For wealth advisors and RIAs, the debate over remote work isn’t just a headline—it represents a broader shift in economic trends and client needs that could impact how firms grow, hire, and engage with clients. As major corporations like Amazon, AT&T, and JPMorgan push for a return to in-office policies, the implications extend beyond employee morale to affect wealth management strategies, client expectations, and workforce dynamics in the advisory space.
At its peak during the COVID-19 pandemic, remote work was a necessity, with approximately 62% of work across the U.S. economy being performed from home, according to economist Nick Bloom’s monthly survey. As pandemic restrictions eased, the percentage steadily declined—falling to 37% in early 2021, 33% in 2022, and 27% in 2023. Despite these trends, remote work has plateaued rather than disappearing. Today, roughly 27% of jobs still involve work-from-home arrangements, a figure that remains significantly higher than pre-pandemic levels when only 4.7% of work was done remotely.
For advisors, this stability in remote work signals a profound societal shift with long-term implications. The so-called "return-to-office wars" have reached an impasse where corporate leadership, despite having the upper hand in a slower job market, appears reluctant to mandate full-time office attendance universally. Even though firms like JPMorgan and Amazon have rolled back hybrid policies, their actions are outliers in a workforce landscape increasingly defined by flexibility.
This trend presents opportunities and challenges for advisory practices. For RIAs aiming to attract top talent, offering remote or hybrid work options could be a competitive differentiator, especially as the pool of skilled advisors continues to tighten. America’s slowing population growth and impending labor shortages may soon force employers across sectors to offer remote flexibility as a baseline perk to attract and retain employees. Firms that remain rigid about in-office attendance risk alienating skilled professionals and could face higher turnover as more advisors prioritize work-life balance.
In addition to talent acquisition, remote work also reshapes client engagement. Wealth managers must meet clients where they are—both figuratively and literally. As UHNW individuals and families adopt flexible living arrangements, often splitting time between multiple homes or relocating to tax-friendly states, the ability to maintain consistent virtual communication has become essential. Advisors who leverage digital tools and platforms to foster personalized, consistent engagement, regardless of location, will be better positioned to strengthen client relationships.
The growth of WFH-friendly startups born during the pandemic is another trend shaping the economic landscape. These companies, built with distributed workforces in mind, continue to expand and disrupt traditional sectors, further embedding remote work into the economy. The financial success of these firms could also lead to a new wave of clients who are accustomed to digital-first interactions. For advisors, adapting to this new normal means not only offering digital service channels but also becoming adept at navigating virtual client onboarding, remote portfolio reviews, and secure digital transactions.
Technology plays a pivotal role in the remote work economy and in wealth management operations. The ongoing improvements in collaborative tools and secure communication platforms have reduced the friction traditionally associated with working remotely. Advisors who adopt best-in-class technologies can enhance both internal collaboration and client service. Moreover, the ability to seamlessly transition between in-person and virtual meetings provides clients with a level of convenience that is increasingly expected, especially among younger, tech-savvy investors.
Remote work also has implications for office space and operational expenses. Some firms may find that adopting a hybrid model allows them to reduce overhead by downsizing office spaces while reallocating resources toward technology upgrades, employee benefits, or client service enhancements. This shift aligns with broader industry trends focused on improving operational efficiency while maintaining personalized service.
However, the push for remote work flexibility isn’t without its detractors. Leaders like Jamie Dimon of JPMorgan have voiced skepticism, arguing that collaboration, culture, and innovation suffer when employees work remotely. For wealth management firms, this raises a valid concern: How can advisors foster a strong team culture and mentorship dynamic in a predominantly remote environment? Firms that adopt hybrid models must invest in strategies that promote connectivity, mentorship, and professional development, even when face-to-face interactions are limited.
History suggests that skepticism toward new ways of working often fades over time. Just as early adopters of the telephone faced doubts and criticism—some even feared the device could transmit ghosts—remote work is now undergoing its period of scrutiny. But societal changes rarely reverse course once innovation takes hold. What began as a public health necessity has evolved into a preference that is shaping the future of work across industries, including wealth management.
Looking ahead, it’s likely that remote work will become even more prevalent as demographic and technological forces continue to evolve. The ability to offer flexible work arrangements could soon be a necessity rather than a differentiator. Wealth management firms that embrace this shift proactively will not only gain a competitive edge in talent acquisition but also position themselves to meet the evolving expectations of their clients.
Ultimately, wealth advisors and RIAs must view the remote work debate not as a temporary trend but as a structural change in the modern workplace. By aligning internal operations, client engagement strategies, and hiring practices with this new reality, advisory firms can strengthen their resilience and ensure long-term growth in an increasingly virtual world.
