Financial advisors could be in more demand than ever thanks to the financial uncertainty caused by the coronavirus crisis and ensuing economic collapse. From financial planners to investment advisors, the entire world of wealth management should see a rise as the world begins to return to its new version of normal.
There has been no time off for financial advisors during the current crisis as they’ve been forced to move their workspace from office to home. Nonetheless, wealth management professionals, overall, have handled the transition well. Now more and more states are announcing reopening plans, and while some have begun returning to their offices, most companies do not anticipate returning for several months at the least.
Instead, financial advisory firms are making investments in digital technology. From virtual meeting applications to new marketing ideas, firms across the wealth management space are attempting to improve the remote working experience for both clients and advisors. Many firms are also providing free access to online tools for those working remotely.
At the moment, it seems like financial markets are showing signs of life as they crawl towards old highs. In May, the S&P 500 index rose significantly, cutting into loses sustained in March.
Even with some good news looking to be on the economic horizon, it’s expected that financial advisors will see an increase in demand for their services from investors who remain concerned about the financial fallout of COVID-19. Financial planners are also expected to see an increase in business from new clients looking to build savings in preparation for future emergencies.
Changes such as The CARES Act made changes to rules for investment vehicles like 401ks, and therefore advisors may see an increased demand from clients that need to cover expenses.
Despite the struggles of the last few months, it seems like it’s a good time to be in the financial advisory game.
