There is a business case to be made for a company to have a greater purpose and go beyond talking about values, by demonstrating them in the decisions they make each day. In fact, a global “Strength of Purpose” study showed that consumers are four to six times more likely to buy from, trust, champion, and defend companies with a strong purpose.

Hopefully, your website and brand book have already outlined your company’s mission, vision, and values statements. Now might be a good time to review them – and make sure you are living up to them.

Two values that currently have a spotlight on them are sustainability and diversity, equity, and inclusion (DEI) practices. These carry weight now because of the changing world we live in. 2022 is showing signs of disturbing weather patterns – severe drought in parts of the US and elsewhere, while one-third of Pakistan is underwater from its eighth monsoon cycle. (The nation normally has just three or four.) And our nation is still reckoning with racial inequities and social justice.

Hopefully, these values are genuinely important to you both as a human and a business owner. If they are, the question that follows is this: What are you going to do about it? Your values only add value to your business and clients if you truly embrace them.

Dive Into DEI

First, be sure to understand the differences between diversity, equity, and inclusion. In short, diversity means that people of different backgrounds, races, genders, ages, and sexual orientations are in the room. Equity is making sure that everyone has what they need so they have equal opportunities to thrive. Inclusion is ensuring that everyone feels welcome and has a voice.

So how does all this add value to your firm? There are so many ways.

As an employer, you’ll create a workplace where employees feel supported, safe, and comfortable. You’ll quickly see a boost in morale, increases in the average length of tenure, and reduced turnover. That alone saves time and money in the HR, institutional knowledge, and learning curve departments. It will also help in the long run when you are trying to attract new talent. Your company will already have a reputation as a wonderful place to work.

Beyond that, having input and buy-in from a variety of perspectives, identities, and lived experiences can yield real benefits in generating new ideas. Your team will be looking at a problem from multiple angles and are likely to spot a play or an opportunity that others overlooked.

We are also learning just how much representation matters. For far too long, marginalized and underserved groups simply didn’t see people who looked like them in various roles of power, service, or success. By making a concerted effort to bring diversity to your team, you’ll have the added benefit of being able to build relationships and clientele in diverse populations. When people can see themselves represented authentically, it can build trust and draw in an untapped segment of the market.

If you look at your staff and see that you tend to attract and hire people from the same demographics time and time again, it may be wise to examine your recruitment and hiring practices. In more studies than we can count, diverse teams are shown to perform at higher rates and lead to greater profits, all while lifting up people whose talent may have been overlooked due to inherent biases.

Say Yes to Sustainability

One definition of sustainability is to provide for the current needs without compromising the ability of the next generation to meet theirs. This includes impacts on the economy, the environment, and society as a whole.

By finding ways to commit to a more sustainable path, through philanthropy, portfolio options, or even basic office infrastructure with a green focus, you’ll instantly enhance your image. This can add value to your business’ brand and give you an advantage over your competitors – because most people prefer to partner with companies whose values align with their own. Again, though, it only works if you are authentic and demonstrate your commitment to sustainability in concrete ways.

Consumers are becoming increasingly conscious of our impact on the world around us, and they look to business and community leaders to, well, lead. As these consumers search the web or seek out referrals for an investment firm, they will look closely at your values statement – and how you live those values. By standing out in this space, you’ll win more leads, more inquiries, and more referrals.

Just like your work in DEI, working towards more sustainable business practices can make your business a more attractive place of employment. Especially if you empower your team to contribute to these initiatives, to weigh in with values of their own, and include them in your efforts to create a better world.

Steps to Take Today

This kind of change doesn’t happen overnight. It takes work, but the work pays off. Some things you can do right away include:

  • Survey your team on how inclusive they feel the workplace is
  • Survey your team on the values they feel strongly about
  • Hire a DEI consultant to provide training on hiring practices
  • Review your finances to make sure the values of your vendors align with your own
  • Review the values statements on your website and update if necessary
  • Audit your office space for energy-saving opportunities

If you make DEI and sustainability work a core part of your focus, you will soon see rewards that you’ll feel good about too. Your diverse staff, new clientele, and the environment will thank you.

Want to Keep the Conversation Going?

The right partner can make all the difference in your transition to independence. At Terrana Group, our experienced and knowledgeable professionals welcome the opportunity to consult with you to determine the right platform for you going forward — one that satisfies your long-term objectives and is also best for your clients!

Over the course of over 30 years, we have helped facilitate thousands of professional placements for advisors, with client assets transferred exceeding $67 billion dollars. We have completed placements in almost every major city throughout the United States while building deep relationships with the advisory world’s most sophisticated and notable firms — including major Wall Street brokerages, most Regionals, Boutiques, Banks, Independent Broker Dealers, RIAs, and Custodians. We have a broad knowledge of the deals that are currently being offered and will ensure that you are being presented with the offer which will be best for you.

Confidentiality, professionalism, and respect are essential to our practices and beliefs; we handle each and every step of the placement process with complete communication, keeping you informed while making the process smoother from beginning to end. 

We are proud to always be considered a great asset to our clients because of our proven expertise, many years of knowledge, and acute attention to detail. Financial Advisor Recruiting Services are not all created equal; we guarantee that the TG experience for clients and candidates is always world class.

We are based in Chicago with a nationwide reach. To get the conversation started, email info@terranagroup.com or give us a call at 312.655.8380 today.