{"content":[{"text":"How Wealth Managers are Responding to COVID-19 \n Preparing for a New Normal","bbox":{"left":0.087255,"top":0.063638,"width":0.5762980000000001,"height":0.05458199999999999}},{"text":"April 2020","bbox":{"left":0.859216,"top":0.099015,"width":0.06186199999999997,"height":0.017955}},{"text":"On April 10th, our team hosted two video conferences for WISE members to discuss strategies for managing a largely \n remote workforce. The following is a summary of insights from more than 40 financial services firms. We were pleased to \n have Gavin Spitzner, President of Wealth Consulting Partners, serve as co-host. For Gavin’s video summary of these calls \n click here (link), or access his curated list of COVID-related resources for wealth managers.","bbox":{"left":0.08822,"top":0.18851,"width":0.809872,"height":0.06573699999999999}},{"text":"From Enabling Remote Work to Establishing New Routines to Solving New Problems","bbox":{"left":0.088235,"top":0.281445,"width":0.6146280000000001,"height":0.01976699999999998}},{"text":"Firms continue to reshape their businesses in ways that have no precedent. \n Phase 1. Enable remote work and execute on continuity plans. It took just over a month for firms to enable nearly \n 100% work-from-home. Most firms have settled into new routines that include rotating “in-office” schedules for \n essential staff (e.g., to handle paper), streamlining or digitizing basic servicing tasks, and establishing recurring \n meetings to address business continuity. Key lessons learned: all employees need the ability to work remotely; \n firms that fared best already had well-defined continuity plans.","bbox":{"left":0.088217,"top":0.317659,"width":0.793569,"height":0.09931799999999996}},{"text":"Phase 2. Intensive client communications and servicing. Concurrent with work-from-home efforts, ‘Phase 2’ saw some \n of the most intensive client communications in history. Goals: recurring outreach to all or most clients, discuss \n goals, update financial plans, identify opportunities (e.g., SBA loans), serve as an empathetic counselor, and \n reinforce value propositions.","bbox":{"left":0.088181,"top":0.433342,"width":0.8175760000000001,"height":0.06591999999999998}},{"text":"Phase 3. Improve remote work productivity, maintain morale, and address sales (see next section). Phases one and two \n are well underway, but there are numerous opportunities to improve remote work practices. In terms of growth, \n firms are confident that servicing efforts will yield incremental assets and revenues from existing clients, but \n replenishing sales pipelines and closing new business virtually is a hurdle that few have attempted. Daunting sales \n challenges warrant attention; many firms do not expect a return to normal for at least six months to a year or more.","bbox":{"left":0.088199,"top":0.515627,"width":0.820832,"height":0.0824370000000001}},{"text":"Improving Remote Work Productivity","bbox":{"left":0.088235,"top":0.614475,"width":0.27414,"height":0.01976699999999998}},{"text":"A top priority: maintain employee morale. \n Firms generally report high staff morale. Managers credit video’s ability to create feelings of connectedness and \n intimacy. Employees are able to engage their peers in new and humanizing ways, e.g., by seeing their co-workers’ \n families, pets, work spaces and homes on a regular basis. Ironically, the pandemic has also contributed to an esprit \n de corps and shared feelings of purpose. For some, supporting local communities by participating in the SBA loan \n programs inspired tremendous cross-firm collaboration and volunteerism. Although morale is high now, managers \n are wary about the risks of indefinite work-from-home, diminished social opportunities and deferred vacations.","bbox":{"left":0.088217,"top":0.645845,"width":0.820415,"height":0.11583600000000005}},{"text":"Regular employee engagement is one of several morale-boosting tactics; adjusting goals is another. \n Maintaining small morale boosters—video conferences, contests to pick the best home workstations, bring your \n pet to work day, etc.—are imperative for lightening moods. In addition to regularly inquiring about the well-being \n of teams and being measured in their communications, managers are deploying a number of tactics to sustain \n morale, for example:","bbox":{"left":0.088145,"top":0.77813,"width":0.8151139999999999,"height":0.0828000000000001}},{"text":"WISE l 1","bbox":{"left":0.869216,"top":0.939605,"width":0.042557999999999985,"height":0.01490199999999997}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}