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I wrote about the “X Factor” in this article. I first defined the qualities I found in the most successful advisors I know. It’s a combination of thinking differently, a focus on listening rather than speaking, trying to elicit the agenda of their prospect rather than imposing their own and never being defensive.
Should you invest in cryptocurrencies? As with all investments, it depends on many factors. At the Morningstar Investment Conference on Thursday, Matthew Hougan of Bitwise, Tyrone Ross, Jr. of Onramp Invest and Annemarie Tierney of Liquid Advisors joined Morningstar's Ben Johnson to talk about portfolio allocations to cryptocurrencies. Q2 2021 hedge fund letters, conferences and Read More
There’s also something else – the X factor. It’s an intangible. I can’t describe it in concrete terms. But I recognize it when I see it.
Many advisors ask me how they can emulate the conduct of advisors with the X factor. It’s a challenging question.
I recently found it in an unlikely source: The commissioner of the National Basketball Association, Adam Silver.
An untimely death
My very good friend, Michael H. Goldberg, died on January 20, 2017. He was the executive director of the National Basketball Coaches Association for more than 30 years. He was also an extraordinary human being, who touched the lives of all who knew him. You can read more about him in this obituary in The New York Times.
You would never see Michael without his trademarked bow tie. He didn’t need anything to make him more memorable, but he thought wearing a bow tie would set him apart even more.
He was diagnosed with terminal cancer about six months before he died. That’s when Commissioner Silver and the National Basketball Coaches Association swung into action.
Spearheaded by Rick Carlisle, the head of the Coach’s Association, the NBA quickly announced the inception of the Michael H. Goldberg NBCA Coach of the Year award. It will be given to the most successful head coach in the NBA (both on and off the court), based on a vote of fellow coaches. Michael was deeply moved when he learned of this award.
Then, the Basketball Hall of Fame announced it would give him the John W. Bunn Lifetime Achievement award.
In honor of Michael, a number of coaches wore bow ties during games in his honor.
While these were extraordinary gestures, Mr. Silver and Mr. Carlisle weren’t finished.
By Dan Solin, read the full article here.