Power is like pornography; you can't define it, but you know it when you see it.
Or at least you know it when you see the results.
In "Sophist," a dialogue written more than 2,200 years ago, Plato asserted that the simple act of being was a form of power.
"Anything which possesses any sort of power to affect another, or to be affected by another, if only for a single moment, however trifling the cause and however slight the effect, has real existence; and I hold that the definition of being is simply power," he proclaimed.
Power, it seems, confirms our existence, just as our being confirms the existence of power.
An aphrodisiac
In the two millenniums since then, philosophers, theologians and kings have debated, schemed and fought wars, all in the pursuit of power.
After all, as former Secretary of State Henry Kissinger once said: "Power is the ultimate aphrodisiac."
But as far as we are concerned, Plato's definition still works. Understanding it is the first step toward becoming a member of InvestmentNews' Power Elite, a list of the top 25 movers and shakers in the financial services industry over the past year.
Lists are a staple of most publications and, like Capt. Renault in "Casablanca," editors tend to round up the usual suspects.
But our list is unlike any other. Our inaugural edition of the Power Elite highlights individuals for what they've done, not just for their title, position, wealth or longevity in the industry. Indeed, most conventional definitions do not necessarily apply.
Power is money, but money is not power. Nor is influence, although the powerful are certainly influential. It all comes down to how those attributes are used.
Our list is also organic. Making the list one year is no guarantee of making it the next. It all depends on what you do.
And it's exclusive. Only 25 people will be selected each year. They are the activists, visionaries and entrepreneurs who are driving the financial services industry to the next level. They appear this year in the colored boxes.
The Power Elite Hall of Fame honors those who have made monumental contributions to the industry. The industry's rising stars, those who fall just below the Power Elite level, are recognized as well.
Reflecting the breadth of our coverage, this year's list includes individuals from the financial planning, mutual fund, insurance, financial consulting and securities fields.
Aside from the ability to exercise power, of course, a few other rules apply. All nominees are recommended by the InvestmentNews reporting staff and picked by the editors based on our coverage over the past year. The selections are strictly limited to the private sector. Anyone who draws a government paycheck is ineligible.
Keep in mind that power is also relative. Nominees do not have to work for a Fortune 500 company to make our list. They simply must have effected positive change on their business or industry. In the end, that's the truest test of power, no matter how you define it.
As President Kennedy once said, "Change is the law of life. And those who look only to the past or present are certain to miss the future." In that spirit, we bring you those with their eyes firmly fixed on the future.
