“People work for money, but they also work for that sense of belonging and joint accomplishment,” said Bob Fragasso, founder of Fragasso Financial Advisors Inc., a Pittsburgh-based RIA that has five offices in western Pennsylvania. The firm celebrates its 50th anniversary this year, and more than half its employees have worked at the firm for 10 years or longer.
The structure of the business — especially its compensation philosophy and centralized operations — is what contributes most to employee satisfaction, Fragasso said. All employees are on salary, with bonuses based on firmwide retention and the acquisition of clients, and all are supported by companywide financial planning, portfolio management, marketing and HR functions.
“Employees don’t have to do everything themselves to take care of clients,” Fragasso said. “They’re happy because they’re supported and because they’re using their skills at their highest level.”
He added, “They’re not working in a cocoon or in competition with others in the office. People feel that they’re part of a team. Everybody here trusts everybody else and everyone celebrates every win.”