Hiring the right person for the job

As diversity continues to become more important to wealth management firms and their clients, one firm is investing in internal development through a strategic mentorship program. For Tarah Williams, president and COO at Prospera Financial Services, helping more women achieve success in this male-dominated industry is something of a personal passion.

“Our mentorship program is open to anyone in the firm,” she says. “There's an agreement that it works both ways. [It’s about] making sure we're all learning. We’re lucky at Prospera - our culture has always lent itself to hiring the right person for the role.”

Women account for half of Prospera’s senior leadership team, putting the firm ahead of the industry standard. It’s this issue of championing more women in financial services that has led to Williams speaking at IN’s Women Advisor Summit Chicago tomorrow. Joined by a panel of experts, she will discuss how to cultivate meaningful mentorship programs in a firm. The session will highlight:

• The importance of the mentor relationship and the best methods for finding the right mentor
• Roles and responsibilities that should be established in the collaboration 
• Considerations for mentorships and internships across the different business models – from wirehouses to RIAs 
• Becoming a mentor and understanding expectations and what you need to bring to the mentorship

And really this event can’t come soon enough, with Williams adding that despite making great strides in diversity, there’s still a way to go.

“If we look at the industry, it still has a negative impression with women, to a certain extent,” she adds. “It’s important to educate people so that they can see the possibilities. Look at all the value and vast opportunities. This is a very noble profession - people are entrusting advisors with their livelihoods and aspirations. If we can really think of it that way, it will open the door to attracting other people into the industry.”

It’s this passion for diversity, blended with a strategic eye, that has dominated Williams’ career. She tells IN that her leadership strategy at Prospera is to ‘sharpen and be tactical.’

“My first job was in operations and everything was based around client experience,” she says. “So that’s served me well. I think, since COVID, the one thing people value most is time. There's a limited amount of time in the day - find a way to give people back time in their day so that they can do the things that are important to their heart and mind. That’s the approach we're taking.”

Simplicity is at the core of Williams’ process – trying to find the most effective ways to serve her clients and help coach and lead her team.

“For me, it's about making it easy by having your radar on to look out for those little things that people may not even realize they need. Prospera is super strategic, and we really focus on where the puck is going. For us, it’s delivering that gold standard service value, like the Ritz Carlton, where guests have the same service experience in every location. We have the same approach with our staff in serving our advisors,” she said.

Looking ahead to what the rest of the year will bring, Williams believes that with increasing client expectations, a focus on high-level service will be even more crucial.

“Client experience is most important when you're looking at risk management, in my opinion,” she explains. “A big part of that client experience is communicating and having that lens of education to learn from each other.”

Williams touches on the infusion of technology into client interactions and streamlining processes while maintaining a personal touch. For instance, automated reminders to craft handwritten notes.

“We have the technology to make it easy without compromising personal relationships,” she says.

However, that’s not to say that the human touch is any less important in the digital era. Williams believes it is more intrinsic now to maintain those personal connections. Events like women's luncheons, thoughtful gift-giving and other personalized gestures demonstrate a commitment to going beyond digital transactions.

“We embrace the technology to make it easy for advisors and clients, which allows them more time to deepen the relationships,” adds Williams.

Level up your career goals and network with industry greats at IN’s upcoming Women Advisor Summit Chicago. Book your tickets here.