It’s hard to believe it’s been over a year since COVID-19 forced much of the corporate world into home offices. Fifteen months ago, no one could have dreamed up such a dramatic shift in the way we work and interact with colleagues, clients and partners. Now that advisors and staff are starting to return to offices and routine in-person meetings will soon resume, it’s a great time to reflect on some of the magic we created while we were apart, the lessons we learned about culture building and what it truly means to be a community.
Culture is important for all companies, but it’s a particular focus for a wealth management service organization such as Hightower, where we regularly welcome new advisory businesses to the fold. When looking to sell to a larger firm, advisors always tell us that values and culture are paramount, because a positive, collaborative culture is better positioned to provide elevated service to their clients.
Companies that successfully pivoted to adapt to the pandemic can also adapt to our post-pandemic world, which means figuring out which aspects of our “digital normal” worked well and are worth keeping. Here are three lessons that Hightower will be carrying forward once COVID-19 finally slips into history.
Lesson No. 1: Community Comes From Connection, Not Proximity
Prior to the pandemic, company culture was something that happened in the office. Over the past decade, there was a growing trend of established financial firms taking cultural lessons from startups—think open-plan offices, weekly catered lunches, beanbag chairs, foosball tables and gourmet coffee. While these amenities certainly helped to foster camaraderie among employees at some companies (I personally championed the installation of candy tubes at Hightower, and I regret nothing!), working remotely for so long has really opened my eyes to the true meaning of community: the people.
Throughout the last year, we made it a priority to connect regularly with both Hightower employees and advisors around the country. While we may have been physically separated, it was important to reassure everyone that they were part of something bigger—cheering on their team from the comfort of their home offices, couches and kitchen tables.
Early on in 2020, we started hosting monthly virtual gatherings to enable employees and advisors to ask questions, get up to speed on new ideas and communicate with one another. We structured these as creative mini conferences—including advisor panels and corporate updates—and they were well attended from the get-go, helping both staff and advisors to feel connected to their colleagues and company resources from afar.
Some of these gatherings were themed, including small, intimate virtual breakfasts that mixed new hires with seasoned veterans. The goal of these meetings was to forge connections on every level of the company through socializing and learning from one another. Attendees each received a basket at their homes filled with quiches, coffees, cinnamon buns and English muffins, so we could enjoy a meal “together” while apart. These virtual breakfasts replaced one of my long-standing in-person traditions, “Breakfast with Bob,” and I have to say, doing it virtually connected more people from diverse roles and geographies than we ever accomplished in person.
Lesson No. 2: Utilizing Technology to Be Transformative
Quarantine forced many businesses to quickly adopt new technology, which will be helpful even as we go back into the office. A new study from McKinsey found that COVID-19 sped up the adoption of digital technologies by several years, and many of these changes will be permanent.
In many ways, the pandemic helped to quickly level the playing field for firms that had not yet adapted to the changing needs of their clients. While there was certainly an adjustment period, as advisors get back into the office, more of them than ever now have the tools to meet their clients where they need to be met—whether that’s in the office, via text or on a secure videoconference line.
One thing Hightower has used a lot over the past few months is BombBomb video messaging. It's kind of like Snapchat for businesses, in that it enables users to send short video notes to colleagues, clients and prospects. It’s a fun way to say hello or get a message across that helps cut through the noise of constant email, text and Zoom communication. It’s been really cool to see advisors who I would have never expected to embrace this kind of service sending out silly “Happy Birthday” messages to clients—complete with flower filters!
Lesson No. 3: A Renewed Focus on Wellness as a Productivity Driver
As the vaccination rate steadily climbs around the country, I know I’m champing at the bit to get back to seeing my coworkers in person, and many others feel the same. I, for one, am tired of looking at myself on Zoom calls every day and will be thrilled to once again have an excuse to leave the house and interact with actual people. At one point during the cold Chicago winter I was so desperate to get out of my house that I invested in an igloo, which was not only fun but a real conversation starter!
While our efforts to connect with each other virtually have been very successful, for me, nothing compares with the rush of in-person collaboration. That said, we learned a lot about the importance of flexibility and work/life balance during the past year, and I expect this to translate into a new kind of corporate culture, one with a less rigid framework.
Whether your corporate environment going forward will be virtual, in person or a hybrid of both, I believe that business leaders need to focus less on when/where their employees are doing the work and more on the productivity, satisfaction, engagement and wellness of their staff.
I view the post-pandemic world as a refresh, where new ways of working enable greater satisfaction, creativity and productivity. One thing we know for sure: A high-energy, positive culture will always attract the best employees, partners and clients.
Bob Oros is chairman and CEO of Hightower, a national wealth management firm that invests in and empowers financial advisory businesses to drive growth. To learn more about Hightower, please visit: www.hightoweradvisors.com.