Cultivating Growth, Diversity, and Sustainable Success

Mike LaMenaAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

What makes a successful RIA? Ultimately, it’s the people. We know that wealth management is a people business and that relationships are the foundation of a strong enterprise. But what can an RIA do to remain competitive as an employer and financial services provider? A key component lies in your company culture and its alignment to your firm’s vision and values.

Business success means attracting and retaining the best talent. It means innovating, collaborating, and committing to the firm’s beliefs on client service and growth. To achieve great things, firms must have people who are empowered to create positive change that benefits both clients and the firm. Further, people want to feel like their individual contributions are acknowledged and that they can make a difference. Being purposeful about creating an ecosphere where people are invested and can thrive is no easy feat, but it’s a crucial part of lasting success.

This article explores how promoting individual strengths and skills, advocating for enhanced diversity and inclusion, fostering a collegial environment, encouraging diversification, and attracting a broader range of clients helps RIAs stand out in a competitive industry.