Partnering to Make Risky Decisions

It is inherently difficult to make fantastic decisions all the time without outside assistance as we are all subject to deep-seated psychological biases — some genetic, some learned in our formative years and some a response to particular events in our lives. Therefore, forming a tight partnership between you and your advisers is key

Partnerships are important because as a decision maker you are the one taking the risk. Advisers on the other hand don’t have as much at stake and move on to provide the next bit of advice.

What you want are advisers that have your best interests at heart and help you to take risk “eyes wide open”. Where you are aware of the risk you are taking and why. 

To be a good partner, advisers need to lead alongside. To help you think through some of the uncertainties associated with your decision and to provide ideas, insights and solutions. If your advisers are not doing this, if they are only giving you the textbook answers, sack them and find new ones. 

Until you find new ones, this paper about thinking things through to manage the risk in your decision making may be helpful.

If you don’t want to sack your advisers and want to help them instead, send them this paper on Persuasive Advising. Or tell them about the complimentary breakfasts I run where we discuss the role of advisers in organisations and how best to add value.