Financial advisors have adapted to more flexible working arrangements during the Covid-19 pandemic — and they expect similar flexibility going forward, according to an Ignites Research report.
Before the pandemic hit, 87% of advisors at top registered investment advisor firms and broker-dealers worked mostly from the office, and just 12% worked in hybrid arrangements that included some days working from home, FA-IQ sister publication Ignites Research writes, citing a survey from July 2020.
Around 53% of advisors in the same advisor groups plan to work in a hybrid arrangement after the pandemic ends, while only 43% plan to work almost exclusively from the office and 3% almost exclusively from home, Ignites Research's most recent survey, conducted this spring, shows.
This year’s survey was conducted in April and May and included responses from 446 advisors across multiple channels, 62% of whom were from wirehouses and other broker-dealers with median client assets of $1 billion and 38% from independent RIA firms with median client assets of $1.7 billion.
The demand for hybrid arrangements was there before the pandemic, according to Ignites Research. In its July 2020 survey, 56% of RIA and broker-dealers advisors said they would prefer a mix of working from the office and from home, and 53% had said they favored such an arrangement in the survey Ignites Research conducted in the spring of 2020.
Since advisors expect to spent a lot of time working remotely, they expect virtual meetings to persist, according to Ignites Research. Around 45% of the advisors surveyed expect to conduct at least two out of five meetings with clients, asset managers and vendors virtually.
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