Just how important is culture to an advisory firm's success? It's everything—that's right, everything. Yet it is often overlooked and rarely given its due. That could be about to change.
“We don't talk that blatantly about culture yet it's inherent in every aspect of a successful firm. It's a living, breathing demonstration of strategy. You can feel it, sense it, experience it,” says Tracy Beckes, who coaches financial advisors from Tracy Beckes and Associates in La Conner, Washington. “Yet in this industry we rarely name it. It's a critical next frontier. Start saying culture to people. Give it a name.”
Gen X advisors, in particular, are driving the change—and technology, not surprisingly, is also a contributor.