AdvisorHub.com, the nation’s fastest growing news site for financial advisors today released the results of a new culture study — sponsored by Edward Jones — that explored the importance of firm culture to financial advisors as they navigate the course of their careers. AdvisorHub defines culture as the shared values, attitudes, standards, and beliefs that define the nature of the firm or company and offer the necessary support to help advisors be successful.
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The nationwide survey was conducted by an independent research firm in the latter half of 2020. Respondents included those with the title of Financial Advisor, Executive/Senior Manager, Branch Manager, Money Manager and Portfolio Manager — all respondents had direct interaction with investors at the time of the survey.
Respondents were asked how they felt about certain factors related to culture as an individual, as well as how much importance they felt their firm — by firm type — placed on those same factors.
Featured topics of the culture survey include:
1. Client-related culture factors
2. Equity compensation
3. Corporate citizenship
4. Flexibility in personal schedule
5. Reputation and integrity of the firm
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Among the many findings, the culture study revealed:
1. 90% of respondents say “Company culture is important to me,” with more than 67% saying that they “strongly agree.”
2. More than 76% are “proud of my company’s culture,” with more than 53% saying that they “strongly agree.”
3. 51% agree that they “recruit other advisors to my firm because of the culture,” with less than 32% saying that they “strongly agree.”
“Firm culture has become increasingly important to FAs and firms need to listen,” said Tony Sirianni, CEO & Publisher of AdvisorHub. “Whether you are talking about inclusive and diverse hiring practices, equity compensation, or autonomy to run your own business, advisors have the ability to choose a firm whose culture is compatible with their own personal values and beliefs.”
Upcoming articles will focus on the disconnect between Financial Advisors’ Personal View on Culture vs. their Firm’s, Culture and the Client Experience, Advisor Transition as it Relates to Culture, How to be an “A” Culture Firm, and The New Virtual Culture.
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