Financial Planning & Investments: Charles Stanley Wealth Managers
Bringing together the ideas and experiences of individuals of various ages, backgrounds, genders and ethnicities, and creating an environment where their input is valued and empowered, achieves true diversity and inclusion across teams and the wider firm.
People often find it easier to work with someone like themselves – it is much easier to build rapport and establish a relationship with someone to whom you can relate. Having a team rich in diversity increases the chance of attracting and retaining a range of clients, suppliers, and industry peers and is an excellent foundation for bringing in different ideas and innovations.
Firms need to offer their clients security and confidence in their services, especially during turbulent times. A key part of this is trust. In uncertain times, we look for reassurance, which can come in many different forms – this is where diversity plays a key role. Clients may seek someone like-minded who can understand and empathise with their worries.
Others may want someone who is willing to challenge the status quo and introduce new ideas and approaches. Having this full complement enables teams and organisations to support a multitude of clients in the right way and better understand their evolving needs.
Wealth management approach
This is especially true in wealth management, where the sensitives surrounding personal finances can introduce various complexities. One of my younger female colleagues within the firm says: “I have quite a few younger female clients in their 30s to 40s who absolutely relish the fact that a young female manages them. They feel far more comfortable and confident in opening up about their circumstances and asking me questions.”
Equally, I’ve had older colleagues with elderly clients who value tenure and experience above all else, but their sons and daughters didn’t feel the same way. The unspoken message was: “I don’t want to use my parents’ investment manager.” Thankfully, our diverse team allows a choice of investment managers to work successfully with the next generation.
Whilst opposites may attract, finding common ground with your investment manager is a great start to a long and positive relationship. Diversity in our firm enables us to welcome a breadth of different clients who feel confident and assured we understand their needs and can support them in the right way.
The value of investments, and any income derived from them, can fall as well as rise. Investors may get back less than originally invested. Charles Stanley & Co. Limited is authorised and regulated by the Financial Conduct Authority.
Mark Hinds is an Investment Manager and Branch Manager at Charles Stanley Norwich. Contact a member of the Norwich team to discuss any of the themes raised in this article or to find out how Charles Stanley could help you create a more secure financial future.