COVID-19 Accelerates The Trend Toward Virtual RIA Practice
Article featured on AdvisorNews.com on September 20, 2020 and written by Pamela Stross
This year has proven to be the world’s largest work-from-home experiment to date. In recent years, companies have allowed some staff members to telecommute, but COVID-19 has accelerated the remote work movement.
As the severity of COVID-19 continues to alter America’s workforce, investment advisories across the country have transitioned to the work-from-home model. From Wall Street to Main Street, we have seen a seismic shift in culture to ensure safety among employees and the public. The current pandemic has replaced handshakes with virtual calls as the financial sector endures what is appearing to be the new normal.
For registered investment advisors, the arrival of COVID-19 is accelerating a trend already in progress: advising clients virtually. While certain necessary work will continue in person, the virtual option appeals to many clients, especially those in younger generations.
RIAs are providing convenience to clients via video conferencing while also offering personalized advice that clients will never receive from an algorithm. Because COVID-19 has forced the public to embrace online interactions, the trend toward RIAs conducting business virtually will only accelerate.
Infrastructure Prevalent In The Financial Market
The RIA space already contains many of the cloud-based solutions that advisors require to manage their businesses and advise their clients in a virtual world. As more technological innovation comes online, working remotely will become even more efficient with benefits for clients and potential for a positive impact on the bottom line.
Digital document signing solutions provide clients a secure way to close the deal without having face-to-face meetings. Plus, the virtual forms offer more convenience than paper applications and disclosures. They are a safe alternative for the client and the software requires all signatures and initials to be in the right place for the task to be completed. Because of this evolving technology, advisors will no longer have to chase clients for signatures.
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