John Taft, head of RBC Wealth Management located in
Minneapolis, has written a very timely book titled Stewardship. I say
timely because our culture is in sore need of re-identifying its values. And I add appropriately due to the fact
that the word stewardship has been largely missing from our vocabulary in
recent years. When is the last
time we heard a leader espouse values of stewardship?
There is an embracing quality in the word stewardship that
includes responsibility, integrity, quality, and community - all in one
word. In essence, it defines the
type of leadership reflected in the Greatest Generation. Earlier Presidents like Washington,
Lincoln, Theodore Roosevelt set the standard politically.
John Taft with the legacy of President William Howard Taft
and Senator Robert A. Taft is perfectly positioned to comment on
stewardship. Further, his
predecessors at RBC Wealth Management (Dain Rouscher) were all known examples
of superb stewards starting with Wheelock Whitney and continuing through Irv
Weiser and Dick McFarland.
While the book contains an analysis of the financial crash
of 2008, it is really about the qualities of leadership that our nation must
focus on if we are to remain the global leader. Toward that end, he pushes aside all the partisan
shallowness that surrounds the ongoing debate and focuses instead on the core
principles. They are, he observes,
“the only solid ground under our feet when everything is, or seems to be unstable.”
From an investment perspective, he looks back to another
Minnesota giant, Harry Piper, Jr., for guidance; “serving our clients is our basic purpose. Service is the chief contributor to our
growth and profitability.” How
refreshing. How simple.
Compare that sentiment to that expressed by Goldman Sachs
executives at the Senate Permanent Subcommittee on Investigations in April,
2010. Stripping aside all the
contradictory and self-serving testimony, the simple reality was that Goldman
Sachs stood firmly on all sides of a deal even when it was totally contrary to
the wellbeing of a client. In
essence, the goal was simple: make
money and make it any way you can.
Tragically, this philosophy of short-term greed is not
confined to Goldman Sachs or the financial services industry. It has become contagious affecting
virtually all institutions.
But the real loss here is that the good news is being
squeezed out by the bad. Those
leaders who practice stewardship are overshadowed by the exploiters.
I love Tad Piper’s comment, “my dad always thought of this
(financial management) as a noble profession, a profession in which we were
privileged to serve the world in which we were admired. He felt we had a higher calling to help
individuals manage their wealth, corporations raise capital, governments build
roads and schools.”
In using the word “noble”, Tad Piper is highlighting the
ultimate human goal. We all want
to excel and believe that what we do contributes to the wellbeing of
others. The good butcher is performing
a valued service just as the quality teacher or construction worker.
It is imperative that we do not allow the noise of greed or self-service
to drown out the positive contributions of the many because they are the people
who build a community.
John Taft is such a builder. His leadership during the financial meltdown was
extraordinary. He stood by his
principles of service to his customers and did so in an open and truthful
way. The result was a sensible
path to recovery and stability.
Fortunately, his leadership gained national attention and he
rose to become a major player in crafting legislation affecting the financial
industry. In 2011, he was selected
chairman of the Securities Industry and Financial Markets Association.
Since John Taft properly calls us all to stewardship,
perhaps it is entirely fitting that I to call him to active political
service. He is a traditional
Republican with all the skills necessary to make a splendid Governor or
Senator. The truth is he has it
all: intelligence, experience, an engaging personality, and a genuine
dedication to the wellbeing of others.
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