Extreme Mismanagement and Low Morale at IPA - Anonymous employee Independence Point Advisors Employee Review

Independence Point Advisors (IPA) has truly been a disappointment. Anne Clarke Wolff started IPA because she believed in the importance of having a bank whose diverse talent matched the diverse needs of her clients. As a self-proclaimed advocate for diversity on Wall Street, she has often said she wants IPA to be "your daughter's bank" - or a place where exceptional and diverse professionals can succeed without the limitations of a glass ceiling that often prevents them from climbing the ranks at large financial institutions. To that end, she has poached exceptional women and minority financiers from their respective successful jobs across Wall Street and Corporate America. However, it is clear that Anne is not genuine in her dedication to lifting up women and minorities in finance. Rather, she is an opportunist who is riding the wave of DEI, and we are pawns in helping her further her own personal and professional goals and reputation. Anne is not a natural entrepreneur, and it shows in the way she runs her company. She never engages with the team except for Monday weekly meetings where, in the winter, she sits at her second home in Colorado but virtually tells the NYC-based employees to be in the office and go through all the in-person meetings they have scheduled for that week. What is more frustrating is that, despite the historically difficult market conditions, she has no tolerance for anyone who is not bringing in revenue to the bank (and will chastise you or, more likely, fire you after only a few months), yet she has barely brought in a dollar herself. If she is in the office, she stays in her corner office and rarely comes out to say hi to the team of "exceptional talent" she so diligently poached from other companies and who took a risk by joining her new venture. Her glaring disregard for the people she so eagerly and, might I say, masterfully courted to join IPA is astonishing. Time and time again, I've heard stories of employees who Anne courted for months - calling them frequently and being very responsive over email or text to sell them on an incredible potential career at IPA. But upon signing on the dotted line and starting on their first day, these employees (I was one of them) were met with a very different Anne: one who would hardly say hi in the hallways or respond to emails, but instead would hide in her office or not show up at all. What's worse, many people, myself included, didn't have a one-on-one conversation with her for almost a month after joining the company. No check-in, no "how is it going", no "let's discuss your goals," nothing. As far as she is concerned, her team page on the website looks diverse by one more person so her mission has been accomplished. Given the small size of the team she has built, that level of disengagement from the founder is, in my opinion, absolutely unacceptable. The stark contrast between before and after joining was beyond my wildest imagination. Although we of course all joined on our own accord, a lot of employees have said we can't help but feel like we were "tricked" into joining the company. Many of the employees at IPA often lament that they miss their previous work experience. One of the most unfortunate parts about IPA is that Anne has hired an incredible group of people, yet refuses to take the sound advice from her senior team that is way more equipped to steer the company towards success in a way that she has so far been unable to do. She is an autocrat who strongly dislikes hearing feedback, and, as a result, the company is being run further into the ground because of her flagrant mismanagement. Morale has been at rock bottom since I started, and I understand since the beginning of the company's founding as well. It has been heartbreaking to see new employees join, and watch the eventual realization cast over their faces weeks or months later that they have made a grave career mistake. Anne hires and fires people very casually. It is as though she doesn't understand or care about the weight of her actions and the real-life implications her actions have on her employees' lives. Ultimately, she is doing the exact opposite of what she purports she wanted to do (elevate female and minority finance professionals). Instead, by poaching them from good jobs and reputable banks, and then firing them a few months later, she is playing with people's lives and careers. And what's worse, she has toyed with the idea of having her employment lawyer find ways for her to avoid paying severance to the fired employees who are rightfully owed it. If that doesn't speak to her character or the kind of person she is, I don't know what does. In the ~18 or so months that the company has existed, there has been a mass exodus of disgruntled employees who were either fired or left on their own accord because of how badly Anne Clarke Wolff treated them and ran the business. I have been so disappointed in Anne and in IPA. I had much higher hopes for a company that was founded by someone who I understood to be a well-respected Wall Street veteran. The reality is so far from that expectation. I would not recommend IPA to anyone who is serious about furthering their career, or just being treated with respect in the workplace. I hope this review helps anyone that is being courted by IPA.