Joe Duran

Duran Duranblog

Joe Duran

Jan 13, 2015, 2:46 PM EST

A New Year's resolution that really works

By Joe Duran

Every year starts with millions of resolutions that are often broken before Valentine's Day. However, there is one resolution that can significantly change your life and it's remarkably easy to put to work: I promise to make no new resolutions until I figure out how to make them stick.The star-studded Market Counsel Summit in Las Vegas at the end of last year kicked off with a high octane presentation by mega coach Tony Robbins riling up the crowd of industry leaders. About half way through he asked the audience of hundreds to write down what three new things they would do differently to grow their business by 30% or more in the New Year.Unfortunately, I suspect many of the declarations written a few weeks ago have already been collecting cobwebs. Why is it that so many resolutions fail? I sincerely believe that it's because we seldom have a disciplined approach to making change stick, and more importantly, we seldom make the... Read full post

Dec 26, 2014, 6:55 AM EST

How to evaluate and cope with the people who make mistakes

By Joe Duran

It's crunch time for the National Football League teams as they come down to the final games of the season and fight to make the playoffs. For teams on the bubble or fighting for post-season positioning, every play seems important, every mistake magnified. It's fascinating to see how each coach and leader on the field reacts to crucial mistakes.Not all mistakes are created equal. But we often react the same way when one occurs, and that can have some unintended consequences in a work environment. As kids, we probably all experienced that sinking feeling of dropping a glass on the kitchen floor; the initial shock and then the concern of a potential reprimand. When you are a leader in a company, understanding that there are different types of mistakes and that it's important to have a different reaction depending on the situation is vital to establishing the kind of firm you have. Mistakes can be something everyone runs from or they can... Read full post

Dec 4, 2014, 12:43 PM EST

Clash of the titans: Bionic advisers vs. robo-advisers

By Joe Duran

"Hello Robo, I'm nervous about my investments, I'm not sure they are OK. What should I do? No, I don't want another email telling me everything is fine with my strategy. I really need to know if there's some changes I should be considering, and while we are emailing back and forth, my wife and I have been thinking about whether we can afford a bigger home? I'd love a new car, too. Could I please speak to a person? Hello? Hello?”The third quarter saw another round of more than $100 million invested into robo-advisers by savvy investors hoping to change the world of wealth management. The core premise of every digital solution is that individuals can get educated, act rationally and do the right thing all by themselves. Of course there's nothing like a bull market, especially one that hasn't suffered a major setback for more than five years, to convince everyone that individuals don't need any help. But those of us who work with... Read full post

Nov 20, 2014, 2:44 PM EST

Hard truths for bosses: When you're the problem, not the solution

By Joe Duran

About a year ago, I realized that our company had grown bigger and more complex than anything I'd ever been involved with. While that should have been cause for celebration, I was feeling frustrated and so maxed out that I could barely sleep at night. It was clear to me that I had hit my ceiling. The way I had been working for the past 20 years was simply not going to be effective if I wanted to help our firm continue the exponential growth that had been part of our DNA since our founding a decade ago. I suspect that my plight is not that different than many folks have felt at the midpoint of their careers or at key inflection points in their businesses. It's remarkably easy when you see things not working to point fingers and find excuses. However, it's important to remember that if there is frustration at the top, there is even more anxiety for the people who work with you. It was clear that in order for us to continue growing, I... Read full post

Oct 30, 2014, 4:08 PM EST

Big 3 business catastrophes: How to cope with a shock to the system

By Joe Duran

Last Saturday morning, I was making a quick breakfast for my 6-year-old daughter prior to running out to coach her 8 a.m. soccer match. As we ran out the door, I noticed I had six text messages on my cell phone. They'd arrived at 2 in the morning and were all from Matt Stewart — a dear friend who co-founded College Works, the country's largest residential and commercial painting company. He is a brilliant entrepreneur and a lovely family man.He was in Cancun, Mexico, with several hundred people from his team at their annual recognition awards and had fallen down a steep flight of slippery stairs. The fall had snapped three of his ribs and punctured a lung, which was bleeding. He had also torn his shoulder muscles while trying to catch himself on the railing.He was laid out in a hospital bed in a foreign country coping with excruciating pain, with no food or water, and worried about how he'd get home, whether he'd be OK and how... Read full post

