Hortz: Can you share with advisors and other asset management firms any thoughts and recommendations on what to know and consider about becoming B Corporations?
Blume: We learned during the certification process that becoming a B Corporation is a journey. It is not about achieving the highest possible score in the initial certification. It is about identifying the areas in which your company can improve, prioritizing and working to complete them. Our facilitator from B Lab was very clear that even if we do not meet the minimum requirement in year one, we would then know what we need to focus on to make it the following year. So, we would encourage companies to go start the process even if they think they will not make it. You will learn a lot just by going through the assessment.
Herrington: We would love to see more investment advisors become B Corps, as it would provide further proof that there are companies in this industry who want to put clients’ best interests first and want to consider the needs of other stakeholders rather than focus solely on profits. We believe this might help improve public perceptions of the industry, which are now at a very low point, and rightly so in many cases.
The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial advisors and financial services firms determined to lead their businesses in an operating environment of accelerating business and cultural change. We position our members with the necessary ongoing innovation resources and best practices to drive and facilitate their next-generation growth, differentiation and unique community engagement strategies. The institute was launched with the support and foresight of our founding sponsors - Pershing, Voya Financial, Ultimus Fund Solutions, Fidelity, and Charter Financial Publishing (publisher of Financial Advisor and ETFA magazines). For more information click here.