How advisors can lead with purpose

investmentnews.com:

Several advisors recently spoke about what it takes to lead a purposeful business and how amplifying their impact provides a strong advantage to their firm.

As it turns out, there are lots of ways to do so.

“When purpose is a key driver and not just profits, the focus shifts from financial [key performance indicators] to fulfilling a long-term vision of doing good,” said Juli Wilder, head of growth at Thrivent Advisor Network. “Positive impact, positive team climate is really important. Culture is intentionally crafted and cultivated, and team members feel really encouraged and motivated to share their own talents with others.”

On Oct. 12, InvestmentNews hosted an Advisor Insights Lab sponsored by Thrivent Advisor Network. With speakers from Mission Wealth, Parable Wealth Partners and Advent Partners, the panel discussed engaging and important topics and provided ways advisors can increase their impact and build a profitable, purpose-driven business.

“There’s a war for new talent and it’s real,” Wilder said. “Being a purpose-driven business gives you a strong advantage, but you have to live it and breathe it.”

She added that statistics show that 90% of employees at companies with a strong sense of purpose say they are motivated, are more inspired and remain loyal to the company. Increasingly, young people are also demanding that this be a part of work culture.

Nearly 80% of college grads want to work for companies with good environmental practices, which is a generally a strong indicator of being a purposeful business, Wilder said.

How does one start a purpose-driven business? According to Thrivent, advisors should have a clear business purpose, such as a mission statement. The other approach is to amplify your impact