Oct 10, 2014, 2:45 PM EST

A client's bill of rights: Being prepared to deliver what your customers want

By Joe Duran

I've had the pleasure of working as an adviser for over two decades and while I don't feel that different, other than the undeniable evidence every time I look in the mirror, there is no doubt that what people really want from our industry — and the advisers who serve them — has really changed over that time.As is often true, buyers progress more quickly than the market that serves them. I think that is the case for many advisory firms. While many clients have been looking for something different from their financial adviser, and forward-leaning advisers are evolving to meet their needs, many firms are staying with what has worked in the past. Many successful advisers are choosing to stay the same, not adjusting their services or the positioning of their firms to reflect the change in the marketplace and clients' expectations. Truth is, we unwittingly deliver the service we think our clients want. Sometimes it's important... Read full post

Sep 26, 2014, 5:14 PM EST

The big squeeze II: Rise of the mega-adviser

By Joe Duran

My last post created quite a stir and I felt it was important to clarify a couple of points before going to the next article in the series about “The Big Squeeze.” In particular, two issues seemed to be the focus of attention. The first was about timing and whether the 25-year golden era for stand-alone independent advisers would come to an abrupt stop in 2015. In answer to that, I can only write that most generational shifts end with a transition, and one can only know when the shift occurred with hindsight. For example, we didn't know in 1990 that the beginning of the golden era for independents had begun (with the rise of large custodians helping to make it possible.) It took until the mid-1990s to see that something very important was happening in our industry. I suspect we will only know that things are different in a few years, when new models start to dominate. The second concern is about my obvious conflict. It's no ... Read full post

Sep 12, 2014, 1:56 PM EST

The big squeeze: End of the golden era

By Joe Duran

For most of our professional lives, independent advisers have been able to build their businesses by competing against scattered local competition from brokers working at one of the big brokerage firms and the other independent advisers in their neighborhood. In essence, the competition is really a collection of relatively small folks all offering somewhat similar services for similar pricing. When all the animals in the jungle are a similar size, and there's lots of food, everyone does OK. We have seen threats before: Remember when accounting firms, law firms and banks were all going to take away our business in the '90s? But those threats petered out and we have continued to thrive. And while technology and products have certainly evolved over the past few decades, it's been business as usual for most of us.END OF EASY PICKINGSI very strongly believe that five years from now we will look back at the past 25 years (1990-2015) as the... Read full post

Aug 29, 2014, 2:02 PM EST

It's OK to be lazy

By Joe Duran

Labor Day is as good a time as any to reflect on the way we work and whether we feel good about our work/life balance. Our country, like few in the world, is imbued with a culture of respect for hard work. We applaud the folks who slave through the summer and put in long hours at the grind. That mindset was shaped early in our history, when physical labor built the U.S. into the world's engine. Whether it was farming, mining or industrial production, for most of our country's development, the harder you worked, the more productive you were. It's a pretty straightforward linear relationship with physical labor: the more hours you work, the more productive you are in a day. WORKING IN THE 'BRAIN ECONOMY'The challenge is that most of our workforce today has shifted from physical labor to mental labor. We live in the “brain economy” and that work does not translate in the same linear way that physical labor does. That means... Read full post

Aug 11, 2014, 2:45 PM EST

6 books that changed Joe Duran's life

By Joe Duran

As we approach the final languid days of summer I thought I'd share some of the books that helped open my eyes, gave me hope and changed my life for the better. I've listed them in the order I read them and how they shaped my perspective on the world and my approach to entrepreneurship.On the power of potential“The Alchemist” by Paulo Coelho and “Jonathan Livingston Seagull” by Richard Bach. Both speak to how anything is possible with hard work and by having high standards for yourself. I recall reading “Jonathan Livingston Seagull” at a very bleak time in my life. I was an awkward pre-teen living in Zimbabwe, with a very tough family life in a war ravaged country. I was a mediocre student and had little hope of anything good in my future.”The Alchemist” came a little later, but reinforced the power of potential and good actions. These books sparked a hope that has driven me ever since.... Read full post

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