Bob Veres digs into our latest Consumer Report and Pulse of the Industry benchmarking survey to unpack how the data speaks to the challenges facing financial advisors as the industry emerges from the pandemic.
As we begin to return to a sense of normalcy in the wake of COVID-19, we surveyed the G2 Leadership Institute community of firms on where they currently stand halfway through the year. The results are in, and we invite you to download the full Pulse of the Industry: 2021 Midyear Survey.
Understanding how the industry has been impacted by COVID-19 and the accompanying dramatic shifts in behavior, politics and society that we have seen in its wake is crucial as we continue to build our plans for 2021. Toward this effort, we invite you to explore the results of our most recent Pulse of the Industry survey.
The fundamentals of good communication do not change simply because there is a camera involved. The limitations of virtual communications make it even more important that we present ourselves and our insights with an additional level of thoughtfulness and care.
Since people have continued to be productive online during the pandemic, there is a strong temptation to conclude that we don’t need in-person interactions anymore. But when things go back to normal, we can’t forget that in-person meetings have always been fundamental to our client relationships.
Financial advisors are exceptionally talented at reaching out to clients and asking them how they feel. Unfortunately, we often forget to do the same with our teams. We did a quick survey of advisory firms and found that virtually every single firm had reached out to its clients with multiple letters and phone calls during the pandemic. But almost no CEO penned a letter to employees.
We believe that there is a lot of power in learning from each other, and so we reached out to current and former participants of the G2 Leadership Institute to crowdsource their best practices for managing a crisis.
The likely impact of the COVID-19 crisis is that many firms will abandon their already fragile internal succession plans and seek refuge in the safety of institutional buyers and larger organizations. Founders need to continue trying to save internal succession, even if it’s tempting to give up.
In the third episode of our Crisis Management webcast series, Philip Palaveev addresses how G2 leadership can maintain the spirit and optimism of their teams who are experiencing rapid and disorienting changes as their firms adjust to the “new normal” in the wake of COVID-19.