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.
CEO Allen Darby sees a coming shift in M&A dynamics as AI eliminates clerical roles at RIAs, leaving buyers and sellers to negotiate who benefits from the added margin.
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Research highlights the dominant role of workplace retirement plans and breaks down the major factors dictating workers' IRA rollover decisions.
The wealth tech firm is rolling out its "Do Anything" assistant as leaders and strategists tout the next evolution of artificial intelligence.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
