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RIA Custodians Shift to Work From Home

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As RIA custodians adjust their operations in light of the spread of the coronavirus and the related market and economic fallout, most are having staff work remotely. 

“We have more than 95% of our client experience team working remotely,” said a spokesperson for Fidelity Institutional. 

Fidelity adds that this client experience team, which works with RIAs and other firms, first put a “remote work protocol” in place in 2018. It did so “in response to our associates’ desire for flexibility, but we have implemented it as a business continuity tool for situations like weather emergencies, including hurricanes and snowstorms.” 

The firm also says it is ready to “shift as needed and … to implement additional strategies such as off-shifting, and reallocating technology to support our most critical and customer-facing processes.”

Other Custodians

Meanwhile, TD Ameritrade  Institutional says that in this fast-moving situation, it’s keeping RIAs informed about its business-continuity plans and news affecting events.

“We have long offered a flexible work environment … [and on Tuesday] implemented an even broader work-from-home program to address recommendations by public health officials, and to support our employees impacted by school and childcare closures,” the firm said in a statement.

TD adds that about half of its staff began working from home this week. “We will continue to follow the guidance of organizations like the CDC and state health departments to align our responses and are prepared to adjust our plans as needed,” it explained.

BNY Mellon’s Pershing Advisor Solutions says that both the unit and the larger company are turning to remote work and the “use of alternate sites to protect our employees while remaining operational and responsive to client needs.”

Check out more of ThinkAdvisor’s coronavirus guidance for financial advisors.

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