.

03.

Become exceptional matchmakers to team up advisors with complimentary businesses and skill sets.

Hey look, a one-pager.

We’ve put these ideas in a handy one-page document you can take to go.

Download it as a PDF, or share it by email or on LinkedIn.

Want something more substantial? You can also download the full whitepaper.

LEVELING UP FIELD COACHING – FROM DASHBOARDS TO BEHAVIOR CHANGE

Just as client conversations are shifting from transactional to advisory, so too must internal coaching. In their conversations with advisors, field managers are the critical role model for the types of curious, developmental conversations we want advisors to have with clients. Historically, field coaching has been dashboard driven – focused on identifying and rewarding high performers and highlighting areas of under-performance to those lagging. As advisors are asked to have new and more uncomfortable conversations with clients that touch on planning for death or disability, surfacing hopes and fears, and shaping legacy – simply highlighting metrics and asking for ‘more’ is not sufficient. Similarly, driving technology adoption at scale in wealth management is not like rolling out a new, mandatory operating model at McDonald’s. As one consultant put it: “this is an incentive-based business, not a rules-based business.” Field leadership plays a crucial role in helping advisors see the value in new technology and understanding the role it can play in enabling their success, and that of their clients. To drive new conversations and speed adoption of new technology, field managers need the coaching tools to go beyond dashboard metrics to get at the underlying drivers and blocks of behavior change. This requires equipping field managers with:
  • Strong relationship building skills – in the high autonomy environment of wealth management, the strength of the relationship determines the level of influence.
  • A deeper understanding of what drives behavior change (or resistance) – managers need to have a mental model of where resistance comes from and how to overcome it. This is what allows them to be curious rather than judgmental in the face of push-back and dig deep to understand the block they need to remove to change behavior.
  • Exceptional questioning, listening and curiosity skills – finally, helping field leaders strengthen their ability to have discovery conversations that seek to understand advisors’ hopes and fears rather than ‘objection handle’ their concerns. Again, this provides role modeling for the types of client conversations we aspire to have.
In our experience, building these skills is best accomplished by identifying an initial cadre of field managers who have both the interest and capacity to become stronger coaches – and investing disproportionately in their development. The results driven by this group can serve as a strong incentive for other managers, and the individuals targeted can serve as internal champions. For example, in one organization we work with, 17 branch managers were nominated by their regional directors to receive extra training and 1:1 support from a master coach for a 12-month period.

EQUIPPING ADVISORS TO LEAD BIGGER TEAMS

A survey of the conversations advisors are being asked to navigate makes it clear that no one has the skills to do it alone. World-class advisory is a team sport and organizations need to support advisors in building larger teams with a diverse range of expertise that cuts across debt, insurance, estate planning and more – with the client service, risk, and back-office functions to support it all running smoothly.
“Advisors all want a team – but they don’t want to manage a team.”
From the advisors’ perspective, downward pressure on fees means they need bigger teams to serve more clients in order to make the same compensation. And bigger practices are more highly valued when the time comes for an advisor to sell their business down the road. It seems like a win-win. And yet, as a seasoned coach to financial advisors put it, “advisors all want a team – but they don’t want to manage a team.” Most advisors pride themselves on their subject-matter expertise and their relationship and selling skills. Managing a team and dealing with the administrative burden from growing headcount is rarely aligned with their areas of core competence. And while some of these responsibilities can be delegated to an office manager, ultimately the leader is responsible for building a compelling vision and team culture that attracts and retains top talent. More consistent success with creating bigger teams requires that organizations help advisors build people leadership skills. High performing advisors will not get committed to doing things they don’t feel competent at. Training for advisors must go beyond product, sales and client service skills to encompass setting them up for success with ever-growing teams.

