Detailed in its Future Advice: Insights from the 2025 Netwealth Study Tour report, the firm highlighted that “leading firms are prioritising employee wellbeing, fostering inclusive and supportive work environments and aligning their values with those of their clients”.
“This focus on culture is not just about attracting and retaining top talent, it is about creating a foundation of trust and empathy that resonates with both staff and clients,” the report said.
A primary step highlighted within the report to creating “the best workplace” is attracting and retaining top talent. Netwealth acknowledged that this task “is a lot more challenging than in the past” and though this report is primarily US-centric, this is also evident in Australia. With adviser numbers falling and the industry struggling to attract new talent, Netwealth pointed to American firm Wealthstream Advisors as offering a good model.
Tactics used by this firm include a “hire slow, fire fast” approach to recruitment, emphasising “the importance of finding individuals who genuinely want to help others”, and warning against “superficial” hiring practices such as purely selecting on qualifications or relying on recommendations.
Of course, opportunities for feedback, growth and leadership development are also identified as key areas for building a “destination workplace”.
Netwealth also identified “defining your why” as a core to building a positive business culture. This means “crafting and communicating a compelling value proposition that is anchored in purpose” to potential clients.
Netwealth emphasised that while many businesses understand “what” they offer and “how” they deliver the product, few understand the “why” when it comes to their existence in the advice industry.
“The next generation of wealth – predominantly younger and increasingly female – doesn’t just want to know what you offer,” Nancy Fahmy, senior director of business consulting at Russell Investments asserted through the report. “They want to feel what you stand for. The emotional resonance of your brand is your strongest currency.”
Fahmy highlighted four questions a practice can ask themselves to find that “why?”:
1. Why did you get into this business?
2. What change are you trying to make in your clients’ lives?
3. What emotions do want to evoke in every interaction?
4. What stories best illustrate your mission?
Speaking with the ifa show in July, Verse Wealth CEO Corey Wastle also addressed some of the key factors in creating what he called a “destination workplace”, highlighting the importance of autonomy and growth.
“Autonomy is feeling like you’re trusted by management and leaders and you’ve got the autonomy to make choices over how you spend your time and how you manage your calendar,” Wastle said.
“[It’s about] not feeling anxious about walking to an office at 10 past 9 on a Monday morning, feeling like you’re doing something wrong or letting someone down.”
Wastle also identified clear and obvious routes for growth as another core aspect of creating a “destination workplace”.
“People have got to feel like they’re developing and growing in the business. I see this a lot, particularly with younger people in financial advice, in associate roles or maybe even like client services type roles,” he said.
As the advice profession continues to change, companies that can boast a good culture will become the firms that thrive, the report found, both through being attractive workplaces for future advisers and by being seen as purpose-driven organisations for the next generation of wealth.
