2020 has brought one change after another and financial advisors found themselves instantly in crisis mode.
As the pandemic took hold of the globe and the markets plummeted advisors found themselves needing to adapt to the current environment – or get left behind.
Our friends at Financial Advisor shared what they see as important changes emerging from this current crisis they believe are here to stay:
Cybercrime will pose a massive threat as many firms were forced to build new cybersecurity policies on the fly as workers set up home offices. With many still working from home, the attacks have increased in frequency.
Streamlined portfolio management will accelerate as those building custom portfolios for each client are unable to keep up with the rapidly changing market.
Face-to-face may become the exception rather than the norm as advisors embrace the convenience and advantages of screen-to-screen meetings.
Fiduciary status will become more important as consumers are more aware of fiduciary responsibilities and how it will impact their relationship with their advisor.
Accelerated retirements could disrupt the advisory business as small business owners and those close to retirement choose to retire early rather than weather the current crisis and rebuild
Firm owners will “right-size” by taking a hard look at current staffing and office space and making adjustments.
Looking for tips to help investors during these turbulent times? You may find this article to be of interest: What can you do as investors meltdown over coronavirus?