BECOMING EXPERT MATCHMAKERS TO TEAM UP ADVISORS

Finally, beyond equipping individual advisors to grow their teams, firms must become experts at developing a repeatable model for combining the practices of individual advisors into teams with multiple advisors.
“Advisors with different backgrounds and skills produce the best performance when teamed up, but those differences can also produce tremendous friction.”
Research by McKinsey has shown conclusively that “team-based wealth management advisors outperform sole practitioners on almost every metric.” Specifically, teams in which the advisors bring a diversity of skills and backgrounds produce the best advisor team performance. Beyond performance, teaming up advisors also provides more redundancy, allowing advisors to live more balanced lives, and aids in succession planning – a critical priority as a generational shift occurs over the coming 10-15 years. Accessing these benefits is easier said than done. Advisors with different backgrounds and skills produce the best performance when teamed up, but those differences can also produce tremendous friction and lead to combustion that is both costly and demotivating. To access the advantages of team performance, wealth management organizations need to bring science to the art of matchmaking to achieve a higher hit rate and fewer blow-ups. This requires:
  • Using psychometric data, not just business data, to identify strong teams – two practices may look like an obvious match based on their client lists but be unworkable due to the personalities of the advisors. Using psychometric tools gives organizations a clearer, data-driven view of whose distinct styles will be complimentary vs. combustible.
  • Having tough interpersonal conversations up front – using the same psychometric data, organizations can increase eventual success rates by having tough, data-driven conversations up-front that surface and plan for likely sources of conflict based on each advisor’s unique style.
  • Building the skill of collaboration – collaborating with someone different than you is a learnable skill that can be improved with practice. Providing advisors with up-front models for working through conflict and effectively working together can head off potential derailers down the road.
There has never been a moment of so much opportunity and risk in the wealth management industry. The firms who can pair a team-based structure with high quality field coaching and technology that enables advisors to confidently broaden the conversations they have with clients are those who stand to gain from volatility and win the hearts, minds, and wallets of the next generation.

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About the authors

  • Dane Jensen

    Dane is the CEO of Third Factor, an acclaimed speaker, instructor at Queen's and UNC, and a regular contributor to Harvard Business Review. Learn more

  • Garry Watanabe

    Garry is an expert on coaching and performance psychology with a wealth of experience working under peak pressure in both business and sport. Learn more

Take this whitepaper to go. Download the PDF.

At Third Factor, we’ve made it our job to learn as much as we can from top performers in sport, government, academia, industry, business and share their best practices with people like you. It should come as no surprise that this group of lifelong learners loves to read, and our deep curiosity leads us in some unexpected directions. Because reading is no fun if you can’t share it with others, we’ve made it an annual tradition to share our top picks in a Summer Reading List. Whether you want to learn something new or lose yourself in a story, these are the books our team recommends for Summer 2023.

Titan is an incredible book that chronicles a remarkable life. Neither celebrating nor condemning Rockefeller, author Ron Chernow delves deeply into the inherent contradictions of a deeply religious man who amassed the greatest fortune in history, a robber baron who ruthlessly accumulated capital and also revolutionized science, medicine and education through his unprecedented philanthropy. It is a biography that provides a wealth of lessons on leadership (my copy is full of dog-eared pages on communication, delegation, and management), a reflection on ethics, a cautionary tale on the inter-generational challenges of wealth, a rollicking account of the dawn of industry in the late 19th and early 20th century, and an intimate survey of a 98-year life that is unlikely to ever be duplicated. I cannot recommend it highly enough.

Let me start by telling you what this is not. It is not a traditional time management book. We are mortals and assuming you live to 80 years of age you have roughly 4000 weeks. The human lifespan is observably, terrifyingly, insultingly, short.

When you get efficient at managing your tasks, you actually end up with more of them and many of them will not be what you really want to do. In other words when you get efficient at using your time, time ends up mastering you, and you end up with more demands that will offset any benefits.

In the appendix, at the end of the book, Brukeman includes 10 tools for embracing your finitude. That list alone is worth the price of the book.

This is an easy book to read, light in tone, and very practical on a philosophical level. I highly recommend it!

Nothing but the Truth is the memoir of Canadian lawyer Marie Henein and is an inspiring example of an authentic leader amidst numerous obstacles. Breaking away from the confines of a male-dominated system, Henein fearlessly embraces her true self and values. Through her actions and choices, she demonstrates the power of staying true to oneself rather than conforming to societal norms. “Nothing but the Truth” is a surprisingly brilliant read that will leave you motivated and empowered.

Our modern approach to work looks radically different than the hunting and gathering work that our brains evolved to do – it’s no wonder burnout, disengagement, and unhealthy work cultures are so prevalent across our organizations today. In Tomorrowmind, Gabriella Rosen Kellerman and Martin Seligman explore our changing workplaces through the lens of behavioural science and offer practical solutions for fostering resilience, creating meaning, navigating change, and tapping into creativity to build the mindsets needed for the workplaces of today and the future.

Kevin Kelly is the former editor of “The Whole Earth Catalog”, the Chief Maverick at Wired Magazine and dubbed “the real life world’s most interesting man.” His book, Excellent Advice for Living, is essentially a collection of quotes or mottos to help guide practical action and decision making in everyday life. For example: “That thing that made you weird as a kid could make you great as an adult – if you don’t lose it.” While you can read it in an hour, its insights are worth practicing for a lifetime. I wish I had picked it up earlier.

