Hybrid Work Schedules Become a New Normal in Advice Industry

How flexible are you?

After JPMorgan Chase announced employees will have to be in the office five days a week starting in March, it felt like all of Wall Street was ready to get back to the cubicles, water coolers, and Zoom-less meetings. However, large pockets of the financial industry are still embracing hybrid work schedules including big players like Charles Schwab, Franklin Templeton, T. Rowe Price, and Capital Group, according to their websites. Last week, Citi Group CEO Jane Fraser told her executives to continue to let most employees work from home at least twice a week, per the Financial Times. She called the move a “competitive advantage.”

“There are some outlier employees who want to be in the office five days a week, but by-and-large, hybrid is what the top talent is looking for,” said Michael Connaughton, a director at consulting firm Lead Advisor.

Make Yourself Right at Home

The hybrid strategy is especially important among independent RIAs where flexibility is pivotal for staying competitive and attracting the best employees. Work-from-home schedules are becoming a concession many firms feel they simply have to make post-pandemic. In fact, it’s become an expectation among prospective employees, and one they’re willing to give up pay for. Lead Advisor researchers found: 

• Advisors and financial professionals working at firms in larger metropolitan areas are willing to sacrifice up to 12% of their compensation for a hybrid schedule. 
• Managers reported that 75% of all client meetings are now happening virtually.

Companies are also finding real value in hybrid work, and employees are more likely to be productive thanks to saving on commute times, Connaughton said. But does productivity actually increase with hybrid or remote work? If it’s done right, yes, Connaughton said, adding that a few days out of the office can also go a long way toward better worker retention.

Bring Home the Bacon. Triad Wealth President Sara Baker said the hybrid schedule creates a great blend of collaboration and efficiency for her company. She said the differences between remote and office settings can be used as a tactical advantage. “It allows us to be strategic with scheduling team meetings on days we’re in the office, and then when we’re home, we can really put our heads down and get work done,” she told The Daily Upside.