The financial advisors surveyed for Investment Executive’s 2014 Report Card on Banks and Credit Unions appreciate the work/life balance their firms provide. And for these advisors, striking that balance begins with the hours they have to spend at the office – but goes far beyond that.
Although the topic is not one for which advisors rate their firms, it’s something they bring up naturally when discussing their firms during the research for this Report Card. In fact, many advisors – at all banks and credit unions – praised their firms’ efforts to support them professionally and personally through flexible work hours, welcoming and collegial work environments and openness to employees’ charity-related initiatives, among other things.
Many advisors praised their firms for having flexible hours that allow the advisors to handle hectic family lives.
“It’s a good environment,” says an advisor in Ontario with Toronto-based Bank of Montreal. “There’s flexibility to take time off. I work longer hours than at my old job, but there’s more flexibility, which means a lot. I don’t have to report to anyone about that.”
Advisors with Toronto-based TD Canada Trust felt the same way.
“They really value employee contributions,” says a TD advisor in Ontario. “I am a family man and [the bank] allows for flexible hours.”
For some banks, and for TD in particular, having extended branch hours makes it easy for employees to choose their schedules. With TD branches remaining open well into the evening on most days, as well as some branches being open on Sundays, the bank has a large part-time and full-time workforce to cover different schedules, says Linda Mackay, TD’s senior vice president, retail savings and investing.
“You’re not necessarily working typical hours,” says Mackay of advisors’ work schedules. “So, if you need flexibility to drop your child off at daycare in the morning, then you can work through your schedule – and we try to do schedules far in advance for that reason.”
Besides being able to choose when to come into the branch, surveyed TD advisors appreciated the support and collegial atmosphere they find once they get there.
“I love my branch,” says a TD advisor in Ontario. “They’re a great group of people.”
For the most part, surveyed advisors with Toronto-based Bank of Nova Scotia also like their work environment.
“It’s a good team, a good bunch,” says a Scotiabank advisor in Ontario. “I enjoy working with the people here.”
Advisors with Toronto-based Canadian Imperial Bank of Commerce (CIBC) were particularly enthusiastic about their work environment and co-workers.
“It feels like a family,” says a CIBC advisor in Atlantic Canada. “We’re a group of 12 and get along great. The firm promotes a team environment.”
Often, working with other team members spills into more personal endeavours at CIBC, such as participating in charity-related events.
“Locally, we’re a close-knit community. We make quite an impact,” says a CIBC advisor in Ontario. “One of the proudest moments we have is participating in the Run for the Cure and volunteering.”
Advisors with St. Catharines, Ont.-based Meridian Credit Union also appreciate their firm’s flexible culture, which allows employees to give back to their community or to work outside a bricks-and-mortar office.
“Meridian strongly encourages me to get involved in the community and to take time outside the office to do business development,” says a Meridian advisor in Ontario. “The culture is the overriding thing. The subset is the ability to control and plan your day accordingly.”
Meridian recently relaunched its charitable-giving program, says Bill Whyte, senior vice president and chief of member services with Meridian. This program includes three components: donation-matching, volunteer grants and team fundraising.
Under the program, each Meridian employee can donate up to $500 to one organization that the financial co-operative will match. Grants of $250 to $500 are offered when employees volunteer 20 to 40 hours of their own time to a local not-for-profit organization. Finally, Meridian will cover entry fees in group fundraisers for teams of six to 50 people consisting of employees and their immediate families.
Another aspect that helps Meridian advisors achieve a greater work/life balance is the firm’s approach to wellness. As part of its program, every employee at the credit union is given three wellness days a year and also is encouraged to use a web portal called iMwell, which promotes healthy living through news articles and other tips.
“[Work/life balance] is absolutely an important part of our culture,” says Whyte. “It’s just not limited to wealth advisors; it’s all our employees [for whom] we’re committed to ensuring this [attitude] is there.”
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