What to Look for to Ensure Your Next Firm Embraces a True Partnership Culture

In the often hyper-competitive world of wealth management, that competition can leave advisors feeling isolated, that they are on their own in serving their clients. Many firms purposely incentivize their advisors to compete against one another, even if they are in theory ultimately working toward the same goal of growing the firm’s bottom line. That sort of environment inevitably causes advisors to become “islands,” with few trusted colleagues to lean on for a fresh perspective and expert advice. In essence, they are forced to go it alone.

It doesn’t have to be that way. Nor should it be. In reality, fostering a partnership culture within a wealth management firm is the best way to grow a business for the long term for the simple fact that advisors who feel supported and part of a collaborative team create better client outcomes and experiences.

That’s what Rick Polenske, CFP®, CTFA®, Managing Director and Principal with Robertson Stephens, was looking for - and found - when he joined Robertson Stephens. He knew having a team of helpful, deeply knowledgeable colleagues who were ready and willing to assist with any challenge or opportunity he faced was key to his, and his clients’, long-term success. Below, Rick expands on what a partnership culture means to him and what other advisors who want to experience it firsthand should look for in their next firm.

Rick, what exactly does the concept of a “partnership culture” mean to you?

Partnership can mean different things to different people. To me, it’s having the ability to look across the firm and be able to lean on those people who have expertise or experiences that I might not have. That should be an easy conversation without any fear of a colleague saying no. When you have the full resources within the firm at your fingertips to help solve for any client situation, that’s enormously helpful and gratifying. It’s the way it should be.

How does that concept manifest itself at Robertson Stephens?

It manifests itself in many ways. For example, I focus primarily on wealth planning. As part of that planning process, I value being able to lean on others in the firm to analyze what I’ve developed to provide a thoughtful second opinion to ensure the advice I am providing is exactly  what my client needs with no missed opportunities. That’s incredibly reassuring, for me and my clients. It makes me a better advisor and certainly results in a better experience for the client.

How is a partnership culture beneficial to a firm, its advisors, as well as end clients?

In an environment where I have the comfort and ability to ask another advisor for help with any challenge I’m facing, it’s my client who ultimately wins. When the client wins, I win, and my firm wins.Of course, it’s also simply the right thing to do, and that feels good. To truly be doing everything we can, as a team and as a firm, in the best interests of our clients is rewarding. Ultimately, it’s why we do what we do.

In addition, having partners and the ability to work closely with other advisors within the firm increases the amount of focused time I can spend on my practice. Everyone has a different skill set, so the areas we all need to concentrate on in our practices will be different. Partnering allows me the time to focus on continuing to develop the relationships I have with my clients.

How rare is it in this industry to find a firm with a true partnership culture?

A true partnership culture is indeed rather rare. Not that there aren’t great advisors across this industry. There are. But too often they aren’t encouraged to have each other’s backs for the end clients’ benefit. At many large firms, there can be considerable competition among advisors, which is encouraged, with the ultimately flawed belief that it will increase assets managed. At Robertson Stephens, we know better. We know that when we are there for each other and do whatever we can to ensure each and every advisor is successful, that’s how we will win. What’s good for one of us is good for all of us, including our clients.

What should advisors look for to ensure that their next firm is actually ‘living’ a partnership culture?

Talk to the advisors at the firm you want to join, first and foremost. The advisors are living the experience and will give you a clear sense of whether a firm embodies the partnership culture you are looking for. You can tell pretty quickly by their responses whether the firm aligns with your values and expectations, and that provides enormous peace of mind.