Industry Update: Why Working from Home May Be One of Wealth Management’s Biggest Game Changers

It’s hard to comprehend how much has changed since March of 2020. Here we are, some 6 months later and there is still no telling how our world will change permanently into the future. Perhaps the biggest change foisted upon the business of wealth management as of late came with the requirement to work from home. According to a new survey by Broadridge Financial Solutions and as recently reported by On Wall Street, nearly 60% of advisors are still working from home and 27% are either unsure about going back to the office or have no plan to do so in the near term. Yet the reality is that working from home has its pros and cons. This episode delves into: What advisors are doing differently in the WFH environment—and how this is impacting their mindset when it comes to their futures. How firms are dealing with accountability—and how this is affecting the way advisors conduct their businesses and lives. What’s been the single biggest change in client relationships—and how this is causing a shift in motivations for advisors, as well as a drive towards greater movement. What advisors learned about their firms during this time—and what they learned about themselves. It’s a show that discusses how this sea change is driving change in an already evolving landscape—and a topic that impacts each and every advisor—no matter where they practice.     Related Resources Working from Home: For Some Advisors, It’s a Test Drive of Independence The pandemic may be the “shock to the system” that further accelerates the already robust movement towards the independent space. Read-> How Are So Many Advisors Moving During the Covid-Crisis? With travel restrictions and advisors working from home, how can advisors conduct due diligence and change firms? Ultimately, it comes down to 2 key elements that haven’t changed: commitment and trust. Read-> Why 2020 is Still Expected to be a Great Year for Recruiting As the dust is starting to settle from the COVID crisis, 5 key principles have remained intact, leaving behind good news for those considering change. Read-> A Wake-Up Call for Wirehouse Advisors: Why Many are Re-Assessing the Status Quo Firms make it easy to stay put for the entirety of an advisor’s career, yet many are feeling “uncomfortable” with that notion—worrying that what got them “here” may not get them “there.” Read->