The Benefits of Remote Working as a Financial Advisor

Why are more advisors leaving the traditional office behind?

At Xtiva we’ve noticed a change in how many of our users work and manage their teams – remote working. More and more financial advisors are leaving their traditional offices behind in favor of remote working. While the conventional face-to-face model of advising fit in the past, we’re entering a new age of digital advising. With more advisors marketing to millennials, more clients are seeking a remote advising experience. 

The rise of remote working isn’t limited to financial advising. Since 2005, the number of people working from home increased by a startling 140%. Remote working isn’t just for freelancers and other types of gig workers. It’s also a great fit for financial advisors, especially thanks to new communication tools and resources that make it easy to stay in touch with clients from anywhere. In this guide, we’ll explore the benefits of remote working as a financial advisor. 

How Do Financial Advisors Work Remotely?

In the past, remote working simply wouldn’t be possible for advisors. Because of the highly personal nature of the work, being able to communicate face-to-face was key. Thanks to new tech tools like instant messaging, email, video calls, and AI dashboards, it’s now possible for advisors to manage their work from anywhere. 

There are two main ways advisors work remotely. The first is to be a solo entrepreneur, setting up shop for oneself. The other method is by working for a wealth management or financial advising company that hires remote workers. With recent studies showing that remote working is more productive than traditional office work, more firms are offering this option to their advisors than ever before. 

Why Choose to Work Remotely?

For those who have never considered leaving their workplace behind, why would you choose remote work? Working from home could raise a lot of red flags for advisors used to the traditional model of 9-5 work. 

Not only could it be isolating, but you’ll be in charge of your own schedule. For many, the benefits far outweigh the cons. What exactly are the main benefits of remote work for advisors?

You can work from anywhere. 

Financial advisors who work remotely can work from anywhere. Many work from home offices or check in regularly at their workplace headquarters. A lot of advisors enjoy frequenting coffee shops or renting a desk at a coworking space. Some even choose to travel and live the lifestyle of a digital nomad. Either way, the freedom falls to the advisor to choose the workplace that suits them best. 

This flexibility to work wherever you can set up your laptop is a huge relief for many people. Working from home cuts down on time spent commuting, making it possible to live in a lower cost-of-living area. It also makes parents more available to their families and kids as needed. While working from anywhere isn’t something that works for everyone, it makes a lot of advisors’ lives easier. 

Remote working is more productive. 

While it’s easy to assume that working remotely without the structure of an office is less productive, the opposite is true. This is something that’s been extensively studied in American workplaces. The results are clear: working from home increases productivity

In a study of 1,004 full-time employees, remote workers are productive for an additional 10 minutes per day despite taking longer breaks. They also work 1.4 more days per month than their counterparts at the office. Those who work from home experience less stress to their mental health, and they need fewer days off. 

Greater access to clients. 

There’s a lot of misunderstandings about the types of clients willing to work with a remote financial advisor. If you’re trying to reach new markets with your advising business, remote working might be the solution you’re looking for. Not only are clients of all ages open to working virtually with an advisor, but this gives you more flexibility for meeting your clients’ on their terms. 

With 64% of advising firms already using video conferencing software to communicate both internally and with clients, this is not a drastic transition. For clients who travel often or lead busy lives, a virtual office is an easy fit into this fast-paced lifestyle. 

Tips for Working Remotely as an Advisor

There are a lot of benefits to leaving your traditional office behind. Not only do you cut down on your daily commute, but you have more flexibility over your workspace and your schedule. For many financial advisors, this is a match made in heaven. However, before you go remote full-time, pay close attention to these tips:

  • Get your feet wet – Instead of offering 100% remote services at once, start slow. Transition your clients slowly by offering virtual meetings to a few people at a time, introducing them slowly. 
  • Build a strong infrastructureSince you’ll be in charge of your own schedule, make sure you have a strong foundation in place to help you stay productive. This might mean mapping your client’s journey or setting clear office hours. 
  • Create a healthy workspaceMake sure you have a healthy, efficient workplace where you can get work done. Having a home office or a dedicated work desk is key. 

Is Remote Working Right for You?

The truth is that remote working isn’t for everyone. Not everyone thrives when they’re in charge of their own workplace and schedule, and that’s just one of the many differences that make us humans. However, if remote working is right for you, it’s a surprisingly productive way to push your practice in a new direction. 

If you’re planning on going remote either full-time or part-time, don’t underestimate the importance of having a routine and schedule. The right tools and planning make all the difference in your success. From there, it’s time to consider leaving your office behind.