Strong company cultures can propel advisory firms

Jun 9, 2014 @ 12:00 am

Runtime: 2:13

Jim Crowley of Pershing discusses how critical company culture can be for retaining top talent and maintaining strong working relationships with clients.

Video Transcript

Culture is so important at an advisory firm because it really sets the vision and the strategy for what the firm is trying to accomplish. And having a clear vision, and having a clear strategy for advisors to understand the direction of the organization. Who they want to serve in the future, how they want to serve them, how they want to invest their assets in their company, is extremely important, how they communicate to their clients, is all part of the culture of an organization. And we also find that culture is critical to. Keep talent, in the organization and to attract new talent to the organization. In fact, we've learned through our research that the culture of an organization is the number one reason why an adviser chooses to affiliate with an organization and it's that culture, it's that affiliation that drives the business and drives the future of the company. The cultures that we see succeeding at the leading firms are those cultures that are very transparent. In other words, they're speaking frequently with their clients, they're speaking frequently with their advisors, they have a clear vision. There's teamwork as this business has become more complex. As the complexity of investing, of managing a financial plan has become more complex. The culture of a team, the culture of transparency and communication has really been what we've seen, taking shape in the leading organizations. Simple steps to create a better culture in an organization is to really take a step back. And really think about, strategically, what you wanna be, three years from now. Five years from now. And understand, are all the investments that you're making today have you on a course to achieve that position in three years? In five years? And if not. Come back to where you are today. Make changes in your investment strategy. Make changes in how you're investing in your talent. And, in fact, if you need to need to adjust the talent that you have in your organization, so you can get to that position that you want to be. [MUSIC]


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