Three Keys to Advisory Firm Talent Management

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A strong culture is key to inspiring the team and workplace of tomorrow.

How can you spot a great corporate culture? Some would point to strong leadership and an inspiring mission. Others would say it’s all about holding on to top talent by providing workplace flexibility and the opportunity for career mobility. While all of these elements contribute to a strong culture, the key is the feeling you get when you step into the office. While you can’t see it or touch it, that jolt of inspiration and excitement is what can motivate you to give your best, and instills the confidence that your team will do the same.

Culture is the common thread that knits together people and workplace. In a people-focused industry like financial advice, it holds even more weight, and can catalyze the opportunity to attract much-needed talent to the profession. Advisory assets have grown 9% over the last three years, while headcount has stagnated. This comes as retirement looms for nearly 40% of advisors within the next decade. Not surprisingly, cultivating talent ranks as a top priority for advisors, according to our BNY Mellon Pershing Elite Advisor Poll. Advisory firm leaders need to make smart, purposeful decisions to maintain a strong future for their firms. The rise of the fiduciary advice model has made the advisory profession more competitive. This may be a positive for investors seeking long-term partnerships with a credible advisory firm, but it is forcing advisory firms to work harder than ever to differentiate themselves.

Reimagine the workplace from the ground up with a focus on diverse teams, a revitalized workplace, powered by a renewed focus on culture. What’s the secret to success? Focusing on three key areas – including culture, people and workplace – can make a world of difference.