There are three components financial planners need in the workplace to build a successful career. I call them the three C’s: culture, community and compensation.
From an employer standpoint, strengthening these three aspects can mean higher talent retention and improved productivity. Let’s take a look at each of these in more detail and see how young planners and firm owners can leverage them to achieve greater success.
(Related: These Millennial Advisors Are Killing It With Younger Clients)
Relationship building is an integral part of a firm’s workplace and one founded on mutual respect. It is important for young planners to engage in roundtable discussions within the workplace because they can learn so much from their more experienced peers. One aspect of a great firm is its building of a culture around the transference of wisdom.
In addition to feeling respected, employees crave a culture that fosters growth, be it through mentorship or ongoing opportunities for continued learning. This can come in various ways, like sending employees to conferences.
Clients are seeking out firms with diverse talent pools, particularly when that diversity is represented at all levels. For instance, some clients look specifically for firms with women in leadership roles or ethnically diverse firms. People of color represent over a third of the American population, with that number projected to grow in coming years. Having a diverse team of young planners can help firms reach a younger and more diverse clientele. Further, ethnically diverse companies are 35% more likely to outperform ethnically homogenous companies, according to a study by McKinsey.
Culture can be seen as building relationships within your firm, while community is building relationships outside the firm. Some of the most successful workplace cultures are those with a strong sense of community outside of their practices.