While many financial planning firms struggle with diversity, our RIA has found it to be a hidden strength.
Based in Silicon Valley, Synergy Financial Group is owned by its CEO, the son of immigrants from Bangladesh. Its employees over the past 20 years — currently comprising a CFP, a client relationship manager and a paraplanner — have all been women. The diversity in our backgrounds and talents has led our multifamily office to grow at an average revenue growth rate of 26% year-over-year, drawing clients from all religions, cultures and backgrounds, from physicians from the Middle East and colonels in the U.S. Army to professional athletes from Compton.
Here are three ways in which we’ve helped our firm attract, grow and retain diverse employees and clients.
1. ‘Kaizen’ culture
Embracing the differences that grow out of our experiences and backgrounds allows us to find multifaceted solutions for clients. The Japanese business philosophy of “kaizen,”which means “continuous improvement,” is ingrained into our processes and practice. We pivot based on new ideas and constantly strive to find a better way in our operations as well as client delivery. Working outside of our comfort zones is encouraged and we often search for the best tools to succeed. We put extreme care into working collaboratively yet have very defined roles. This leads to the ownership of our respective responsibilities, while connecting us to the overall success of the firm. Everyone is expected to perform to the best of their abilities.
The combination of personal and professional growth is encouraged and supported within our team. Our culture starts with the employees who are cared for by being given opportunities to grow, which leads to improved performance for our clients. When we work collaboratively, we combine our strengths to give our clients the best service possible. Our communication is very structured and intentional, which allows us to use our unique abilities to be accountable to the task at hand.
2. Early to the virtual party
As a virtual company since 2007, with staff in three different states and four different cities, we have always collaborated using technology. This promotes efficiency within the firm. Our diverse backgrounds, within and outside of financial services, allow us to offer multifaceted solutions to big problems. Working virtually allows us to hire employees and serve clients with no geographical boundaries. In 2020, in addition to COVID-19, we left our broker-dealer and formed an RIA. With both challenges, our company growth accelerated because we already had remote systems in place.
Working remotely allows us the flexibility and freedom that goes hand in hand with not being micromanaged. For those of us who are mothers, we value that we work in a culture that supports and values a work-life balance. We are trusted that the work will get done, which leads to a strong sense of ownership and pride in our work and team. Through proper use of time management, we are trusted to manage and complete our duties. It is refreshing to not have to worry about job security because you have a sick child or have to decide if it is worth taking the time off to attend a school function. It is expected that we will take the appropriate time we need to balance our lives.
3. Listen without prejudice
Given our diverse client base, non-judgmental listening skills have been a critical component to our success. Our clients know they have a safe place to communicate, and they trust that we are here to serve them. We have helped clients through marriages, divorces and job changes. We’ve also supported many clients with transitions to early retirement in their 40s. Listening with no bias and helping clients navigate and achieve their vision of their future selves has been instrumental in building deep and lasting relationships.
