Why a Collaborative Culture Should be at the Top of Every Advisors’ ‘Wish List’

Culture.  

It’s at the top of the list of considerations for many advisors exploring making a move to their next firm. Core to a healthy and productive organizational culture is a deeply ingrained collaborative spirit across the firm that helps ensure individual advisors are positioned to be successful because they are part of a larger team, with everyone focused on the same objectives. 

That’s exactly what Julie Steinman, who currently serves as Managing Director with Roberston Stephens, was looking for in 2019 when the team she is part of began researching firms that would enable them to build their business in a way that would be in the best interest of their clients. She found that with Robertson Stephens. We recently caught up with Julie to explore what collaboration means to her and the team, and why she believes it’s so critical for advisors to truly deliver the best possible experience for their clients.   

Julie, when you were looking for a new firm to build your business, how important was a collaborative culture to you? 

It was extremely important to me, and to my team as well. We came as three partners coming from a large banking environment. We were leaving behind a lot of talent and resources at our previous firm, and we feared we might lose some of those resources and areas of expertise that we leaned on by going to a smaller, independent RIA. I’m happy to share that quite the opposite occurred. After joining Robertson Stephens, it quickly became apparent that we weren’t losing anything at all. Rather, we gained access to a team that was incredibly robust with enormous depth of knowledge. Most importantly, everyone proved so eager and ready to help, which is not always the case with large, institutional wealth managers. It felt like joining a family, and still does, which is wonderful.  

Specifically, what does the concept of collaboration within a firm mean to you? How is it embodied at Robertson Stephens? 

It's all about having a problem to solve, or a need to fulfill on behalf of a client. If our team is not able to find a solution, we are able to call on anyone within the firm, and they are ready and willing to assist. That is the nature of collaboration as I see it. True collaboration is benefitting from the collective expertise of the firm without the fear that you are stepping “out of bounds” or on anyone’s “toes” in any way. There are no internal “turf wars” or unhealthy competition among advisors. Likewise, I value working for a firm where anyone else can reach out to me, and I feel empowered to offer my expertise and point of view for the benefit of that individual and the end client. It goes both ways.  

What should advisors look for to ensure that their next firm is genuinely collaborative? What are the “red flags” to avoid? 

First and foremost, ensure that the team at the firm under consideration is at the top of their game. For example, at Robertson Stephens, everyone brings a wealth of knowledge and expertise and is at the pinnacle of their career and thus there is much to gain from collaboration.   

At the end of the day, it’s about trust. For me, it’s a gut feeling. Do I really believe the people I’m working with have my back, and the backs of our team? Listen to your gut. Do your due diligence in selecting your next firm but also trust your intuition. That should come through loud and clear in the interview process, and it was certainly the case for us when interviewing with Roberston Stephens. This is a people business. We need to be there for each other if we are going to be there for our clients. If you don’t believe that everyone at a firm genuinely wants to help you be successful, that’s a red flag.  

How do end clients benefit from healthy collaboration across a firm? 

They benefit in every way you can imagine. Whether it is retirement planning for small businesses or couples going through a divorce or complex alternative investment strategies, the more the advisors within a firm collaborate, the more clients will benefit. At Robertson Stephens, we have such a deep bench of talent for our advisors to lean on. Our clients essentially have 23 teams of advisors working on their behalf. That is incredibly reassuring for clients and advisors alike. There are always multiple ways to look at a problem, and clients benefit immensely from having a range of potential solutions to consider from a multitude of perspectives.  

Any final thoughts on the concept of collaboration that you’d like to share? 

My previous experience at other firms was one of isolation to an extent, even though some of those firms were very large. I worked with smaller teams and didn’t really experience collaboration outside of my own small working group. It just wasn’t encouraged or embraced. So, it’s been a very rewarding and refreshing experience to be able to participate in a truly collaborative environment with a team that is so ready and willing to help one another.  

True collaboration within a firm makes so much possible. It makes you excited about going to work each day, and that feels amazing.