Leading with intention, compassion creates a firm that attracts quality talent

Achieving gender parity at our firm is something we’re proud of, but it’s not something we set out to do intentionally. There were no diversity initiatives, no “for women by women” ad campaigns, and no complicated conversations about how we were going to attract women advisers and employees. In fact, we didn’t even think twice about it until others started pointing it out.

As we’ve reflected on it, we recognized that our plan to lead with intention and compassion — in all our conversations, engagements, negotiations and meetings — has served us well. Not just in gaining gender parity, but in creating a firm that consistently attracts quality talent. 

THE ADVISER EXPERIENCE

When we started our firm, we had a very explicit goal of creating an experience for advisers who are transitioning firms that felt very different from the typical experience. As a leadership team of consultants, M&A experts and advisers (who have all been through multiple transitions), we know that there’s a very clear power dynamic that exists during the discovery and transition process. The aggregator or acquirer usually has the upper hand and uses that to their advantage.

Even though many firms say they deliver a “consultative experience,” the truth is most are simply transacting. We wanted to intentionally change this and make sure of several things: First, that the adviser never felt sold to. Second, that the adviser had all the information they needed to make an informed decision they felt good about, even if that meant they weren’t joining Journey Strategic Wealth. Third, that the adviser and each team member felt like we cared about them and their families. And fourth and finally, that the adviser felt as if they were co-creating their proposal with us, not just being handed something to sign.

ACHIEVING A DIFFERENT EXPERIENCE

We’ve been able to accomplish these things in several ways, including in our deal structure. We don’t include restrictive covenants in our contracts, and we allow advisers who are tucking in their own clients to outright own their own clients, rightfully so. We also are flexible in how we structure deals and account for all business, team and personnel dynamics in our proposals. For example, even though we may have an opinion on whether it makes sense for us to acquire a portion of the adviser’s business when they join us, we do not force a transaction or try to convince advisers to monetize. If an adviser comes to us and is unsure about when and if they should sell a portion of or all their business, we encourage them to pause and then educate them on the pros and cons of each approach. 

After they join us, we begin quarterly strategic business planning sessions with the adviser. This provides us with intentional time to revisit major strategic decisions with our partner adviser. At the end of the day, the decision to transition, monetize or simply make a shift in the business model is a huge decision with financial, emotional and psychological implications. It’s our responsibility to make sure that we have a pulse on what the adviser is experiencing in each of these areas. 

REDEFINING SUCCESS

To us, success is more than just quantitative. You can have billions in assets under management but have constant employee turnover and no succession plan. You can be at a “top firm,” but unhappy, with your life revolving around unreasonable growth goals. To us, success is about what is important and meaningful to the adviser, their family, team members and clients. When we engage in the discovery process with a team, it’s incredibly important for us to understand what they truly want above and beyond growth, assets and clients.

We can only truly serve our advisers and their clients if we understand their needs at the deepest level. We spend a long time getting to know prospective teams — we want to know about their families, the dynamics of their team, their careers and goals, and what brings them fulfillment and joy. What we’ve learned is that when you focus on all measures of success and when you put people in a position of feeling fulfilled, focused and optimistic, the quantitative results will come. Therefore, our unofficial mission is to enable advisers to spend 80% or more of their time each week engaging with clients and business development. When they’re focused on the activities they enjoy, flexing their best skill set, advisers will win and be happy while doing it.  

HUMANS TALKING TO HUMANS

In the end, we’re all in the business of building relationships with people. We happen to deliver wealth management services to do that, but we are people dealing with people. It is why we keep impeccably meticulous track of life events, communication preferences, favorite sports teams, alma maters, spouse’s birthdays and more. People should be celebrated and recognized continuously throughout the year. I believe this philosophy has naturally helped us to attract advisers and team members of all shapes and sizes. Women and men advisers alike appreciate being treated like human beings, not a number on a scoreboard. 

Penny Phillips is co-founder and president of Journey Strategic Wealth.