Zoomed-out advisers are returning to the office

As much of the world braces for a potential second wave of the COVID-19 pandemic, some financial advisers are viewing the glass as half full and playing the odds that getting back to the office is worth the risk.

“We have been fully back in the office since mid-June, and I cannot for the life of me figure why others are not,” said Patrick Beagle, owner of WealthCrest Financial Services.

Beagle, who operates a five-person office in Springfield, Virginia, introduced work-from-home policies in mid-March along with much of the country but realized “there’s something lost on WebEx and Zoom when it comes to collaboration.”

“Virginia was under a mask mandate, and we were considered an essential business, so June 15 felt like the right time to get back into the office,” he said.

In addition to recent air travel, Beagle has clients come into the office, but they follow the protocols of mask-wearing, handwashing and social distancing.

“In our area, Fairfax County, there are a lot of other things that are going to get you before COVID,” he said. “And if you get it, there’s an above-99% chance you’re going to survive.”

"When we were out of the office it was seamless for clients but more labor-intensive for us."

Barbara Shapiro, president, HMS Financial Group

While most of the largest financial services companies like Fidelity, Vanguard, and T Rowe Price, which employ tens of thousands of people, say they are still mostly in remote-work mode, the part of the industry most closely connected to consumers is feeling the need be in the office.

“We are in Michigan and we have been in the office the entire time,” said Nadine Burns, chief executive of A New Path Financial in Ann Arbor.

Even though her business was deemed by the state to be an essential service, Burns along with her handful of colleagues have to follow state-mandated protocols that include filling out daily health-related checklists and displaying a card in their vehicles that show permission to be on the roads.

In addition to hosting clients in the office, Burns has also managed two different interns over the course of the summer.

“Everybody has been safe, and everyone has been good,” she said. “We try to social distance, but if we get any busier than this it will be scary. Between Zoom and in-person meetings, we’re really busy.”

UNANIMOUS CHOICE

At Paradigm Wealth Partners in Knoxville, Tennessee, the seven-person staff unanimously agreed to stay in the office.

“We were prepared to have the entire staff work remotely if necessary, but our staff wanted to be in the office the entire time,” said co-owner Jonathan Bednar. “Our team took extra precautions to monitor health, and we did stop all appointments for a while but have slowly been introducing them back into our office as needed.”

After some “heart-to-heart” talks with all the employees, Bednar said, “everyone wanted to be in the office for the camaraderie.”

“We slowed down having clients in the office at first,” he said. “Early on we only had them in if needed, but at this point we’re holding as many meetings as we were pre-COVID, which is about five to 10 meeting a week in the office.”

ZOOM BURNOUT

For most of the advisers who are back in the office or never left, “Zoom burnout” is among the justifications.

“When we were out of the office, it was seamless for clients but more labor-intensive for us,” said Barbara Shapiro, president of HMS Financial Group in Chestnut Hill, Massachusetts.

Shapiro and her team moved back into the office in May, but they are not yet open to seeing clients in the office.

“I do not allow clients to come in even if they just want to drop something off,” she said. “We hold client meetings via Zoom and thus far they are fine with meeting that way.”

Charlie Weeks, founding partner at Barrister in Philadelphia, moved his three-person team back into the office a few months ago, but has been dealing with the roller coaster of adjustments and protocols ever since.

“We have had some clients who still prefer virtual meetings, but others have wanted to meet in-person,” he said. “The city itself seems to be getting back to normal as well with a lot more people in the downtown areas eating and going to the office.”

Weeks has continued to teach small classes for members of the Financial Planning Association, but a recent spike in COVID cases forced the cancellation of a Nov. 23 financial literacy class he planned to host in his building with 30 attendees.

“It seems like things were starting to reopen, and we were seeing people on the elevators,” he said. “But with this week, with some of the announcements related to the COVID, our building has shut down access to those conference rooms again.”