Redtail Technology (“Redtail”), a leading provider of client relationship management (CRM) solutions for financial services firms, published the results from their 2020 “Working Remotely” survey, which set out to uncover how advisors adapted during COVID-19.
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Redtail surveyed more than 1,750 financial advisory employees and discovered that the large majority of respondents (86%) were prepared with the appropriate technology for a seamless transition to work from home. However, working remotely brought on new challenges, one of which was how to continue to build and maintain client relationships. Respondents noted that using existing modes of communication, such as phone (97.4%), email (96.3%), and video (80%) were the most effective ways to communicate with clients.
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“2020 has been the year of adaptation for the financial services industry. The technology enabling remote work has been available for years, and advisory firms were able to quickly transition to work from home during these uncertain times,” said Redtail Technology CEO Brian McLaughlin. “While the industry has historically been an in-person business, I think we all discovered that clients can still be serviced effectively, regardless of where their advisor is located.”
In 2019, two-thirds of respondents (66.7%) never or rarely worked from home, however, 64.7% of respondents now believe they will work from home at least one day of the week moving forward. The majority of financial advisory employees (74.3%) did not experience an interruption of their revenue stream due to working from home, and nearly 5% were even able to grow their revenue as a result of the transition, despite the economic uncertainty!
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