Culture

What It Really Means in Financial Services

In financial services, the term culture is often used as a cover for high turnover. Many firms proudly state, “If you can’t make it here, you can’t make it anywhere,” a mantra repeated until advisors begin compromising their own values just to meet quotas.

But before we discuss what a positive culture looks like, let’s examine what often creates a bad culture.

What Drives a Negative Culture

As discussed under Contract, poor culture often stems from advisors being underpaid, burdened by excessive costs, and excluded from decisions about client data. Under Training, we saw how many firms replace meaningful professional development with basic sales tactics.

When advisors realize they’re being under-compensated, over-expensed, and insufficiently trained, frustration and bitterness set in. Many who seek additional education may have to fund it themselves—or may not be allowed to pursue it at all.

This is when the reality hits: they aren’t true financial advisors—they’re salespeople. Their primary role is to sell, not advise. And since their compensation and client data belong to the firm, leaving means losing everything. It’s not uncommon to hear advisors say, “I want to change companies, but if I do, I’ll lose everything I’ve worked for.”

The Sales Cycle Trap

Too often, firms give new advisors a handful of clients, set aggressive sales quotas, and expect them to double assets under management—or risk termination. Once an advisor is terminated, their clients (both old and new) are handed off to the next salesperson, who faces the same uphill battle. This system benefits the firm, not the advisor, and reinforces a culture built on selling rather than true financial advising.

While there are undoubtedly good people stuck in difficult systems, many financial professionals eventually realize they aren’t advising—they’re just selling and trying to hit quotas.

Building a Positive Culture

So, what does a healthy culture look like? It starts with intellectual stimulation. This means encouraging advisors to draw independent, data-driven conclusions rather than relying on firm-provided marketing materials. It means pursuing advanced certifications, industry designations, and ongoing education. It means advising and providing solutions not just growing assets under management.

In my experience, financial professionals who achieve their goals and think critically bring just as much value to a firm’s culture as any amount of revenue. Yes, financial services is a tough industry—but with the right contract, comprehensive training, and intrinsic motivation, success is within reach.

Your Choice, Your Culture

When evaluating a financial services firm, remember that this is the same firm you’ll be representing to your friends, family, and community. Take the time to investigate their culture. Don’t rely on what a recruiter says—dig deeper.

Ask these key questions:

1. What does the contract look like?

2. What does the training program entail?

3. Are you providing solutions or just “growing your book?”

Without the right contract and training, a healthy, supportive culture simply isn’t possible.

Ultimately, you have the power to choose a firm that aligns with your values—and the right culture can make all the difference in your career.