FA-IQ reached out to advisors to ask: What changes have you implemented in the way you run your practice because of the Covid-19 pandemic? Do you expect those changes to stick even after the pandemic is over?

Jack Petersen, managing partner, co-founder and advisor at Summit Trail Advisors. New York City-based Petersen has been in the industry for 30 years and his firm has $14.7 billion in client assets.

“Covid-19 has had profound and lasting effects in how we all behave, both professionally and socially, and I don’t think we will go back completely to our pre-Covid behaviors.

From a business perspective, we have had to adjust our work policies to accommodate the needs and preferences of our employees and clients. One example of this is the use of video conferencing for internal and client meetings. While not quite as good as being there in person, video conferencing has proven to be a highly effective and productive communications tool.

Jack Petersen
Shortly after shifting to a work-from-home status in mid-March 2020, we started using [video conferencing platforms] BlueJeans, Zoom, and [Microsoft] Teams for meetings.

The remote status required an increase in frequency of regularly occurring internal meetings while the volatile market conditions created heightened client interest in market outlook and account updates.

What we have come to realize is that video conferencing is a highly productive tool that provides an easy communications platform for internal and external meetings. I don’t think this will change in a post-Covid world. The ease and convenience of calling a quick internal team meeting or scheduling a family conference with many participants in multiple time zones has enhanced the overall communications across our firm.”

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