CoronavirusMar 24 2020

Business continuity in the time of coronavirus

  • Identify some of the key challenges advisers are facing right now
  • Explain some of the adaptive measures advisers can put in place
  • Describe regulatory issues that advisers cannot ignore, despite the coronavirus
  • Identify some of the key challenges advisers are facing right now
  • Explain some of the adaptive measures advisers can put in place
  • Describe regulatory issues that advisers cannot ignore, despite the coronavirus
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Approx.30min
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Business continuity in the time of coronavirus

Network overload: Particularly for larger firms, full network capacity may be reached as lots of people try to access remotely (e.g. via VPN).

Dodgy wifi: The home wi-fi of some staff is not up to the task of efficiently accessing some web-based applications, for example video conferencing software, particularly when more than one person in the household needs to use it.

I can certainly empathise with creaking wi-fi issues: apart from myself, my wife is also working from home, my daughter has returned from university and my son’s school has closed.

Laptop shortages: Some firms do not have enough functioning laptops to go around – for example to cover support staff who are completely office-based and use desktop PCs.

Shortages of other useful equipment: We have all heard about the panic buying of items such as hand sanitiser, pasta and toilet paper, but I can report that it also applies to items that make it easier to work effectively from home for an extended period, such as a monitor.

I tried Currys and John Lewis last week – too late. No monitor screens left in stock.

Fortunately, I managed to travel into the Bovill office the day before it shut completely to grab the monitor from my desk and take it home.

Paper-based client files: Yes, some firms still have some or all of their client files in paper form, and some advisers are accustomed to consulting the paper file when they need to check something - which is a problem if you can not get into the office where those files are stored.

Although most of the relevant documents are (one would hope) stored electronically, they may not be in an easily navigable ‘client file’ structure, and it may not be straightforward to access them when working from home.

Impact of home working on your staff

Some advisers and support staff are just not used to working from home, and they can find it a challenge to adapt.

For example, some advisers are used to going into an office where they have a desk PC and can easily print out everything they need to read.

That is very different to working from a laptop screen at home every day.

Not everyone has a suitable place to work from at home, and there may of course be other considerations, such as lack of childcare.

It is also fair to say that some advisers and other staff are more tech-savvy than others.

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