So what is the difference between a wirehouse adviser and an independent? Certainly not as much difference as there used to be. For the last two years, most advisers have been living a hybrid existence – splitting time between the office and their home. For many advisers, the benefits of a shorter commute and more accessible work/life balance became important aspects of their newfound flexibility. With Delta and Omicron (somewhat) behind us, what are the chances that “return to normal” actually resembles a pre-COVID workplace?
To help define the problem, some recent poll information:
It’s been two years since the beginning of the pandemic and according to the Harris Poll, nearly 54% of employees have returned to the office. Despite this, 51% of workers have little interest in commuting daily. Almost half of employees report that their employers want their organizations to come back to the office full-time, but 43% would quit their job if their employer made office-work mandatory.
For most employees (73%), social time with colleagues represents the number one reason workers cite as to what they miss about the office. For almost 1/3 of workers, the desire to return to work is practical – they miss the dedicated office space of a formal office. But for most workers (55%), they don’t miss the work commute.
We may be returning to “normal” but it’s pretty clear that employees’ concept of “normal” has changed. And can you blame them? There are varying opinions as to how long it takes to cement a habit. According to research from the University College of London, even under the most conservative circumstances we should embrace the fact that every single employee has evolved to form different work habits as a result of two years of COVID. Some may be willing to return to the office, while others have formed a strong work-from-home habit they may not be willing to abandon.
Companies and organizations need to be careful walking a fine line in the reopening of their offices. Without thoughtful consideration, financial services firms risk losing some of the advisers they’ve worked so hard to recruit. Rather than laying down the law, organizations should consider the advantages of embracing a more long-term, negotiated strategy for reintroducing employees to the office. Use more carrot, less stick.
For organizations unwilling to change, you may find your advisers are unwilling to abandon the lifestyle they’ve learned to love.
About IA Solutions:
IA Solutions offers a unique opportunity for advisors to grow & thrive as business owners with a variety of resources to expand the overall quality of client advice. Expanding beyond traditional investment management, we offer a platform of advice that ranges from foundational to complex planning to holistic wellness & lifestyle advice. Our platform includes the public relations, marketing, and advertising resources to help grow your book to optimum size. As an adviser, you’ll be encouraged to leverage your home office environment using video and other office virtualization technology to create a work environment that is productive, enjoyable, and helps encourage a better work/life balance.
Start a conversation today to discover how “curating well-being” may just be the key to the lifestyle practice you deserve.
Additional Resources:
Pew Research – “COVID 19 pandemic continues to reshape work in America”
https://www.pewresearch.org/social-trends/2022/02/16/covid-19-pandemic-continues-to-reshape-work-in-america/
The Harris Poll - “Covid Insights #102”
https://theharrispoll-8654532.hs-sites.com/the-insight-wave-102\
Wyley Online Library - “How are habits formed: Modelling habit formation in the real world”
https://onlinelibrary.wiley.com/doi/10.1002/ejsp.674
University College of London - “Busting the 21 day habit formation myth”
https://blogs.ucl.ac.uk/bsh/tag/66-days/