Remote Work: A Curse or a Blessing for Advisors?

The traditional office environment is undergoing a dramatic transformation. Fueled by the covid crisis, technology, and a desire by workers for flexibility, remote work has become front and center in most industries, including advisory businesses. Like any significant change, it presents unique advantages and disadvantages for both employers and employees.

Advantages of Remote Work

Employees tend to prefer remote work because it offers highly sought-after flexibility that can significantly improve their work-life balance. By avoiding a commute, employees can have more time for family, hobbies, or simply more sleep! This can lead to increased satisfaction and possibly even higher productivity. Additionally, a home office could offer a quieter and more distraction-free environment, boosting focus and productivity. Finally, remote work can be beneficial for those managing personal commitments alongside careers or those who thrive in more solitary environments.

Employers can save money from implementing a remote workforce. Cost savings can include lower rents on office space, as well as decreased spending on utilities and office supplies. Perhaps the biggest benefit is that companies can hire top talent from anywhere, not just those geographically close to their offices. This can lead to a higher-quality, more diverse workforce.

Disadvantages of Remote Work

Even though many employees prefer it, the flexibility of remote work can be a double-edged sword. Blurred lines between work and personal life can lead to longer hours and potential burnout—or home distractions could result in substandard performance. Also, the camaraderie, opportunities for on-the-job learning, and sense of belonging that come from working with colleagues can be difficult to replicate virtually.

For employers, communication, the lifeblood of a cohesive employee team, can become more difficult in a virtual setting. Without on-site operations, opportunities for spontaneous brainstorming sessions and quick hallway discussions will be lost. Remote work models make fostering a strong company culture and team building more difficult. Finally, for companies where client interaction is crucial, remote work can be a challenge. While video conferencing helps, some clients may still value in-person meetings.

A Hybrid Approach

Many companies are finding that a hybrid work model can achieve the best of both worlds. A blend of remote and in-office work can fulfill the needs of employees, employers, and clients. To ensure communication and workplace cohesiveness while providing for clients’ preferences, it is best to have a combination of full-staff and half-staff office days rotating with remote days. An example of this would be full staff days in the office on Tuesdays and Thursdays, half staff days in the office on Mondays and Wednesdays, and full remote on Fridays.

Guidelines for Building a Successful Remote or Hybrid Work Model

Regardless of the chosen model (fully remote or hybrid), a well-planned approach is essential. Here are some detailed recommendations:

Clear Expectations

Document your expectations in a handbook that fully outlines your firm’s remote work policy. This handbook should clearly define work hours, communication protocols, and guidelines for equipment use and data security:

• Work Hours: Specify daily working hours when employees are expected to be available and responsive. This helps maintain clear boundaries while offering flexibility. Consider offering some level of employee choice in determining their split between remote and in-office workdays. Note that certain roles might require more in-person collaboration, necessitating a more structured approach.
• Communication Protocols: Outline preferred communication platforms (email, instant messaging, Microsoft Teams, video conferencing), and establish response time expectations to ensure efficient information flow.
• Performance Metrics: Define clear performance metrics used to evaluate employee success in a remote or hybrid environment. This could include project deliverables (financial plans, investment reviews, and so on), number of clients served and client meetings/phone calls, and client satisfaction ratings.
• Security Measures: Outline data security measures to protect sensitive company information. This includes data encryption policies, strong password requirements, and guidelines for handling confidential information remotely. It is also best practices to provide company hardware (computers, tablets, headsets) managed by company internal or external IT specialists.
• Acceptable Use Policy: Clearly define acceptable use of company equipment and software to ensure responsible use of company resources. Employees should not be allowed to use company tools for personal purposes.

Technology

The success or failure of full or hybrid remote work depends heavily on technology. Reliable videoconferencing tools, cloud-based collaboration platforms (like Google Docs), scheduling tools, and project management software are crucial for seamless communication and information sharing between remote and in-office employees. Be sure to invest in high-quality hardware and software. Supporting a remote team requires tools that are robust and reliable.

