(From the March 2025 Edition of eFORUM)

By April-Lynn Levitt, Kim Poulin, and Patricia Giesbrecht

A January 2025 Business Insider headline stated “Bosses are done caring how you feel.” The article highlights a shift as large companies end remote work, wind up diversity initiatives, and cut costs in response to political changes and a loosening labour market in some industries. Meanwhile, a 2024 Businessolver survey found that 37% of CEOs believe empathy has no place in the workforce.

Yet, in Canada’s financial services sector, the situation is very different. Advisors struggle to recruit and retain experienced support staff. In a tight labour market, employees seek more than just a paycheque — they want a work environment that makes them feel valued.

Show me the money — and more
Compensation remains crucial. A Robert Half survey found that, when asked what they look for in a new job, the largest number of employees (60%) replied “higher salary.” The best firms pay above market rates, index salaries to inflation, and offer benefits such as Registered Retirement Savings Plan (RRSP) matching and paid volunteer days.

Even smaller teams should have structured HR policies, including clear job descriptions, performance feedback, and salary benchmarks. Non-monetary benefits — such as flexible schedules, hybrid work, and summer Fridays off — also improve retention. Some firms have even hired remote employees in other provinces without a drop in productivity.

Culture starts with vision, mission, and values
A strong workplace culture isn’t accidental — it’s intentional. Simon Sinek’s Start with Why emphasizes the importance of defining vision, mission, and values to guide business decisions:

• Vision provides a roadmap for the company’s future
• Mission defines how you’ll achieve it
• Values shape internal culture and client relationships

For example, one advisory team we work with defines success as “making a material difference in the lives of team members, partners, clients, and suppliers.” Others embed values into daily operations, such as one firm whose value of “candour” encourages direct but caring communication.

Know your employee
Retention isn’t one-size-fits-all. Employees are motivated by different things, such as career growth, flexible work, or workplace recognition. Understanding this comes from behavioural assessments (DiSC, Kolbe), direct conversations, and observation.

For instance, the Randstad 2024 Salary Guide reported that 26% of employees who leave a job cite lack of growth opportunities as the reason. Firms with strong retention invest in continuous development, coaching, and skill-building. Some conduct industry training as a team, while others assign special projects to employees eager for leadership.

Team building and recognition matter
The best workplaces balance professionalism and fun. Engaged teams participate in annual planning, industry events, and professional training. Facilitated team-building exercises may use DiSC, The Five Behaviors, or trust-building workshops to strengthen communication.

On the social side, quarterly activities such as potlucks, mini-golf in the office, or escape rooms build camaraderie. Even small gestures matter. One firm provides corporate-branded apparel, while another had necklaces made in company colors for their team. A manager once sent flowers to an employee’s spouse after a long work trip.

Start small — but start now
Building a strong team culture doesn’t happen overnight. A few practical steps to get started:

• Gather employee feedback — ask what motivates them
• Delegate culture-building — appoint someone to track birthdays, anniversaries, and milestones
• Plan your calendar — schedule meetings, events, and training sessions in advance
• Begin with one change per year — gradually shape the culture you envision

While corporate giants may be pulling back on employee engagement, successful financial advisory firms know that investing in their team is the key to long-term growth.

In a competitive job market, the firms that prioritize culture, leadership, and professional growth will stand out. Whether it’s offering flexibility, fostering teamwork, or aligning employees with a strong mission, the most successful advisors know that their team is their greatest asset.

So, consider: are you investing in your team the way you invest in your clients?

April-Lynn Levitt, Kim Poulin, and Patricia Giesbrecht provide customized business coaching and programs for financial advisors and their teams through The Personal Coach. Levitt, BComm, CFP, is a business coach, Poulin, BA, FLMI, CLU, CH.F.C., is a business and team productivity coach, and Giesbrecht is a business coach.