Here are some strategies for building culture and fostering collaboration that successful financial advisers have adopted and used.
By Steve Atkinson
If 2021 taught us anything, it’s that nurturing your firm’s culture and putting greater emphasis on collaboration are more important tools than ever for elevating your practice. Focusing on these areas can bring tangible benefits to your client relationships, and that’s increasingly important in a wealth industry where the need to deliver superior value to clients is now omnipresent.
As we kick off the new year, I want to share strategies for building culture and fostering collaboration that I’ve watched successful financial advisers adopt and implement through my work as managing director of advisor relations at Buckingham Strategic Partners, where I have the opportunity to work with, coach, and learn from more than 1,200 RIAs around the country.
To this end, I’ll identify some valuable traits and tips, as well as important questions to consider, as you go about strengthening these elements of your practice in 2022 – whether you’re a seasoned adviser or just building your practice.
1. Build a Stronger Culture
No matter the size of your firm, whether it is two people or 10, everyone performs better when they feel part of the business.
Is work done in silos? Are you sharing what works and what doesn’t on a regular, planful basis?Are the right people doing the right tasks based on their strengths and what they enjoy doing? If this is true, the service they deliver will be at its best, too.Do you take time to celebrate or share “wins”?Do you talk about work-life harmony and/or find tangible ways to encourage it? Whether it’s remote arrangements, early closing on Friday during the summer, or a volunteer day for community support, look for ways to be kind to yourself and your colleagues and allow for life enrichment.
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2. Focus on Your Clients
The new year is exactly the right time to review your processes, identify where you can do better, and set measurable goals to work on improvements.
Do you have a consistent way to get honest feedback from clients on a regular basis? One approach is to engage your clients with a conversation to find out what you excel at – and what needs improvement.Have you checked in with new clients who began working with you this past year and asked how the onboarding process might be made easier or clearer?How easy is it for clients to get in touch with you? Do you offer online scheduling? Provide your cell phone? Is it clear what path they should take? How long does it take for them to hear back from you? Do you set a standard for that?How would clients rate you on being transparent and proactive? Trust is paramount when you are handling someone’s hard-earned money.
As you think about your culture and client service, let me share ways that CFPs Ari Crandall, Josh Koehnen and Joe LeBlanc build corporate culture and enhance client focus at their practice, Premier Wealth Advisors (PWA).
These three, longtime friends merged their successful, independent practices in 2016 to form one unified group, PWA. They knew the survival of their new firm depended on creating the right culture, so they based their venture on these key premises:
1. From running the business to serving clients, a well-qualified staff is vital in the long-term success of the firm.
2. Always be open, honest, present and flexible with both your staff and clients.
3. And most important, provide an enhanced client experience that is based on authentic, open relationships.
PWA does something quite unique. For one day every year, they close the office to hold their version of the State of the Union address, what they like to call “The Annual Advance.” The goal of this meeting is to do a deep dive with their employees to find out what is working, what is not working, and what can be done differently. Besides detailing their daily duties, the staff is asked to honestly talk about what they like – and dislike – about their job.
“The information that comes out of these meetings is always surprising. One of the main takeaways has been finding out that a task one person despised was on another’s I-love-to-do list. It gives us opportunities to reassign tasks to people who are a better fit or to start a “to-do” list that may result in another hire down the road,” says Joe LeBlanc, managing partner of PWA.
PWA also prioritizes work/life harmony, empowering their staff with the flexibility to enjoy life outside of the office. Family time is encouraged – the partners want the staff to be able to take time off to see their child’s soccer game or to visit with an out-of-town friend. How do they make this work? Managing partner Ari Crandall explains, “We made it a priority to ensure each team member is cross-trained to back up each other so that no one feels guilty about taking time off or worries about something falling through the cracks when they are gone.”
One other major commitment applies to the client experience they offer. Managing partner Josh Koehnen summarizes it this way: “It is important that clients know the firm’s doors are always open. We are always happy to answer any client question, provide education, be a sounding board and provide important feedback.” The trio says they are not afraid to have difficult conversations during difficult markets. They believe this level of service is a large reason why PWA has such a robust organic referral program.
If you enjoyed learning about how the advisers at PWA approach their practice, listen to my full interview with this highly motivated team on the Admired Advisor podcast. Or enjoy additional episodes of Buckingham’s Admired Advisor podcast online. The Admired Advisor helps listeners explore ways to approach their businesses, build client relationships, and achieve overall success. Check out Apple Podcasts and Buckingham Strategic Partners.
About the author: Steve Atkinson, managing director advisor relations, Buckingham Strategic Partners, oversees the relationship experience advisers and their clients have with Buckingham Strategic Partners (BSP). In conjunction with the many resources available to advisers from BSP, the adviser relations team helps advisers find their true passion by leveraging best practices to deliver true wealth management. Steve serves as the host of the Admired Advisor podcast, highlighting admired traits that can inspire other professionals in the industry.
Important Disclosure: The opinions expressed by featured authors are their own and may not accurately reflect those of Buckingham Strategic Wealth®. This article is for general information and educational purposes only and is not intended to serve as specific financial, accounting, legal, or tax advice. Individuals should speak with qualified professionals based upon their individual circumstances. The analysis contained in this article may be based upon third-party information and may become outdated or otherwise superseded without notice. Third-party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, confirmed the accuracy, or determined the adequacy of this article. R-22-3133
