Your IndustrySep 10 2021

The new normal: Advisers shift to hybrid model as they return to offices

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The new normal: Advisers shift to hybrid model as they return to offices

FTAdviser spoke to a number of firms about their experience of providing advice post-lockdown, as well as their return to office premises, and found a range of contrasting views.

Quilter Financial Advisers managing director Amanda Cassidy suggested the Covid-19 pandemic had produced a permanent shift to some clients' preferences.

She explained: “As we come out the other side of the pandemic, we have seen a real shift in the approach to advice in general, and we feel strongly that hybrid advice will play an important role in the future of the sector and will help the industry to keep pace with changing client behaviours.

Cassidy said: “While a face-to-face meeting can be an excellent way to create and build rapport, it can be time-consuming for both the adviser and client and there is no reason why it can’t be replicated remotely. Therefore, we are seeing many clients feel that a remote session is easier to fit around their schedule.”

Recent client research by Quilter found nearly half of those surveyed preferred remote advice, and this figure increased in younger clients.

We no longer use the kitchen areas for lunch and tend to eat at our desksDavid Barton

Marietta Connery, people director at Schroders Personal Wealth, said the company was conducting meetings virtually as well as in the firm’s offices and in clients' homes. Its staff now split their time between their own homes and the office.

“We have updated our flexible working policy and expect people to work in a hybrid manner for the foreseeable future,” she said.

Rush to office

However, other advisers have been back in the office full-time since the government changed its advice to businesses in July.

David Barton, chief executive at Prosper Wealth Management, part of Independent Wealth Planners (IWP), said his staff returned in July. Prior to this, staff had been coming in on a rota basis, but he describes them as keen to get back into the office as soon as the government advised them it was safe to do so.   

“We are quite lucky, as none of the team are dependent on public transport to travel to work and all have their own individual offices where they can work safely and socially distance. 

“They sanitise hands upon arrival, and are encouraged to repeat this process throughout the day. We no longer use the kitchen areas for lunch and tend to eat at our desks. If any staff member feels unwell they are told to stay at home and take a Covid test. Face masks are optional for both staff and clients.”

We’d like to encourage more clients to have telephone or Zoom meetings as we’ve found these to be far more efficient from a time perspective than face to faceFelix Milton

Barton said the entire team has been offered the flexibility to work from home if they wish to do so and all of the advisers now have the technology to do so as well.

“We offer clients virtual, office and telephone-based appointments, which caters for those who may be shielding or are still nervous about visiting the office. So we expect to see a mixture of both virtual and physical meetings,” he added. 

“That said, what we’ve experienced so far is that the majority of clients are keen to re-engage with us on a personal basis by visiting the office.”

Meanwhile, IFA Felix Milton, chartered financial planner at Philip J Milton & Company, said his firm had one adviser permanently at home, one permanently at the office and one operating with a hybrid approach, seeing clients physically where requested but being remote the rest of the time.

He said: “We’d like to encourage more clients to have telephone or Zoom meetings as we’ve found these to be far more efficient from a time perspective than face to face. But there’s no obligation for clients and they can do whatever they’re most comfortable with.”

Consolidator Fairstone said it has put in place a gradual return to office, with most critical people and teams back in the office now. 

Claire Dent, head of HR, said face to face and direct contact with clients remained at the core of the business, but technology allowed advisers to work more efficiently and spend more time with clients.

We have made considerable changes to the layouts in all five of our offices to ensure social distancing can be adhered toPhilip Martin

Fairstone has introduced an entirely remote advice process, named 'Zeto', which enables advisers to engage with clients in a no-contact environment and, it says, enable all aspects of a face-to-face consultation to be delivered virtually.

She said: "Adopting a safety-first approach, we will continue to review as and when Covid case numbers start to decrease.

“Meanwhile we have implemented agile working across the business; the concept of more flexible working is believed to improve work/life balance and also increase efficiency across those areas where it is most appropriate. Advisers are seeing clients face-to-face where they can and where the client wants to."

Office layout

Philip Martin, managing director at Unique Financial Planning, said the majority of advisers at his firm were self-employed and so there was no obligation to be in the office, but most are nevertheless back. 

“We have made considerable changes to the layouts in all five of our offices to ensure social distancing can be adhered to and are keeping voluntarily given vaccine records,” he said.

“Many advisers are mixing client engagements between remote and face-to-face and we have applied rules for the latter around location and hygiene. All our support staff are back office based.”

The concept of more flexible working is believed to improve work/life balance and also increase efficiency across those areas where it is most appropriateClaire Dent

It is a similar situation at St James's Place: because its partner practices are independent businesses, any arrangements for employees within those practices to return to offices were decided by individual firms.

A spokesperson for the firm said some partners may already have been based at home, rather than an office setting, before the pandemic. 

He said: “Where partners use SJP premises – e.g. for client meetings – these offices continue to see increased daily cleaning and available hand sanitiser to assist with additional hygiene measures. We also recommend that meeting rooms are not used over their intended capacity.

“Whether meetings are held virtually or in person will also be left to individual partners to decide based on client preference.”

Earlier this week, a group of panelists at FTAdviser's Financial Advice Forum on September 7 discussed the hybrid working model and what it means for the next generation of clients

sonia.rach@ft.com

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