The firms that will be able to best serve the next generation of clients will be divInerse and collaborative, said a panel of advisors at the 2017 Invest in Women’s conference in Dallas – the challenge will be to find that diversity and to establish strong collaborations.
In “Building a Successful Advisory Practice,” three entrepreneurial woman advisors shared their experiences entering the profession and laid out a vision for future success through diversity.
“There is a lot of work being done to create a path where there is not just diversity by gender, but diversity in general,” said Melissa Joy, a partner at Southfield, Michigan-based Center for Financial Planning. “We need to know what are the best-in-breed firms doing when it comes to diversity to get to a place where we know what a diverse firm looks like where we know what needs to be done to embrace diversity ourselves.”
Joy said that diversity should be multifaceted, including gender, race, background, sexuality and age.
Sheryl Garrett, author and founder of the Garrett Planning Network, said that a diverse practice creates an environment with a lot of intersecting specialization and expertise, especially when advisors and staff of different generations are brought under one roof.
“I’ll repeat a piece of my father’s wisdom: My father’s wisdom –surround yourself with people smarter than you,” said Garrett.