Innovest and What Makes Us Special – Our Christian Culture

Written By: Rich Todd

Innovest and What Makes Us Special

Renowned management consultant Peter Drucker is known for his view that culture eats strategy for breakfast. Culture is the "glue" that holds a firm together. At Innovest, we are no different. We attribute our success spanning over 30 years to our Christian culture. It is our "secret sauce," although it is becoming fairly well known. Innovest has been recognized as one of the nation’s Best Places to Work in Money Management by Pensions & Investments for ten out of the last eleven years.

We do not take our culture for granted and constantly nurture it. This document outlines our intentional formula for what we have created and our ongoing efforts to improve it.

Proper Business Philosophy and Structure

As an investment consulting firm, we believe that being a fiduciary to our clients is crucial to our culture. This means we are committed to always acting in the best interest of our clients. We do not accept commissions or sell proprietary products because they create a conflict of interest. Our independence and fiduciary responsibility allow us to consistently put our clients first.

On Wall Street and in many firms that create their own products, a sales-driven culture often dominates. I will never forget a conversation with a friend who managed a large branch for a Wall Street bank. Every Monday, he received a report listing the "underperforming" clients, those not generating enough revenue for the firm. Managers and advisors would then strategize on how to increase that revenue by discussing which products to sell and how to justify those sales. When they made the sale, they celebrated it. This is neither a Christian nor a fiduciary culture.

At Innovest, we will never take advantage of clients in this way. Our legal fiduciary relationship largely eliminates the risk of recommendations made for the wrong reasons.

We have also developed a flat corporate hierarchy. That can be difficult for a small firm, and it was for us in the beginning. Early on, I gave myself far too much credit for our success and resisted relinquishing control. By the grace of God, my partner, Wendy Dominguez, convinced me that empowering others with greater responsibility and authority would create a more rewarding environment and accelerate our growth. She was right! It also fostered a culture of trust and accountability, allowing our people to flourish. Today, we have nineteen partners at Innovest. We do not take training for granted, and we uphold subsidiarity.

Harmony and Retaining Great Teammates

I love the quote from the renowned speaker, pastor, and leadership coach John Maxwell: “Doing the right thing daily compounds over time.” We are a "character first" firm. While talent, experience, expertise, and intellect all matter, strong character is non-negotiable. In Paul’s letter to the Philippians, he says, "Do nothing out of selfishness or vain glory; rather, humbly regard others as more important than yourselves, each looking out not for his own interests, but also for those of others" (Phil 2:3–4). That principle should be the benchmark of a successful business. Our people put clients and teammates ahead of themselves.

Manager communication, coaching, and a formal mentorship program emphasize this tenet. Peer reviews are a key part of our annual review process and play a significant role in determining year-end bonuses. We ask those who work closely with team members to evaluate them across several areas. If selfishness is a problem, it becomes evident. Although, it rarely is and usually presents itself early in an employee’s tenure.

Hiring right is critical. We are often disappointed when casting a broad net. Our most successful hires are targeted, people that we know have the character, intellect, and experience we need. We take hiring very seriously and never delegate it to a human resources department. We have carefully constructed an interview committee composed of many of our best team members who conduct initial interviews and screenings.

We may have a smaller firm advantage, but we receive dozens of excellent referrals. Innovest has just over 60 employees and a 90 percent average retention rate. In a typical year, we hire six people to replace those we have lost and five to seven for growth. In 2026, we will hire ten to twelve professionals. We aim to hire ahead of need. When our committee identifies a first-round draft pick, we hire immediately. If we identify a second or third-round candidate and do not have a specific need, we place them on our bench for future opportunities. Often, these professionals are employed when we reach out to them.

Our hiring approach did not work as well when we were smaller. We were not as proven or as attractive as we are today. Will our approach work as we grow and need to hire and retain more great team members? We think so. The better we get, the larger we become, and the greater people we attract. We have promised our clients that growth will make us better, and hiring great professionals is a big part of that.

Deliberate Employee Benefits

Returning to the office was critical for us. Our team worked from home for only six weeks during the COVID nightmare. Our culture only works if we are in the office. While we offer some flexibility for remote work, we are generally located in our Denver office. Exceptions occur when top team members need to relocate or when business concentration dictates having team members in another location.

Our vacation policy is "unlimited." Team members take time off when needed. We all work hard and joyfully cover for teammates on vacation. We also expect our professionals to spend time with their families. We encourage not missing family events, sports games, swim meets, recitals, and school activities. Family first always.

Innovest is a member of the Catholic Benefits Association, which structured our health plan to ensure it is authentically Christian. We do not pay or offer benefits for things objectionable to our faith. For instance, Innovest offers an adoption benefit and contributes to a 529 plan for each new child born to a team member.

We are blessed to have a chaplain at Innovest. Father Nathan Cromly says Mass in our reception area monthly and spends the day hearing confessions, giving spiritual direction, and visiting with our team. What a blessing! We have clients who have had great success with organizations such as Corporate Chaplains of America and Marketplace Chaplains.

Of course, we have a great 401(k) plan. We offer a generous match and cover many of the recordkeeping and legal costs.

When we hire someone, we truly want and expect them to build their entire career with us. Peter Mustian, our Chief Operating Officer, was an intern at Innovest nearly 20 years ago while attending the University of Colorado. After a few years, we supported Peter through our tuition reimbursement program to earn his MBA. Peter is one of many who started as an intern and remains with us today. Our robust program has led us to hire over 50% of participants.

Pat Lencioni, an important author and management consultant, explains in The Truth About Employee Engagement: "Managers can foster highly engaged (and valued) employees. In turn, this leads to significant benefits for the entire organization: increased productivity, greater employee retention, and a powerful competitive advantage."

Tithing and Almsgiving

Stewardship is Innovest’s mission. We are responsible for managing our clients’ assets and stewarding the resources our Heavenly Father has given us.

Innovest budgets for tithing each year, and we distribute it primarily to our nonprofit clients and the organizations our teammates support as board and committee members. Scripture is clear, stating: "A tenth of the produce of the land, whether grain or fruit, is the Lord’s and is holy" (Lev 27:30).

I once discussed tithing with Curtis Martin, founder and CEO of the Fellowship of Catholic University Students (FOCUS), who explained that our sacrifice should be an "unblemished" lamb. We believe our tithe must come off the top.

Almsgiving expands beyond money. At Innovest, we have a Charitable Giving Committee that creates monthly opportunities for our team to volunteer. Team members submit ideas to help our community and create meaningful team-building events. We have painted homes for the elderly through Brothers Redevelopment, offered dignity to those on the street through Christ in the City, and built homes with Habitat for Humanity. These events happen during workdays, not just on weekends. We are certain it comes back to us in spades.

Stewardship brings us joy. Like any business, we go through difficult times, but when working on behalf of others, it puts our own challenges into perspective.

We are proud of our people and the culture we have created. We do not take it for granted. Our Christian culture is no longer our secret sauce. It is our known sauce that puts our clients first.