While we all may be hoping for things to “get back to normal,” that expectation is unrealistic—no matter what industry you’re in. The attack of the virus on our lives—both personally and professionally—is one that’s left an indelible mark, unlikely to disappear for quite some time.
Yet there are some positive effects coming out of this. In the RIA space, the ability to provide continuity with respect to client service, scaled communications and team management means that firms of all sizes could be nimble and flexible in their responses to this crisis. And while these practices are serving the firms well now, they will pave the way for more efficient and innovative ways to conduct business in the longer term.
Many RIAs will naturally find a new equilibrium, one that is based on what was learned from the experiences of the crisis, with these changes remaining in place well into the future—an absolute positive for the industry.
This gallery was adapted from its original article.
Louis Diamond is executive vice president and senior consultant of Diamond Consultants based in Morristown, N.J., a nationally recognized search and consulting firm in the financial services industry.