Only one in 10 financial advisors in a new survey said they had found external asset manager wholesalers more helpful to them as they contended with the effects of the coronavirus pandemic, Broadridge Financial Solutions reported Monday.
Twenty-two percent of respondents reported that external wholesalers were less helpful in navigating the ramifications of the pandemic. And 32% said the number of wholesalers they relied on had decreased compared with two years ago.
Seventy percent of advisors surveyed acknowledged that their practice had entered a lasting “new normal” as a result of COVID-19. Broadridge said this challenged asset managers to adapt in order to better serve them.
Among advisors who said they had returned or planned to return to the office, 58% expect to work at least partially remote one year from now. One in five were unsure when they would return to the office.
The survey was conducted by 8 Acre Perspective Corp. in July and August among 401 financial advisors with at least $10 million in assets under management and 20% of those assets in ETFs and/or mutual funds.
Two-thirds of advisors reported that they had found working from home has been just as effective as working from the office.
However, the survey identified a generational gap among advisors during the transition to remote working, with millennial advisors having more success than their older counterparts.