How Financial Advisors can Create a Positive Company Culture While Adapting to New Workplace Norms

Does anyone remember their parents or grandparents proudly wearing a gold watch they received from work?

For those who don’t know what I’m talking about, there used to be a popular tradition among companies to treat hard-working and long-tenured employees who devoted most—if not all—of their careers to an organization with a practical and brag-worthy parting gift when they retired. 

Some companies probably still whip out the local watch manufacturer’s catalog when a longtime employee retires, but more than often than not it’s now seen as a thing of the past. 

People aren’t staying at the same job their entire career like they used to, and it’s becoming increasingly uncommon for workers to devote their professional lives to the same organization even for 10+ years. And that’s true for advisors too.

The first quarter of 2021 saw the most advisor movement between firms ever.

Why is that?

While there are many factors involved in an employee advisor’s decision to part ways with a firm, more often than not—and increasingly so in today’s workplace—it comes down to culture. 

In the same way investors want more ESG options so their portfolios can reflect their values, people want to work for companies and leaders who are value-driven. When both parties are on the same page about what the goals and mission are, that’s when the real magic happens. 

In fact, nine out of ten CFOs believe improving company culture will increase their company’s business value and performance, according to Harvard Business Review

So, the million-dollar question becomes, how do you create a culture that attracts and retains superstar advisors? 

We have four recommendations: 

1. Open communication

First and foremost, you want to provide clear goals that everyone can strive to achieve. 

When the entire team recognizes the ultimate purpose of their work and has a common milestone to work toward, the members know how they can help one another out and are more inclined to feel a sense of purpose. 

It’s important to note that communication loses its importance and credibility when it’s not honest. Owning up to your mistakes or shortcomings may be difficult, but it lets your colleagues and employees know that you’re genuine and realistic. 

2. Value your people

If you want your team to take pride in what they do, provide a culture that gives them something to be proud of. 

That doesn’t mean you have to drop $10,000 on a company party every other month—although that does sound fun. What it means is that you need to come up with ways to make your employees feel appreciated, engaged, and connected. 

At Asset-Map, we offer engaging opportunities on the clock and outside of working hours to give our team members the chance to bond with one another and build camaraderie. 

During the pandemic, we created a company cookbook and encouraged all of our employees to contribute a recipe. Not only did this give us the opportunity to learn more about each other, it was also a unique project that got our juices flowing and contributed to a sense of unity, even though we weren’t physically together in the office. We also hosted a virtual magician, played Family Feud over Zoom, and took a virtual tour of Chernobyl (if you need any ideas).

We’ve also found that happy hours are an excellent way for our team to foster stronger relationships in a way that would not be possible during standard business hours. 

3. Adaptability

If we’ve learned anything over the past year, it’s that adaptability is the name of the game. 

Remote work isn’t going away anytime soon and companies that embrace it are already seeing the benefits. From virtual client meetings to telecommuting, adaptability has been the lifeblood of the past 16 months. 

As people work toward achieving their ideal work-life balance, commuting to an office everyday may not be a feasible option.

Offering a hybrid working option or giving employees the chance to work fully remote (given they can keep up with their responsibilities) can improve morale and productivity. 

Flexible hours are important, too. As much as you’d like your employees to schedule their doctor’s appointments and dental check-ups during their lunch breaks or after hours, those time slots fill up fast and don’t always work.

4. Positivity

It may seem basic or obvious, but positivity is an undervalued characteristic. 

You could have the most innovative firm in the nation with $20 billion AUM, but if you show up to work everyday complaining about the latest news or making people feel bad about themselves or their work, then your firm’s success will be overshadowed by your poor leadership. 

That doesn’t mean you should fake a smile or show blind positivity, but you should let your passion for your work be evident through your behavior. 

Remember why you do what you do and don’t let setbacks distract you from your practice. 

Praising people for their efforts, expressing excitement for upcoming initiatives, and embracing learning/education are three simple ways to show that you care and want what’s best for everyone. 

The easiest way to determine whether your firm has a positive company culture is to ask yourself two questions: 

  1. Is this the kind of company that I would want to work for? 

  2. Am I addressing my employees’ needs to the best of my ability?

If you answered no to either question, it might be time to reevaluate how your firm operates and create a plan to help you get to a place where you can say yes to both questions.


Got great culture but need great tech to match? Schedule a demo of the Asset-Map platform to see how to equip your advisors with the best in client communication tools.

TJ Hill