With a long history of studying and teaching resilience I’m drawn to life stories that demonstrate conscious reflection and balanced perspective. Run Towards the Danger is a collection of 6 essays that bring an insightful voice to adversity and the inner dialogue that occurs while navigating challenging times. Award winning actor, screenwriter and director Sara Polley reveals intimate details about work, family, and health that represent the complexity and humanity that surrounded her. As Polley makes sense of her own life experiences one cannot help but think more deeply of one’s own. There is tremendous vulnerability and pain, curiosity and humour on these pages and much inspiration to live fully with courage and understand the past with compassion.

This is a beautifully written story of family with five boys, the youngest of whom begins to voice thoughts and feelings about being a girl at a very young age. What unfolds is an insightful and enlightening exploration of how the family, the parents and the brothers, manages the challenges presented for the child and themselves. There are so many layers morally, practically and emotionally that inspired and challenged me as I reflected on how I would respond as a parent. While this sounds like a dark and psychologically dense topic the book is written with a beautiful lightness that captures the chaos and joy endemic in a family with two good parents and 4 boisterous, kind young men and one young woman in the making. Reading this book was an enjoyable and mind broadening exercise complete with hope. It evoked deep empathy and great respect in me for any family or individual who must make this journey.

This inspiring and thought-provoking book was my intro to performance psychology. In this captivating memoir, former child chess prodigy and martial arts champion Josh Waitzkin shares his insights on achieving excellence in any field. This taught me all about the concept of the learning process as an art form, emphasizing the importance of mindset, adaptability, and resilience. It’s a great way to enjoy a read while in the pursuit of mastery in any field (from leading in an organization to simply tending to your summer garden).

Essentialism is about eliminating the non-essentials from your life to make more room for doing less, but better. I chose this book because it inspired me to make small changes to how I prioritize my life at home and work that have really made a difference. Some tips I took to heart were if something isn’t a clear yes, it’s likely a no – and how to say no gracefully, yourself. It also emphasizes the importance of sleep which is key to getting everything else right.

I love a good memoir and this book did not disappoint. A Life in Parts is a story about the joy, necessity and the transformative power of simple hard work. It’s a wonderful and inspiring story of how we can tap into some skill or natural talent when we have the single-mindedness and fortitude to commit. If you’ve watched and enjoyed Bryan Cranston’s work, you will enjoy this book.

This summer I’ll be reading Nudge: The Final Edition by Richard H. Thaler and Cass R. Sunstein, whose work has helped governments and businesses around the world achieve better outcomes not through force or persuasion, but using environmental design. The Final Edition promises to incorporate new stories and insights learned from the frenzy of activity the first edition initiated when it was published in 2008.

Many websites use affiliate links to make money when you buy something from Amazon – we don’t. Feel free to follow the links provided or pick up the book you want from your favourite local bookseller. As our business continues to grow, we are very excited to welcome Kim Fulton to the team to lead our coaching and leadership practice. Third Factor has been teaching coaching skills to managers for 30 years, since our Founders Peter Jensen and Sandra Stark pioneered the application of the principals they were observing in their work with Olympic coaches to the corporate world. Rooted in our best-in-class 3×4 Coaching model, our suite of coaching programs have helped tens of thousands of leaders become better coaches. I can’t think of anyone more perfectly suited to continue this tradition of excellence than Kim. Kim joins us from the consulting firm, Kearney, where she created and led the firm’s employee experience centre of expertise. As part of this role, she established Kearney’s thought leadership in the employee experience space and developed new product offerings to help organizations reimagine work from an employee-centric perspective. Kim also brings expertise in, and passion for, diversity, equity and inclusion (DEI) initiatives. She’ll be drawing on her experience working with Catalyst, a leading voice in DEI, and as the leader of Kearney’s Women’s Network, to ensure our coaching and leadership programs continue to lead the way when it comes to inclusivity. Kim not only earned her MBA from the Smith School of Business at Queen’s University, but graduated at the top of her class. She now serves on the Advisory Board for the Full-Time MBA. Welcome to the Third Factor team, Kim. We can’t wait to see how our programs will benefit from your passion and expertise. How do you make a leadership development program stick at a time when there are so many competing priorities? This is the problem Renee Landry, Bayer’s U.S. Learning Lead, and Rachel Lamb, Bayer’s Senior Leadership Expert, set out to solve. The solution was Rise & Thrive, an innovative microlearning experience developed in partnership with SweetRush and Third Factor. Approximately half of Bayer’s US leaders voluntarily participated in the program, which has received outstanding quantitative and qualitative feedback from participants as well as attention from the broader learning industry. The program has also been recognized with four Brandon Hall Group Excellence Awards. Click here to read the case study.