Whatever happens, advisors are not taking the heat from clients about investment performance. However, they are being forced to help clients deal with big lifestyle issues. Moreover, these changes are only beginning.
Cetera also paused the sale of certain real estate products. Various classes of real estate, like office buildings and shopping malls, face an uncertain future. Antoniades said one reason to halt sales for a while was to clarity valuations.
Antoniades was named CEO of the IBD network in December. He acknowledged that the last five have been turbulent and that it wasn't "a fairy tale" time to take over a very large IBD. But he also said revenues were holding up for the firm and most of its reps.
LPL Financial, the nation's largest IBD, also posted advances in revenues during the first quarter. There is also emerging evidence that those Americans who remain employed have increased their savings rates—many traditional spending outlets have been closed so consumers have fewer options. If the experience of Cetera and LPL is indicative of much of the industry, the advisory business might emerge as one of the winners in this harrowing public health crisis.