I was going to try and avoid writing about the football World Cup, but less than a week in, here we are. The reason for this is not to do with the sport, but rather a conversation that has been started about values and behaviours.
Culture – and indeed what creates a positive culture – is a prominent topic of discussion in the wealth management sector. To answer this question, perhaps we should take some inspiration from the Japanese football team.
Once again, the Japanese team have been widely praised for leaving their dressing room incredibly tidy after their surprise victory over Germany this week. Aside from the fact that grown adults should not really be praised for cleaning up after themselves, this has raised an interesting debate about the difference between values and culture.
It is very easy to say you are respectful and conscientious, but – as has often been shown with sports stars – it is a very different thing to actually behave in this way.
Anyone can talk a good game, but what really creates a positive culture is actions.
My colleague Ian Orton wrote a thought-provoking article recently questioning whether clients are really central to wealth management firms’ operations.
In this, he cited the example of Berenberg which claimed to place clients at the core of its business. Its actions in shutting down its UK wealth management operations with little to no notice would suggest otherwise.
There are many more nuanced examples of firms relying on values rather than behaviours in the wealth management sector. Unfortunately for these firms, it becomes clear to employees and clients alike very quickly that the culture does not perhaps live up to what was originally sold to them.
For example, firms may shout about their generous maternity and paternity packages. However, if no one takes full advantage of these through fear of harming their career, has the firm’s stated values really permeated into its culture?
Others may speak about the importance of work life balance and respecting employee’s time when they are not at work. At the same time, those that do have other commitments and leave the office on time are repeatedly passed over for promotions.
Setting intentions and values is important. You cannot begin to think about behaviours if you do not know what you are trying to achieve through this.
However, firms must go further than simply stating their values and publishing glossy mission statements.
Actions really do speak louder than words and it is easy to see through empty statements. Senior staff must embody their firm’s values in all their actions to truly create a positive workplace culture.
