When it comes to choosing a partner, consider expertise, as you want to hire the best at what they do. “Price is always important. Look at apples to apples to know what it would cost to do it in-house,” said Judge. Also, make sure the partner’s philosophy is matched up with your firm.
Remember, the decision to outsource is not a one-time decision. Evaluating partners and considering new ways to get assistance should be an ongoing process.
Benefit From Doing Good In The Community
In a session led by two managers at TD Ameritrade, Jennifer Hammond and Tara Valentino-Maher, they shared lots of great reasons why being philanthropic is a good idea. Two of those benefits come in the form of driving engagement with employees and helping with your reputation.
Valentino-Maher pointed out it can even help with recruiting the next generation. She said, “A lot of research is showing that millennials want to work for a company that is giving back.”
How can you improve its community involvement? Consider implementing a matching program, allowing for volunteer time, give from the company, participate in board service, sponsor events and get involved in community projects.
Valentino-Maher showed a Venn diagram. She advised the attendees to look for where employee interest, company priorities and community needs all overlap. That is the corporate social responsibility sweet spot.
Katrina Booker, managing director of communications and public affairs at TD Ameritrade, added that you want to overlay your personal values with your company’s. It helps to find the common goals.
Hammond recommended surveying employees to find the motivation. She said, “Have a conversation internally. Align with (with your associates about) what you are going to do moving forward.” Ask yourself: what are the needs in the community?
TD Ameritrade had “a bike build” activity in which many of the attendees put together one hundred bikes for kids in need in the Orlando, Florida area, of which 20 elementary kids showed up onsite to pick out their newly built bikes. There were many happy faces, not just on the children, but from all those that were involved.
Know Where To Focus Your Efforts
In a panel moderated by Tricia Kasner, the managing director at Barron's, she asked, “Who are you seeing as the client of the future?
Ric Edelman, chairman and CEO of Edelman Financial Services, LLC, answered, “The delegator.” His believe that through technology it is going to get easier and easier for people to do the things they have hired advisors to do in the past. Just look at what has taken place around taxes. Regarding the delegators, he added, “They do not want to do it themselves. They need to have these things taken care of. They will be turning to trusted advisors to do it on their behalf.”