SmartAsset this week published a ranking of states where financial services firms’ main offices are listed as a private residence.
The efficacy of remote work may depend on various factors, it noted, such as advisors’ personality, their location, their team and their clients. This work format, SmartAsset said, presents advisors with both potential opportunities and challenges.
Remote advisors can reduce commute and prep time in favor of more productive tasks, and they may draw new clients from a wider geographic area. But they may give up some of the benefits of face-to-face interactions with clients and team members, including access to a pool of potential clients and the insights that derive from an array of experiences and communication.
SmartAsset ranked states based on the percentage of active firms that offer financial planning services with their main office registered as a private residence with the December Form ADV filings from the Securities and Exchange Commission for RIAs.
The filings reported the average remote team size, including splits between financial advisors and support staff, and the average number of clients across remote teams, including a breakdown for high-net-worth clients as defined by the SEC.
Seven states had no fully remote firms, the research showed: Kentucky, Maine, Montana, New Mexico, North Dakota, Vermont and West Virginia.
See the accompanying gallery for the 12 states with the largest percentage of remote advisory firms.
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