I have a new post up today over at Registered Rep I think you’ll like, especially if you’re a Gordon Ramsey fan…
One of my favorite shows on television is Kitchen Nightmares with Gordon Ramsey. I like it so much I’ve seen every episode of the US version that airs on Fox, then I found all the original UK episodes that air on the BBC from time to time and I DVR’d those as well.
Aside from the fact that I’m really into food and restaurants, I think the show’s real appeal lies in the simplicity with which a business can be turned around – once the people involved are shown how ridiculous they are. Chef Ramsey breaks down owners and chefs, forces them to face the fact that the problem is not the customers, the economy, the neighborhood or the staff. The problem is the owners and chefs themselves. (Also, Ramsey has awesome hair.)
When I watch the show, I can’t help thinking about the obvious parallels with running an asset management or investment advisory practice. The restaurant lives and dies by the quality of its product (the food), the service and ambiance, and its ability to satisfy old customers while enticing new ones. You could say the same about any financial practice that deals with the public – quality of advice, alacrity of service and customer satisfaction are the keys to running a money management firm – everything else is just conversation.