2013 TD Ameritrade Institutional Conference
Advisers: Culture eats strategy for lunch
Ron Carson, Founder and CEO of Carson Wealth Management Group, on why culture is vitally important to the success of every financial advisory firm.
Disclaimer: TD Ameritrade Institutional and all third-parties mentioned, including InvestmentNews, are separate and unaffiliated firms, and are not responsible for each other's services or policies. TD Bank Group has an investment in TD Ameritrade.
Culture is vitally important. I know this is debated back
and forth but if you think about the best strategy
in the world, you spend all this time, you build
up your staff, have a game plan to execute against
it. But then the F word starts being used. You
know, the F word in my house, when my kids
were growing up, we never used it. And that's the
fair word. Things aren't fair. So if you can imagine
a culture, yeah, break strategy; but immediately concluding the game
plan or-- in two-day meetings, someone says, "Well, that's not
fair. That part is not fair." That's a disastrous culture.
By the way, you all have a culture whether by
design or by default. And I think a lot more
emphasis needs to be placed on getting people in an
environment, the right sort of team players that say, "I
don't have to go to work. I get to go,
execute this wonderful strategy that I believe in and our
whole company believes in." Can you imagine that saying "This
isn't fair," versus saying, "What can I do to help?"
just happen? Is there anything I can help you that
you're working on today? First of all, you take a
lot of time to hire the right person because one
bad person in an organization can really be a cancer
that spreads. So, we go through an exhaustive interview process.
We use the DiSC analysis. We use the [unk]. We
combine notes. We have a four-step process where we bring
people in and actually vet them to make sure that
they are fit. Then, it's really important we immerse people
for the first two weeks-- they don't even look at
their job responsibilities. Make sure they understand why we're doing
what we're doing. We also share with them the Carson
Wealth Client Bill of Rights and we make them part
of being able to deliver that 'cause it's internal culture
but it's also external culture. We have the Code of
Ethics. And most importantly, all of our partners at Carson
Wealth are part of setting our short-term performance objectives and
our strategic objectives. So they have equity and the process
makes for a very positive nurturing-type culture.