September 28, 2022
Louis Diamond Quoted
by Jennifer Lea Reed
It’s nothing new that financial advisors want to support their communities and “give back.” And it’s common for many of them to do things like organize food banks, volunteer at health clinic fun runs and serve firehouse pancake breakfasts.
But they are also coming to expect that from the culture at the companies they work for and affiliate with. And that can be a big deal when they are looking at joining a firm, so much so that a company’s track record of community service has now become a recruiting tool to find the best talent, industry experts said.
“Prospective hires are asking firms to define their culture, and this is one way a firm can clearly demonstrate what they’re about,” said Louis Diamond, president of Diamond Consultants in Morristown, N.J., a recruiting firm that specializes in financial services.
“There’s a minimum amount that people expect companies to do,” he said. If, for example, their current employer matches so much in charitable donations, “they want to know their next employer will do at least that, if not more.” In fact, he said, it could be a deal breaker if a firm isn’t involved in the community or charitable giving.
According to Louis Diamond, the recruiter, this is what people want to see when they consider a firm they are going to work for—active engagement in community and support of social justice issues.
“I put it in the culture bucket,” he said. “Advisors want to partner with organizations they can believe in, especially the younger advisors. This is becoming a much more important attribute, and not just in our industry. It’s across the employer spectrum.
“So many firms are gunning for the same people, seemingly little things [the firms do to stand out can] make a big difference, and this is definitely one of those things. If a firm is intentional about sharing their culture in the community, that can click with an advisor.”
