Watch For The Waves – The Effect of COVID on Financial Services
There has been one predominant effect of COVID on the financial services industry which is poised to have ripple effects in the months and years to come and that is the impact of work from home policies at larger firms. Large firms are essentially training their W-2 advisors on how to go independent without realizing the financial upside that independence offers. In this episode, Elite Consulting Partners CEO Frank LaRosa and his COO Dale Dempsey dive deep into the issue.
Insights which the duo offer include:
*how working from home measures have changed advisor efficiency even in the midst of unchanging firm operational protocols.
*the long range effects on client retention and acquisition in the virtual world.
*compensation implications and limitations for W-2 advisors in work from home scenarios.
*brand building and social media constraints W-2 advisors face and their potential to limit success.
As the months go by and COVID and work from home policies continue to be the reality of the day for W-2 advisors, it can only be anticipated that more and more among their ranks will begin to question whether the move to independence may be right for them after all. It will be interesting to witness what that will mean for the further evolution of the financial services industry and how those shifts will play out in the year to come.