Most bankers at Pinnacle Financial Partners used to work at bigger banks. In the industry, that means they often dreaded going to work.
But at Pinnacle, which hires experienced bankers who work as a team, that’s not a concern.
“My only regret is that I didn’t come here sooner,” said Eric Schmittou, who’s been a financial advisor at Pinnacle for 12 years. “It’s everything that we sort of didn’t like about the big, bureaucratic, impersonal banks. Pinnacle set out to intentionally be the opposite of that.”
Pinnacle has landed on the Top Workplaces list eight years in a row and is this year’s first place winner in the midsize category.
You may have seen the Pinnacle skyscraper in Nashville, where the company is based. It’s one of the 10 tallest buildings in the state.
Pinnacle operates in 10 additional markets and ranks No. 2 for commercial market share among Knoxville banks and No. 4 for deposit share. Pinnacle offers a variety of services to businesses and individuals, from banking and investments to mortgage and trust management.
The success of the bank is tied to its mantra: “We win as a team and lose as a team.” It begins with selecting the team members, and Pinnacle has a unique hiring strategy.
The bank does not post job openings online. Potential hires must be recommended by a Pinnacle associate and must be experienced in the Knoxville market. The average Pinnacle financial advisor in Knoxville has more than 20 years of experience.
“I’m still waiting for the ‘I gotcha’ camera or the rug to be pulled out from under me on how fast we can get things done,” said Brandi Salyers, a financial associate. “We did less than 24 hours on some deals from beginning to close. That doesn’t happen.”
When you hire the best people, you can give them freedom to make their own decisions, as well as flexibility in their personal lives. Pinnacle makes each associate an owner, giving them restricted stock when they come aboard.
“One of the biggest surprises to me was how much information is given to all the associates,” said Missy Wallen, Pinnacle’s Knoxville chairman. “When we say all associates, it is everyone. It fosters camaraderie.”
Pinnacle’s associates are close with each other and with their clients. Andy Beam, senior lending officer, showed up to a soccer game in the rain to see Salyers’ child play. When Knoxville president Mike DiStefano’s wife had a medical emergency, one of his clients sent them flowers each week. The bank relies on these relationships, rather than advertising.
Pinnacle maintains a “WOW” budget, which associates can use to treat each other or clients, no permission needed. The bank’s Culture Club (think “The Office” party planning committee, but more functional) plans parties and outings to Dollywood. When associates retire, they’re still invited to events.
But many Pinnacle workers find it hard to leave. The bank’s retention rate is a stunning 95%, including retirements. Wallen retired from banking for a year, checked off her bucket list and came back.
“My wife wonders now if I’ll ever retire,” Beam said. “I’m having fun again.”
What Pinnacle employees had to say
The Top Workplaces designation is given based on anonymous employee feedback in a survey conducted by Knox News’ partner Energage. In response to the prompt, “I love my job because,” one Pinnacle employee simply said “Everything.”
Here’s what others had to say:
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“It truly is what banking should be. We are focused on our employees and in turn the associates take great care of our clients. It’s all about local − local leadership, local authority and local servicing. It is a flat organization led by the founders. It is a truly wonderful place and culture.”
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“Everyone is being utilized exactly in the manner that makes them shine.”
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“Pinnacle provides us great work-life balance, unlike any other financial institution I have seen or been a part of in the past. Pinnacle provides great information to keep everyone on the same page.”
About Pinnacle Financial Partners
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Consecutive years on Top Workplaces list: Eight
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Year founded: 2000 in Nashville, Knoxville office founded 2007
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Number of local offices: Seven
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Local address: 1111 N. Northshore Drive
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Number of local employees: 140
Daniel Dassow is a growth and development reporter focused on technology and energy. Phone 423-637-0878. Email [email protected].
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This article originally appeared on Knoxville News Sentinel: Top Workplaces: Pinnacle Financial Partners wins first place midsize