We are now in December, which means Mariah Carey and Michael Bublé have come out of hibernation for another year and Christmas is in full swing. Those most excited for the festive period may already be starting to decorate their houses and offices.
Fully trimmed Christmas trees, beautifully decorated wreaths and plenty of tinsel can make anywhere look inviting. However, underneath all these decorations, the houses and offices are the same they have always been.
This tinsel effect can give the impression that a particular place is far nicer than it actually is. Come January, the truth will be revealed once again.
Private wealth firms must be careful to avoid this tinsel effect.
That is not to say firms should not decorate their offices. Rather, they should be careful not to add shiny frills to their offering – both for clients and staff – while ignoring larger, underlying problems.
Perhaps the most common cited example of this is firms offering free yoga sessions to support employee mental wellbeing, but continuing to pile more work on these employees so they cannot make it home at a reasonable hour, let alone attend a yoga session.
Instead, firms should address the cause of employees’ stress or worries.
In this case, the workload has become unmanageable. Does the firm need to hire more staff? Or perhaps other teams with a lighter workload could be brought in to support those under pressure.
The same is true when dealing with clients.
A firm could have the flashiest technology offering and the swankiest events, but that will never make up for a poor investment offering or weak client relationships.
Many are quick to opt for the tinsel solution as it is often far easier. Often it will be quicker to spend a little money on a new perk or ‘quick fix’ than it will be to address the fundamental problem.
Accepting there is a greater issue can be difficult too. Senior leaders – or indeed team heads – may feel it is an attack against them or their leadership skills.
This need not be the case at all. Rather it is an opportunity for leadership to help create a more successful business and a better working environment.
Doing this means the tinsel can be saved for your Christmas tree instead.
