There was a new question for advisors in Investment Executive‘s (IE) 2025 Brokerage Report Card, to better highlight which category groups were most important to them when evaluating their relationship with a firm.
“We’ve always asked advisors to rate the importance of each of our 27 categories, and they’ve all been rated in the top quartile,” said Katie Keir, research and special projects editor. “So, we’ve added this query as well, to learn which of the six groups those categories make up is most important to them.”
“Firm culture” topped the list, beating out “advisor pay,” “technology suite,” “business & skills development,” “wealth management tools” and “products.” It was chosen by 40.2%, or 231 out of 575 respondents, as the area on which firms should focus.
The firm culture group measures a firm’s leadership; strategy; communication with advisors and receptiveness to their ideas; diversity, equity and inclusion practices; and compliance infrastructure. Advisors who chose this option felt a collaborative, transparent work environment was essential to their productivity.
“If we’re not supported and [don’t] feel happy about where we work, it’s not motivating to work,” said an advisor in British Columbia with Raymond James Ltd. A good culture created “a solid foundation for the firm,” they added, where strategies and priorities were transparent.
“Everything trickles down from firm culture,” said an advisor in Ontario with Edward Jones. “If the firm is confident and persistent in its focus, then it will figure out a way to have the right product, [and] the right compensation structure and technology to make things work.”
More than half the advisors surveyed from both of those firms chose firm culture as the most important category group. The result for Raymond James was 54.9%, while the outcome for Edward Jones was 58.2%.
Most Raymond James advisors connected the term culture with aspects like their firm’s hiring practices, general corporate policies and integrity. One respondent in Ontario said advisors share in that responsibility, saying, “Firm culture is [tied to] the success of the advisors over the long term. If the clients are served very well by their advisors through their [strong] skillset, it’ll serve the firm well.”
That firm said in an emailed statement that culture is important to the leadership team, and it tries to “foster that connectedness” between advisors through quarterly town halls, various advisor councils and an annual, national conference. While Raymond James encourages advisor independence, its leaders also work closely with advisors as part of their culture, seeing them “as equals or as partners,” the firm said.
Raymond James was rated consistently well for performance by its advisors, year over year, in the firm culture categories. The company was rated 9.3 for both its “strategic focus” and “receptiveness to advisor feedback,” up significantly from 8.6 and 8.8 respectively.
At Edward Jones, an advisor in B.C. said a culture built on trust and partnership with advisors “makes all the difference.” Rather than focusing on micromanaging and pushing sales targets, they said, their firm lets “people just help clients and do their job.”
Still, Edward Jones’ “leadership team” result dipped to 8.8 from 9.5 in 2024. Most of its advisors cited a “supportive” executive team that was forward-looking, but some pointed to technology issues.
“We have stumbled on [the] execution of rolling out new [wealth management] software, so I’ve lost a little faith in them,” said one Edward Jones advisor in Alberta, who felt the firm’s leaders were “heading in the right direction” but that “it all comes down to technology at the moment.” (See story, Wanted: greater wealth planning support.)
Scott Sullivan, principal and head of Canadian wealth management advice and solutions at Edward Jones, said the firm is listening. “Everybody would want things faster than they’re getting them,” he added, however the firm wants to diligently design and test tools with branch teams. “We want to be delivering [new tools] at a high level of quality that gives capacity back to advisors; not take it away,” he said.
Another firm where advisors wanted to feel heard was Wellington-Altus Private Wealth Inc. Exactly half of its respondents (50%) prized firm culture above the other options. The firm was rated consistently well compared with 2024 in the firm culture categories, with no significant changes year over year.
“I saw what it was like to not have a good culture in my past firm; morale gets really low,” said one Wellington-Altus advisor. “They take what you say seriously. You don’t [always] get your way but they’re always listening.”
Another of that firm’s advisors said it was crucial to work for “a meritocracy,” where there’s “no nepotism.” The firm respects advisors’ work, they added, saying, “It’s not just about what you’re making. They really want people to be fulfilled. They try to keep humanity in what we do. They make an effort to be fair.”
The company is “an advisor-centric, advisor-focused team,” said Shaun Hauser, CEO and founder at Wellington-Altus Financial Inc. But balancing the needs of advisors and the firm’s nearly 350 corporate employees, who offer expertise and back-office supportive services, is also important.
“The corporate employees who take care of our advisors [and] create that great advisor culture also [want to] feel like they’re part of something special,” Hauser said. “You need both to make the business come alive.”
Not all advisors prioritized culture
There were firms where other category groups were identified as a greater priority.
At RBC Dominion Securities Inc. (RBC DS), the top choice by advisors was the wealth management tools grouping (chosen by 52.6% of those respondents).
In making that choice, these advisors cited the best interests of clients, with one respondent in Ontario saying firm investment in wealth planning tools “drives the business.” This advisor wanted RBC DS to be a leader in technology, saying, “[They’re] always at the [fore]front of new initiatives.”
In all but one of the wealth management tools categories, RBC DS was rated above 9.0, reflecting similar strength in that area relative to 2024. The firm said in an emailed statement that creating an overall culture wherein advisors can grow helps retain talent but also, “When it comes to wealth planning tools, we recognize their broader importance. These tools are essential.”
Advisors with TD Wealth Private Investment Advice (TD Wealth PIA) chose the technology suite grouping as most important (it was chosen by 32% of the firm’s advisors).
“[We] need more streamlined technology for advisors and our clients,” said a TD Wealth PIA advisor in Ontario.
“[We need] more productivity,” said another of that firm’s advisors, in B.C. During account opening, they said, “It takes too long to do basic things.”
In two of the seven technology suite categories, TD Wealth PIA saw a significant dip in its ratings compared with 2024. Advisors were more critical about the firm’s “client relationship tools,” rated 6.3 compared with 6.8 a year ago. Its “technology training & internal IT support” rating was 6.6 compared with 7.1 in the same period.
That firm said in an emailed statement, “We are launching our new digital onboarding capability in the fall.” Other infrastructure tweaks to help clients and advisors will materialize in the summer.
“We recognize how busy [advisors] are,” said Ryan McNally, who was named senior vice-president, private wealth management at TD Wealth Management in February. “Our responsibility [is] to meet them on their terms” and help solve day-to-day problems.
Overall, the advisors who cared deeply about firm culture generally said a firm’s tools were only one piece of the puzzle. Without a solid strategy and good leadership, a firm can’t stand out.
As one Edward Jones advisor in Ontario said, “[Firm culture] is the backbone.”
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This article appears in the June issue of Investment Executive. Subscribe to the print edition, read the digital edition or read the articles online.