Frank’s values have helped shape Lanark’s culture and the way its people serve clients, work together, and lead.
In this edition of Let’s Be Frank—CEO John Doody reflects on the principles that have guided his own career and how he works to carry those values forward across the firm.
Q: Frank believed that being trusted was fundamental to every relationship. How has that value shaped your approach to leadership and the culture you want to build at Lanark?
A: Being trusted and doing the right thing were instilled in me as a child through my parents, particularly my father. The saying that “trust arrives on foot and leaves on horseback” has always rung true with me.
Trust is built up over time through actions in a variety of situations, both easy and difficult, and it is next to impossible to regain after it is gone.
I’ve been fortunate throughout my career to be surrounded by grounded people who try to do the right thing. I may not always agree with their actions or decisions, but having trust in their motives has not been an issue. Life is too short to deal with people you don’t trust. They should expect the same of you.
Q: One of Frank’s values is to always communicate the good and the not-so-good. How do you put that principle into practice as CEO, and why is it important to Lanark’s relationships?
A: Communicating the good and not-so-good is critical in building and maintaining trust. It is easy to share the good news, but delivering the message on the not-so-good side is a more difficult part of the job.
Frank’s story about not updating the construction firm owner about a rough patch of portfolio performance highlights why it’s important to share the news. It lets people know where things stand and allows for corrective action if it’s needed.
It is not easy to deliver the bad news, but it must be done for everyone’s sake. Being up front only strengthens the trust in the relationship.
Frank also learned early in his career to deal with the bad news early in the day, which frees up the latter part of the day for more positive things. It is great advice we should all heed, and unfortunately, I need to be reminded of it from time to time as well.
Q: Putting clients first is central to Frank’s philosophy. How does that value guide your decisions as CEO while supporting the long-term success of Lanark and its financial professionals?
A: Lanark serves two sets of clients: our financial professionals and their clients. Without both, Lanark does not exist.
We always put the best interests of the client in front of the interests of the firm and the financial professionals. Our financial professionals understand that the firm must make a profit on the services we provide to stay in business. This also allows the firm to hire and keep great people who provide the experience that both the professionals and their end clients expect.
Professionals obviously want to be appropriately compensated for the services they provide. Putting clients first and keeping other perspectives in mind when making decisions is the key.
Q: Frank’s values have helped define Lanark’s relationship-driven culture. As CEO, how do you help preserve that culture through the people you bring into the firm?
A: Lanark is only as good as its people. Surrounding ourselves with great people and setting them up for success is crucial.
It’s hard to truly figure out a person’s character during an interview. The perspective becomes clearer with time and going through both the good and especially the bad.
Q: Looking ahead 30 years, what would you hope someone who never worked with Frank would recognize about his values in Lanark’s leadership and culture?
A: The firm would be led by someone who’s fair and honest, and the firm would be highly regarded for providing great service and value to its clients.
We would remain family-oriented (although every family has an aunt, uncle or cousin that’s a little different).
I’d like for clients to feel that they put their trust in our financial professionals and team and were rewarded for doing so.
Q: One last thing: Frank’s values also include getting to the office by 7 a.m. How are you doing on that one?