Empowering Your Workforce

Managing a fully or partially remote workforce necessitates careful and thoughtful handling of employees. This includes training and support, fostering a culture of trust and accountability, and building teamwork.

• Training and Support: Training is imperative in the areas of communication, cybersecurity, and work-life balance techniques. Communication training should include etiquette for video conferencing, best practices for online collaboration tools, and clear writing skills for emails and instant messaging. Employees should be educated about cybersecurity best practices to protect themselves and company data from online threats, including training on phishing email identification, strong password hygiene, and secure data handling practices. Beyond “technical” areas, employees should be offered training and resources to help maintain a healthy work-life balance while working remotely.
• Fostering a Culture of Trust and Accountability: When employees are not on-site, it can be more difficult to supervise and manage them. Management should shift from monitoring activity to measuring results. Be sure to set clear performance expectations and provide regular feedback to ensure employees are on track. To do this, open communication and transparency must be encouraged between managers and employees. This will foster trust and allow for early identification and resolution of any issues. Finally, recognize and reward employees for their achievements; this motivates employees and reinforces positive behaviors.
• Building Teamwork: Remote workers require more opportunities for building rapport with their co-workers, including formal and informal options. Formal options can include regular virtual team meetings (weekly or biweekly) to discuss projects, share updates, and promote informal interaction as well as organized virtual social events, like online games, trivia nights, or online book clubs. Informally, you can encourage remote workers to schedule periodic virtual or in-person lunches and also establish an online forum or chat platform for casual communication and knowledge sharing. This allows for peer-to-peer collaboration and fosters a sense of community.

Dealing With Clients

While employees might be thrilled with the opportunity to work fully or partially remotely, clients might not mirror that enthusiasm. Beyond maintaining your client service and quality at high standards, you must work to ensure a positive client experience at all levels.

While video meetings have become commonplace, when it comes to clients, it’s important to go beyond a one-size-fits-all approach. Communication is key here. Be sure to clearly communicate the flexible meeting options you offer. During initial client contacts, determine their preferred meeting format and honor their preferences. For long-term clients, realize that the shift to full or partial remote work will be new—and possibly scary—to them. Conduct a survey to get an idea of your client base’s preferences. Ask if they prefer in-person meetings, video conferencing, or a combination of both. Gauge their comfort level with different technologies and inquire about any accessibility needs. Consider categorizing clients based on meeting preferences.

Finally, be prepared to answer client questions and address any concerns they may have regarding remote interaction. In the end, it is your responsiveness and service level that will make all the difference.

Be flexible in your meeting options, including in-person, video conferences, and hybrid meetings:

• In-Person Meetings: Even if you have a fully remote workforce, you should maintain a limited office space (strategically located for client convenience) to host in-person meetings. Consider offering travel assistance (like Uber or Lyft) for key client meetings and initial consultations.
• Video Conferencing: There’s nothing worse than fuzzy or garbled video conferencing. Be sure to invest in high-quality video conferencing hardware and software with clear audio and high-definition video. Train employees on proper camera positioning, lighting setup, and professional etiquette for video conferencing. Be flexible by offering clients to choose their preferred video conferencing platform (for example, Zoom, Teams, Google Meet). Finally, provide clients with clear instructions and technical support for joining video conferences.
• Hybrid Meetings: To accommodate clients who want to participate remotely while others attend in person, you need to offer hybrid meetings. Again, be sure to use high-quality audio and video equipment to ensure clear communication for both remote and in-person participants.

Today’s employees no longer want to work in an office five days a week. To remain competitive and to attract and retain top talent, employers must be willing to adopt at least a hybrid remote work model. The success of this model depends on clear communication, flexibility, and a commitment to creating a positive work environment for both remote and in-office employees. To ensure the arrangement meets the evolving needs of your business, employees, and clients, be sure to regularly evaluate and refine your hybrid work policy.