Welcome to Ask an Advisor. This is an advice column where real financial experts answer questions from real people. The topic can be anything in the financial world, from retirement to tax, wealth management, or even advice on advice.
This week we are taking a different approach for the second time. Our questions are from advisors, not investors. Boston-based financial planner Paceline Wealth Managementis wondering how to adapt his business in the era of remote work.
His question was posed during the turbulent time of the COVID-19 pandemic. While still deadly, coronavirus is no longer the overarching crisis it once was. Lockdowns are a thing of the past 68% of Americans Fully vaccinated, much of the economy has returned to normal.
There is one exception. Remote work seems to be taking hold. His 58% of the U.S. workforce, or her 92 million Americans, work from home at least one day a week, according to a consulting firm. McKinsey & CompanyWhen it comes to financial advisors, 73% expect to continue working from home at least partially this year.Forecast 2023” report.
But what does this mean in practice? How do advisors meet current clients and recruit new ones? How have wealth managers adapted to the ‘new normal’? See? Bohne has pondered all these questions. Here is what he wrote:
Dear Advisors,
Almost everyone has returned to their pre-pandemic lifestyles, but remote work continues to change.
My office space is downtown, and before COVID, it was great to be within walking distance of many of the people I wanted to meet (customers and prospects). At the time, it was pretty easy to meet people at a location convenient to them when they were already going to work and where I happened to be working, so meeting someone for coffee was much easier. It was easy.
With so many people working from home right now, they’re scattered all over the place, so I doubt there’s a critical mass of people in any given location.
How have you adapted to this to keep your office close to your current and future clients? What changes have you made to your office space and/or location, and how do you work with your clients? Do you have?
thank you,
Founder Jeremy Vaughn Paceline Wealth Management
And here is what another advisor wrote: