Culture, Talent Key To Creating Winning Teams

Erin Scannell

Ameriprise

Assembling winning teams hinges on establishing a winning culture and recruiting talented young prospects, but wealth managers face the challenge of matching the pay and pizzaz of Tesla TSLA , Google GOOG , Amazon AMZN and Facebook.

“It is all culture over process,” said Nestor J. Vicknair, founder of the VMT Wealth Management Group with Merrill Lynch in Houston.

Added Erin Scannell, founder of Heritage Wealth Advisors: “We are living and breathing the old Peter Drucker quote of ‘culture eats strategy.’”

Scannell and Vicknair, both Forbes/SHOOK Top-Ranked advisors, spoke at the June 3 Forbes SHOOK Virtual Top Advisor Event titled “Forging Ahead.” Heather Crist, head of field engagement at UBS Wealth Management USA moderated the session.

Nestor Vicknair

Both Vicknair and Scannell manage large teams. Scannell, who is affiliated with Ameriprise Financial AMP , said his firm has 68 team members and close to $3 billion in assets while Vicknair said he oversees 32 team members and $6 billion. “We have been adding roughly one person each year for the past 18 years,” Vicknair said.

Crist asked Vicknair and Scannell to explain how they hire and nurture talent. “It seems the hardest part of growing a team is finding a person who is a match for your team,” she said.

The key, Vicknair said, is deciding at the beginning if a person is going to be a good fit. We make sure we are picking people with the right chemistry,” he said.

“We have as many as nine different team members talk to the same candidate,” he said. “If we all collectively agree on this person, the chance is they are going to be a good hire,” Vicknair said.

“If we have one or two people who don’t agree, or have questions about the candidate, very often, there is a chance that something is there,” Vicknair said.  

Finding the right talent means doing your homework, but also means being willing to offer creature comforts and additional pay in a job market where high-tech companies and startups are aggressively courting young talent.

Heather Crist

UBS

“The talent war is real. We are competing with Amazon, Microsoft MSFT , Starbucks SBUX and Costco for talent,” said Scannell, who is located in Mercer Island, Wash.  

“Google has a movie theater. They have multiple full-time chefs and they have a bowling alley. That is what we are up against,” Scannell said.

Managing growth is another challenge both industry leaders spoke about.

Scannell said his firm added a chief operating officer from outside the financial industry. “He is a star and he’s helped us build a culture that is attracting other top leadership people.”

“For us, growth isn’t just about growth. It is about getting better. We have people on the team who want something better,” Scannell said. “Everyone would say they want something better, but not everyone is willing to do what it takes to get better.”

Scannell continued: “If you want comfort, growth is not in your future. We want people who are willing to step outside their comfort zones on a regular basis to achieve something other than ordinary.”

Vicknair added, “I couldn’t agree more. Everybody has to find their ‘why,’ what they wake up for in the morning and get excited about. We want people who really want to improve themselves as people.”

Scannell said team members are given autonomy. “People do not want to feel micromanaged. They want to have mastery, autonomy and purpose. Life is more fun when we’re doing something meaningful.”