Between Airbnb, Uber, and Amazon, we’ve seen numerous companies recognize unmet client needs in recent years — and change the rules of the game entirely.
And, as was the case with hospitality, transportation, and retail, the asset management industry is ripe for innovation. What happens next is in our hands, according to Mel Lindsey, Founder and Managing Partner of Nile Capital Group.
“If we don’t do something about the institutional asset management business, it’s likely to be disrupted by machine learning or whatever technology comes around next,” Lindsey told attendees of Nicsa’s 2022 Fearless Leadership Symposium during a session moderated by ABC News Anchor & Chief National Correspondent Byron Pitts and also featuring Chris Perry, President of Broadridge Financial Solutions, Inc.
Time and time again, diverse teams have been shown to enhance innovation by unlocking the range of perspectives and ideas necessary to think differently.
“As we widen our talent pool, and people start to see success, the dynamic will change,” Perry said. “Our job at the C-suite level is to do whatever it takes to make sure that happens. It may be more difficult to make the change, but it’s proven to deliver better results.”
Lindsey pointed to the danger of positioning diversity, equity, and inclusion (DEI) as a zero-sum game. “The way we frame it is often ‘I win, you lose.’ But we have to change that narrative. Diversity is better for the entire industry; it’s making the pie bigger.”
Pitts noted that when it comes to DEI, studies show that most organizations are better at recruitment than retention. To combat this phenomenon, Perry said Broadridge employs “stay interviews,” an alternative to exit interviews designed to help leaders understand how to support and retain employees.
“We teach our leaders to have conversations that show we genuinely care about people’s talent,” Perry said. “It’s all about intention.”
Lindsey highlighted the importance of incentives in supporting and retaining a wide range of employees. “Are you incentivized to make sure that these people are successful? Is your bonus tied to the success of diverse employees, as it is with other people on your team?”
When asked to provide the audience with one takeaway, Lindsey stressed the importance of second chances.
“In the asset management industry, you can have a largely white, male firm underperform in the market and not get fired. If you have a firm of women or people of color that underperforms, people may say, ‘we shouldn’t have hired them.’ So I would say challenge your policy of second chances, and make sure you are not blaming an entire group for one person's actions.”
Perry’s advice for fellow asset management leaders? “Lean in and have the courage to have conversations,” he said. “It’s OK to be uncomfortable, but do it with respect, and give people an opportunity to learn in the process.”
For a full replay of this session, employees of registered firms can visit Nicsa’s 2022 Fearless Leadership Symposium website.
May contain forward-looking statements subject to various uncertainties. Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
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