Ric and Jean (the founders) built the company during a time where financial services were inundated with "Wolf of Wall Street" type firms trying to garner as much commission as possible. In a time where "fiduciary" was an unknown word, Ric developed trust through transparent advice and guidance to even the poorest clients. While those values and ideals are still prevalent in how clients are treated, employee treatment is misaligned.
The company was recently purchased by the private equity firm Hellman and Friedman for over $800,000,000. This purchase made Ric a (presumed) billionaire and it shows. He barely comes in to the office and when he does, it's to record his radio show. He doesn't interact with people anymore and it begs the question... What happens when his contract is up? What happens to EDELMAN Financial Services?
The answer can be induced by the present environment. Previously, employees in almost every department were "lifers" because they loved the culture, values, and treatment. Now, headquarters in Fairfax seems like a revolving door of employees and, those that are sticking around, represent melancholy shells of their previous selves.
Some departments have more contact with clients than others and, despite what your job description may read, your primary job is to not tarnish Ric's image. The company is, has been, and will continue to be built on Ric. That means that planners and other client facing roles have no discretion, personality, imagination, or right to be resourceful for fear that it would negatively portray Ric.
In this sense, you are similar to a Stepford Wife. You say what you're told. You email what you're told. You get permission to do rudimentary tasks. While this system is what has allowed EFS to thrive in markets that swallowed up similar firms, it also enshrouds employees in a cloud of disenfranchisement.
In a similar sense, managers at all levels will regularly ask you for feedback. Yet, when it is given and it doesn't contain a positive message, you're scorned, put down, ignored, and told "that's just the way it is." When you ask questions or bring up concerns, you may get one answer one day and another answer the next. Imagine what your parents told you when you were younger and you'll know how management responds to repudiations: "Because I said so."
In a system that is supposed to reward performance, loyalty, and hard work, those that are heavily involved in office politics are given protected status and advancement opportunities - this includes upper-level "Regional Directors" who berate others, regardless of their department.
There is no perceived career advancement. If you're hired as a planner, you're given special treatment because you are the "select few." If you're hired almost anywhere else, you'll likely be stagnant in your career aspirations. Outside candidates are consistently hired over internal candidates despite overwhelming qualifications and recommendations. Don't expect to work your way up or think you deserve a promotion.
It's unfortunate that the management is so far removed from the concerns and disappointments of the employees. Even the work/life balance has gone awry. What used to be a family first establishment has now become a typical corporate "business before all else" churning mill.
