Mara Glassel, managing director and New York complex director for UBS, said that diversity hiring only changes office and firm culture if dialogue is encouraged.
“We want to have a culture where people can challenge each other and have debate back and forth,” Glassel said. “I like putting people who look very different from each other together in rooms on a monthly basis, people who have different experiences, different tenures, different levels of seasoning. It takes effort and a process, but people get great ideas and grow their businesses.”
At Ameriprise, Hubley said he encourages an open-door environment so that advisors will engage and collaborate with each other.
The aging industry and client base means that offices must think younger to survive -- Crair said he is hiring so that his Merrill Lynch offices have advisors representing every generation of client.
“We want to make sure that people understand what happens: 90 percent of assets leave when a client passes away,” said Crair. “One of the biggest gaps in our business is with the next generation, so we’re trying to eliminate horizontal teams and create vertical teams -- we’re trying to fill in the age gaps within our office populations. If we don’t do that, we’re going to lose assets.”
The panelists said that hiring younger advisors isn’t enough to bring the next generation of clients through their doors.
Glassel said that she’s found success hosting programs for clients’ children and grandchildren.
“We had a financial bootcamp program in New York this past week,” said Glassel. “It was great; programs help advisors bond to the next generation. More globally, next gen should be part of your planning -- if you’re doing a good job of planning and doing family wealth planning with larger clients, the next generation is going to be involved in that.”
Glassel also recommended having advisors work with the next generation of wealth through philanthropy using family foundations and donor-advised funds.
“I don’t know what the future is, but I do know that you have to embrace change,” Crair said. “If you don’t, you’re going to be left behind.”