PLANADVISER - January/February 2020 - 22

winners' circle
Being a national firm and encouraging employees to give
back in their local communities allows us to cover a wider
blueprint and touch more communities. This gives us a
consistent message across the country.
Another cause we championed was bringing more female
advisers into the firm, which really came from CEO Fielding
Miller and the senior leadership. Two years ago we created
a women's initiative group where women got involved in
bringing women into the company. While formally it's a
newer initiative, it goes back a long time
at the company.
Whether it's our formal CSR program
or our diversity initiative, I believe it is
vital to have top-down support.
PA: Do you discuss your firm's CSR
initiatives with clients?
Duex: We communicate this part of our
mission in every single final presentation.
We believe in talking about
our culture. When we are talking to
prospective clients or visiting with our
clients, we like to talk about the work
that we're doing in our community, to
give them a sense of how we view the
world. For potential clients, it's important
for them to make an educated decision
as to whether or not we are the right
kind of partner.
This is also shifting, because I think
want to join the party, because this is a really enjoyable part
of working here, I think. I do believe our work in CSR is the
biggest reason why my business has doubled the past three
years. Our founding of the Race for Financial Fitness, and
the Smarter Tomorrow Foundation, which we have spun off
from our advisory practice, got everyone so excited.
The Smarter Tomorrow Foundation began in 2010 and
" We want to be
a strong leader
in the industry
professionally and
in what we do for
retirement and
is on a mission to give every kid from every community a
fair shot at a strong financial future. By spearheading initiatives
that promote financial education
for the next generation, we empower
kids to take charge of their finances and
their life. The Race for Financial Fitness
was one such initiative launched in 2015,
and is run in multiple cities around the
country, with all proceeds donated to a
local organization that provides educational
workshops or seminars about
financial literacy services for kids.
What's been wonderful about it is that
individual financial
planning, but we
also want to leave
a mark on the next
generation. "
five to 10 years ago you didn't see it as
much, but now you see similar initiatives
on clients' websites or at their firms
when you visit. Showing clients that we
are participating in the communities that
they serve as well is important, and, perhaps, we might work
in tandem with one another on certain initiatives as well.
Chepenik: When we go out to clients and prospects, it's nice
to walk into an organization and start talking about what
we did today in our community. Many of these clients have
vibrant corporate social responsibility programs that they
consider to be a critical component of their business. This
gives us another connection point.
Practicing corporate responsibility opens doors for us.
I've been invited to speak at colleges or to be part of other
initiatives, which in turn has connected me to community
conversations.
PA: What value does the firm's staff place on CSR efforts?
Is it bringing people into the firm?
Chepenik: One thing I can say is that my team has stuck
around. I credit this initiative with helping me attract top
talent. We share this information with young people who
are starting out in the industry and applying for jobs. They
my employees now bring ideas to me.
I know it's valued by the staff because
they are doing it on their own or asking
if they can do more. I would never say no
to these things because I've seen what
a difference they have made. I believe
in the importance of maintaining relevancy
and continually pushing yourself
to try new things.
Kulick: I do think CSR plays a role in
recruiting because I think many more of
the practices that we're looking at or that
have recently come in have had very
strong presence in their communities.
Culture is the backbone of any company,
and so we are looking for like-minded RIA [registered investment
adviser] firms that have been rolling up their sleeves
and see this as a good cultural fit for them.
PA: How can advisers bring CSR into their own practices?
Chepenik: What's the quote? " Culture eats strategy for
breakfast " ? It's all about having this be something you
believe in. Your culture attracts like-minded employees and
clients. Not every day is great, but having this purpose to
our practice helps us rise above the noise and any difficult
situations at work. You have to pick topics that matter to
you. That being said, it can be easier to stay away from political
hot potatoes and focus more on saying " My community
is important to me; how can I help make a difference? "
Advisers have certain skill sets they can use to help motivate
others to get involved.
It does require a bunch of selflessness. When Fink
addressed this in his letter last year, he was saying this is
the balance to capitalism. Similarly, I like to think this is the
corporate version of work-life balance. -PA
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PLANADVISER - January/February 2020

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