According to Wealth Solutions Report, the COVID-19 pandemic significantly altered the wealth management industry, reshaping office culture and client communications. Although some firms have implemented hybrid work models, the shift to remote work remains strong and has created lasting changes in the industry.

Remote work also has transformed recruitment but with mixed results. Sander Ressler, Managing Director of Essential Edge, notes that while remote work environments make it easier to recruit new employees, it comes at a cost—higher salaries for candidates with exceptional experience. Location neutrality expands the candidate pool, but Cecile V. Munoz, President of U.S. Executive Search & Consulting, states that significant resource investment is required to maintain a cohesive culture.

Will Briggs, SVP and Chief Human Resources Officer at Cambridge Investment Research, notes that challenges extend beyond hiring, as remote work can strain a firm's culture and operational rhythm. Briggs highlights that wealth management firms, which traditionally operated in-person, may struggle to maintain the same level of collaboration and supervision in a remote setting.

Ressler adds that remote employees often lack the supervision and camaraderie essential for team cohesion. This can result in less collaboration and challenges in identifying motivated candidates during interviews, leading to costly hiring mistakes. Craig Bartlett, SVP of Advisors at Choreo, stresses the importance of fostering team collaboration through internal initiatives and tools to enhance engagement among remote workers.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.