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Effective Executive Magazine

Leadership Styles Required to Lead Digital Transformation

Article Details

Pub. Date	: Jun, 2019
Product Name	: Effective Executive
Product Type	: Coaching and Mentoring
Product Code	: EECM21906
Author Name	:Kurt April and Afzal Dalwai
Availability	: YES
Subject/Domain	: Management
Download Format	: PDF Format
No. of Pages	: 33

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Abstract

The purpose of this research was to inductively understand the changing leadership styles practiced, and operating transformations needed, at a leading South African Wealth Management (SAWM) organization, with a substantial market share and more than $7 bn of Assets Under Management and Assets Under Advice. The research was conducted using a phenomenological approach, by gathering qualitative data through semi-structured interviews with 22 participants, after which the interviews were transcribed and coded, using open and axial coding. In the main, leadership styles during digital transformation resembled facets of existing leadership theories, while digital leaders demonstrated greater situational awareness and cognitive ability to set the strategic direction of the business. These leaders required emotional attentiveness to determine how best to rearrange their plans as the landscape changed and cultivated the right ethos to create inclusive products and services to ensure the SAWM can remain relevant in an ever-changing market.

Description

Growth projections of the global Wealth Management (WM) industry remains positive. Some analysts forecasted that Assets Under Management would double by 2025, rising from $84.9 tn in 2016 to $145.4 tn (PwC, 2017). Alongside this rising asset base, there will also be rising costs as WM companies will spend more on compliance and require greater distribution networks, as they go regional and international to meet client needs across numerous geographies.