A CULTURE BUILT TO ENDURE
OUR FOUNDERS WERE COMMUNITY LEADERS. WE AREN’T JUST AN EMPLOYER IN THE COMMUNITIES WHERE WE ARE, WE ARE CITIZENS OF THESE COMMUNITIES, EVERY SINGLE ONE OF US. AS CITIZENS, WE HAVE A RESPONSIBILITY TO MAKE IT THE BEST POSSIBLE PLACE IT CAN BE FOR EVERYONE. — DEBRA DOUCETTE, PRESIDENT AND CEO, ODLUM BROWN
In 2023, full-service investment management firm Odlum Brown celebrated its 100th anniversary — a milestone that president and CEO Debra Doucette credits to the firm’s clear sense of its values and purpose, and its culture. These attributes have guided the firm through all of the world’s changes since Odlum Brown first opened its doors, and they continue to pave the way for the future.
Doucette does not have to look far to see how different things were in 1923. The firm still has some of the handwritten transaction ledgers from those early days: blue ink for buys; red ink for sells. In her credenza, Doucette has a little book of about 3x5 inches. Inside are formulas for calculating bond yields.
While technologies and processes have changed, the firm has remained dedicated to its founders’ peoplefirst focus. “We are in the financial services industry but, really, we’re in the relationship business,” says Doucette. “Our purpose is to help our clients achieve their financial goals. We do this by making sure we understand what they want to achieve and that they understand how we can help them.”
This type of high-touch service is increasingly rare in an era of robo-advisors and one-size-fits-all products. “We are not a product-focused firm. We build solutions for individual clients based on the relationships we build with them,” says Doucette. “That’s at the core of how we do what we do.”
Odlum Brown, which has six locations, more than 370 team members and over $18 billion in assets under management, has consistently been recognized for its high-performance, people-centric culture. This marks the third consecutive time Odlum Brown has been named one of Canada’s Most Admired Corporate Cultures. The firm has also been recognized as one of Canada’s Best Managed Companies for each of the past 24 years.
In its most recent internal engagement survey, Odlum Brown achieved a 90 per cent response rate and an ENPS of 94 per cent of team members stating they would recommend the firm as a good place to work.
“We are very proud of the recognition because it shows that if you keep trying to do the right thing, if you are very intentional about staying true to your core values, purpose and culture, you will continue to connect with clients who align with the vision of the firm,” says Doucette.
“Our culture is about openness, collaboration and respect. Everybody works hard to model that behaviour. We are also a 100 per cent employee-owned firm, with broad ownership, and that helps reinforce the idea that this is our business and that we all have a role to play in its success,” says Doucette. “Team members who join us from other firms consistently say it feels different at Odlum Brown.”
A key aspect of this difference is the priority the firm places on creating a positive and meaningful work experience, one that is not easily replicated and that makes team members feel they are part of something bigger. This sense of belonging is reflected in the firm’s long-standing commitment to giving back. “Our founders were community leaders,” says Doucette. “We aren’t just an employer in the communities where we are, we are citizens of these communities, every single one of us. As citizens, we have a responsibility to make it the best possible place it can be for everyone.”
The firm supports more than 150 community organizations across Canada via a robust program of sponsorship and corporate giving. It also provides team members with ample opportunities to volunteer in support of these organizations. In 2020, Odlum Brown earned a Canada’s Volunteer Award from the Government of Canada in recognition of its team members’ outstanding community engagement.
To mark its 100th anniversary, Odlum Brown invited team members to help the firm make an even bigger difference by nominating community organizations close to their hearts. Ten organizations received $1,000 each in honour of the celebration.
“I grew up benefitting from community outreach,” says Doucette. “I know it matters, and I’m fortunate to lead a firm that believes the same. It is one of the ties that binds us.”
In many ways, the firm’s purpose and focus on relationships has created a virtuous circle of impact that has helped clients, team members and the community alike.
“There will always be a place for commoditization in the financial services business, but we want to focus on the relationship, on really understanding what our clients need and delivering solutions that are designed specifically for them,” says Doucette. “To make that happen, we need to build a culture internally that aligns us to our purpose.”
Odlum Brown is deliberate about achieving that alignment by nurturing a culture of accountable and intentional leadership. Over the past 10 years, the firm has grown its People and Culture team and focused on developing its next generation of leaders by investing significantly in leadership and development.
More specifically, the firm has worked to ensure all team members are empowered to be a leader in everything they do — at work, at home and in their communities. “We have created initiatives to help all of our team members adopt a leadership mindset,” says Doucette. “We want to help them achieve what they want to achieve in their own lives and, at the same time, bring that leadership expertise to the benefit of our firm.”
The firm’s learning and development program includes “Odlum Brown University” education sessions; skills-based training; workshops on interpersonal and communication skills; wellness presentations; as well as its signature program, Dr. Vince Molinaro’s The Leadership Contract, which the firm introduced nine years ago. Over 100 team members have completed the program to date.
“For us, leadership is inclusive. Our message is that everyone here has an opportunity to be a leader and we’re going to help you to develop those skills. It’s not about a title. It’s really about a leadership mindset as opposed to a leadership responsibility,” says Doucette. “Leadership is about how you show up no matter what your role is.”
Last year, the firm also introduced a professional mentorship program with a commitment to put mentoring at the heart of Odlum Brown’s career development programs. Its pilot phase was oversubscribed, with 35 mentor-mentee matches, and plans are in place for expansion going forward. “Our message that everyone can be a leader is resonating,” says Doucette.
It is also confirming Odlum Brown’s long-held — and proven — belief that focusing on people and relationships is a key differentiator. This year marked the firm’s 30th anniversary of its Annual Address presentation series for clients. Each year, Doucette meets clients across the firm’s locations who are eager to share stories about how Odlum Brown helped their parents and how the firm’s current cohort of investment advisors are helping them.
“That tells me that the idea of building a relationship that is deep and genuine is enduring,” says Doucette. “The world will look different, we’re going to communicate differently, but relationships matter.”
When asked what she’s most excited about for the future, Doucette does not hesitate: “We have so many smart, engaged leaders in our firm. I’m excited to see how they envision the next 100 years, knowing they’re ready to take us to the next level.”