The Covid pandemic has had — and likely will continue to have — a very negative effect on the culture and work environment of registered investment advisory firms. That’s the takeaway from an annual study of RIA talent management by DeVoe & Co., a San Francisco-based consulting firm.
Among the study’s key findings was that nearly 40% of advisers felt their firm’s culture declined due to the pandemic and that employee engagement suffered, with four times as many advisers indicating that the pandemic had a negative impact versus a positive one.
More than half (52%) expect that a greater use of remote work will remain a permanent post-pandemic feature.
“The new and evolving remote-work paradigm shift will create workplace dissonance within RIAs for the next several quarters or even years. More than ever before, talent management challenges will require thoughtful solutions and delicate conversations,” DeVoe said in the report.
On the positive side, the company said that Covid required firm leadership to increase communication with staff, which delivered overall productivity gains during the period. The pandemic also prompted more firms to seek help in developing a succession plan.
A press-freedom lawsuit filed in Manhattan challenges the president's $100,000-a-month Truth API service used by trading firms.
Research reveals six hidden costs inside "zero-fee" IRAs, with one investment mistake potentially amounting to $170,000 over a 30-year period.
Meanwhile, Ameriprise has added a Florida-based veteran formerly with Oppenheimer just as it loses a similarly seasoned professional to Prudential Advisors in New Jersey.
Goldman's asset management arm is deepening its options-ETF bet, adding NEOS's $30 billion income lineup a year after buying Innovator's buffer ETFs.
IFP adds roughly $400M in combined assets as advisors from South Dakota and Maryland seek flexible, long-term partnerships following LPL's Commonwealth acquisition.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
