Managing a Large Office in Today's Zoom World

Managing a Large Office in Today's Zoom World

Like many other large companies, Stifel quickly learned the advantages of Zoom in keeping associates and clients connected during the pandemic.?

Now that we have returned to the office after the impact of COVID-19, we can’t help but reflect on last year’s changes.?Stifel, like many other financial institutions, was not considered a remote-friendly culture, but when the pandemic forced employees across all industries to work from home last year, Stifel had to pivot quickly and make the best of the situation for both associates and clients.?

To gain a deeper understanding of how Stifel relied on Zoom to keep business running as usual, I spoke to my colleagues Lori Lucarelli, Director/Assistant Branch Manager, and Andrea Schiaffino, Branch Office Administrator, from the Bryant Park office located in New York City.

Zoom – the Good and the Bad

Naturally, without being able to physically meet face to face, Stifel turned to Zoom to facilitate online meetings.?As with any change, adjusting to this new method of communication took some time and effort.?Both Lori and Andrea acknowledge that while the younger generation today is tech savvy and accustomed to video calls, many of Stifel’s associates and clients had to first learn their way around Zoom in order to use it effectively.

“I had to get comfortable with Zoom quickly,” says Lori.?“I had some initial reservations but found many silver linings as soon as we were reunited in a virtual dimension.?In a time of such uncertainty, Zoom provided great comfort by reconnecting us and allowing us to work together face to face in the safe environment of our own homes.”

While COVID-19 raged unrelentingly throughout the world and caused in-person events to be cancelled and companies to send their associates home to work remotely, the markets remained open.?Stifel knew it still had a fiduciary responsibility to ensure that clients’ wealth was protected, especially in such a turbulent economy.?

“We had a dual and simultaneous responsibility that required immediate intervention.?First and foremost, we had to protect the health and safety of our associates.?But at the same time, we had to manage and protect our clients’ assets,” recalls Lori.?“Neither COVID nor the markets provided us with a ‘time-out’ to plan and get ready for this.?We had to implement a massive and unprecedented shift without compromising our high level of service.?Teams had to collaborate remotely to transition their respective businesses onto a virtual platform while maintaining a seamless client experience.?Our day-to-day processes, as well as the regulations and policies governing our industry, didn’t pause.?We still had to manage portfolios, review volatile markets, keep clients steady, execute trades, process disbursements, and supervise it all.?The advances in technology enabling a remote platform together with applications such as Zoom allowed us to not only get through this crisis, but also to grow.”

“We had – and still have – this huge responsibility to our associates’ health and safety,” adds Andrea.?“We didn't really have time to stop and think.?We had to just do it.?In retrospect, I'm so proud of everybody, because I really think we did a great job.?The business continued – and is still continuing – to expand and evolve.”

While Zoom provided immense help with staff bonding and client conferencing as everyone was forced to socially distance, it still had its limitations that didn’t go unnoticed.?

“Zoom doesn’t really allow anything to be random, since every meeting essentially needs to be scheduled,” adds Andrea.?“It's not always as natural, and one of the best things about Stifel is that it’s a very collaborative and spontaneous environment.?With Zoom, that camaraderie just isn't as organic.”

“Our business thrives on sharing ideas and collaborating,” echoes Lori.?“Our office has a very dynamic and fluid atmosphere built on relationships.?Zoom doesn’t lend itself to spontaneity and “water cooler” conversations, which is something that I certainly missed.”

Back to the Office

Stifel associates have returned to the office, but New York City is a little different from many other branches – associates have to rely heavily on public transportation to commute.?I asked whether that factor had any impact on the New York office’s return to normalcy.?

“We’re taking many safety precautions.?We have set up hand sanitizer stations, and we distributed masks,” says Andrea.?“We have a trading desk floor plan and installed Plexiglass partitions so that people have a comfortable level of separation, but you’re right.?It’s not only being back in a very large office; it is also commuting via mass transit.”

Lori nods in agreement.?“That’s what sets us apart from local suburban branches where associates can more readily drive to and from the workplace.?Those offices tend to be smaller and not in high-rise buildings relying on elevators and lobbies shared with many other companies that may not follow the same protocols,” she adds.?“Being situated in a big city definitely adds many challenges to our on-site attendance.”

Nevertheless, business proceeds as usual, and Zoom continues to stay on as an effective communication tool.?The Bryant Park office is following suit by retrofitting its conference rooms with big screens and innovative Zoom capabilities.?

“Before, we relied on conference calls via telephone, but now I prefer Zoom to collaborate with my colleagues in St. Louis,” says Lori.?“Zoom has become a verb to me.?It is mainstream, and it can be very accretive.?The video component allows me to add a dimension to relationships with colleagues from the home office and other distant locations whom I would not regularly see in person.”

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It’s also beneficial to clients who are not local.?Not only does Zoom bridge physical gaps, making it more convenient for clients to meet with advisors and managers, but it also allows relationships to strengthen.?Lori acknowledges that being able to have eyes on a client – seeing them and having a peek into their home/office – helps her foster more meaningful connections and can provide valuable insight.?“Another benefit, Zoom single-handedly allowed us to uphold our commitment to hosting interns during the pandemic,” she says.?“We created an entire virtual agenda, and it was a huge success.”

Looking Ahead

As both Lori and Andrea had implied earlier, the culture at Stifel is very close-knit and personable.?When everyone was working remotely last year, Stifel associates seemed to mostly miss physically seeing each other and collaborating in person.?As helpful as Zoom was in keeping such a large firm connected, it just couldn’t fully recreate the office camaraderie that everyone loves.?

“We're all family at Stifel,” explains Lori.?“That is firmly established in our culture.?We work together and with appreciation for each other – that was one of the first things I noticed about Stifel when I joined.”?

“Family” is a word that seems to go hand-in-hand with Stifel, and it stems from management style.?When one looks at how Ronald Kruszewski, CEO, runs the business, it’s evident that he cares about the financial advisors as much as he does about the clients.?Stifel is often described as a large firm with a small firm mentality, and even as business continues to grow both online and offline, that description still holds true.?

“Ron has enabled people around him to make decisions and to grow for the betterment of the company,” says Andrea.?“Stifel is an organization where we can get things done.?There isn’t bureaucratic red tape every step of the way.”

“Stifel’s approach is to empower each other; to raise each other up and find the solution together,” adds Lori.

She then goes on to elaborate that mentorship – especially for females in what is still a male-dominated industry – plays a big role as part of that family component.?Stifel recognizes the tremendous value and opportunity for women in this industry, and with programs like the Women’s Initiative Network (WIN), it is striving to make mentorship easily accessible and rewarding.?

“It’s so meaningful for the younger women just coming into this industry to align and help break down the traditional barriers and gender gap,” says Lori.?“Young women new to the industry should look for mentors, and women who are already in the industry must step up and serve as mentors.?It is very motivating and encouraging to see this happening at Stifel.”

“In the 30 years that I have worked in this industry, Lori is my first female manager.?She has challenged me to evolve and become even better at my job,” adds Andrea.?“Especially in an industry that still skews male, it’s so important to have a female mentor who gets it.”?

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“As a hiring manager, Stifel is a product that I have to sell, and so I need to believe in the brand,” adds Lori.?“I am enthusiastic when I speak about our culture while interviewing candidates.?I want to make sure we bring the right people into this family.?We have a high bar.?Wall Street is not an easy place, and being able to rely on each other like family becomes an asset.”

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