Leading the change to create an inclusive, post-COVID advisory firm culture

The advisory industry is based on relationships and focused on helping people navigate their financial lives. That’s one reason why, until two and a half years ago, most of our work was done face to face. When the pandemic upended that model, we needed to figure out another way to establish the deep connections that our work and our clients’ success depend on. 

The disruption presented challenges, but also offered opportunities. For many advisory firm leaders, it’s led to elevated awareness of the needs of our people and a greater sense of responsibility to create more inclusive and supportive workplaces where everyone feels valued and has what they need to do their best work. 
Creating and implementing organizational change to achieve these goals isn’t easy, but it’s necessary for continued growth. It’s what will allow advisory firms to retain talent in a highly competitive environment and to continue to meet the expectations of clients who increasingly want to work with companies that share their values.

In looking to build a work culture that will help you continue to thrive as a company and as individual professionals, here are a few things to keep in mind. 

Shared values drive positive change
Make sure everyone on the team understands your organization’s core values.

When we became Wealthspire in 2019, we conducted extensive research with our staff and advisors to identify and understand our common values. We discovered we all felt strongly about the positive impact that advisors can and do have on clients’ lives. We also value ingenuity and hard work. The pandemic changed none of that.

When facing so much uncertainty about what the future of work looks like, it is immensely valuable to be grounded in a set of shared beliefs. It can serve as your North Star as you adjust to new ways of working with and communicating with one another and with clients. COVID isn’t the first disruption we’ve faced, and it won’t be the last. But business leaders can provide a degree of certainty by ensuring everyone is on the same page about why they do what they do.  

Inclusion depends on belonging
In the first six months of the pandemic alone, a record 19 million employees quit their jobs, according to research by McKinsey & Company. The employers in the study mistakenly assumed that compensation, work–life balance and poor physical and emotional health were to blame. But the top three reasons given by the employees themselves were that they didn’t feel valued by their organizations (54%) or managers (52%) or they didn’t feel a sense of belonging (51%). That last reason was particularly acute for nonwhite and multiracial employees.

A culture of belonging contributes to employee performance, engagement and well-being. That’s why it is critical for employees to feel that their workplace reflects who they are and allows them to express themselves and their identities. 

Different outcomes require truly different approaches
Many business executives say they want a more diverse workforce, especially at the leadership level. But if we continue to look for and recognize talent in the same places and in the same way, our workforce will continue to look the same.

Instead, companies need to actively seek recruits from different sources. They need to hire not just for fit within the existing culture, but also for what someone can bring and add on to that culture — including in terms of diversity of experience, thought and perspective. 

They also need to look to promote from within to continuously seize on opportunities to forge new paths to growth for existing employees. One way we’ve tried to do that was by embracing financial advisors who had followed nontraditional career paths on their way to join our team. We are working to build a more diverse talent pipeline, implementing more equitable hiring processes and building mentorship programs in collaboration with our parent company. 

Our employees are empowered to continue their professional growth within the organization, wherever that may lead. For example, two years after joining Wealthspire, a financial advisor decided she wanted to layer her keen interest in technology onto her passion for client service and took on a role guiding our advisors on optimizing their use of available technology. 

Giving back deepens a sense of purpose
A big part of any company’s why is its purpose beyond profit. That means investing in the communities you live and work in and by supporting those in need. A firm’s outreach initiatives can, in turn, raise awareness and foster goodwill, but your goal is to contribute in a way that reflects the values and the passion of the people in those communities.

This work can benefit your employees, too, by cultivating in them a strong sense of empowerment, ownership and loyalty. While we know that the primary role of our firm is to help our clients manage their finances, when that commitment extends to taking care of people in all aspects of their lives, it can mean a deeper sense of purpose for employees.