“The firm of the future is going to be one that embraces a digital and electronic management model and preserves the legacy engagement models, recognizing that future constituents will be different from what they were in the past,” Vigrass says. “The brick-and-mortar model is fading, and businesses will need a hybrid or digital advice component to serve a number of different segments.”
While many Americans have lost their jobs because of the pandemic, and many more are working from home or experiencing other disruptions, advisors are “busier than ever,” says Damon Deru, co-founder and CEO of AdvisorPeak, a portfolio trading and rebalancing platform. “With most people moving their firms, technology and staff to 100% remote and online, it was a good litmus test to root out inefficiencies in those firms,” Deru says. “If there’s a silver lining to any of this, it’s that these advisors are going to come out stronger and better on the other side.”
AdvisorPeak has joined fintech firms like Orion, Refinitiv, Advicent, DPL Financial Partners and Snappy Kraken in temporarily offering advisors use of some resources for free or at a reduced cost amid the outbreak.
The opportunity to test-drive new technology for free may lead to a new wave of adoption and innovation among advisors, Deru says.
“We’ve seen record sign-ups for the past two months,” he says. “Advisors are going to utilize tools offered, like ours, at free and reduced prices to help them during this period. Rather than being shell-shocked, I think most advisors are going to use this as an opportunity to grow and strengthen their processes for the future.”