As I write this, almost 60% of the workforce in the United States of America has the option of remote work in their employment contracts. Workplace Analytics recently completed a survey and came up with the following forecast:
“Our best estimate is that 25-30% of the workforce will be working-from-home multiple days a week by the end of 2021.” – Kate Lister, President of Global Workplace Analytics
The whole world has had to adapt, and from a financial advisor’s perspective, this is hugely positive. For us, it means that we will cut down on costs dramatically, and we’ll be able to serve our clients when and how we (and they) want to.
When I refer to permanency, I am talking about the fact that you’ll be able to work from anywhere in the world, at any time of day, and for anyone you wish to, even if lockdowns continue indefinitely. A beach house? A cabin in the woods? Do you want to work in two different cities a year so that no matter what, it’s always summer? All good so long as you have a decent internet connection and the right infrastructure! The only thing I can think of that would stop you from working is a major technological shutdown, and if that happens well then, we all might as well just pack it in.
So, let’s look at some of the perks of the Remote Advisory Model.
Hiring New Staff Has Never Been Simpler
Communication is so easy to manage, given the tech at our fingertips. You can now hire staff at a cheaper rate, per hour and without having to fork out for any of their infrastructures. The remote advisory model has no geographic boundaries, meaning you can hire people from anywhere in the world.
Being able to hire international employees also means your virtual financial planning practice can run 24/7. If you have people representing your business in multiple time zones, your profits will increase exponentially.
Remote work models increase productivity
Another reference from that Workplace Analytics article suggests that remote workers produce 43% more output than their 9-5 counterparts. So not only can your business grow significantly, but you’ll also have a much more productive team working for you. Oh, did I mention that your employees will be a lot happier too? By embracing the remote advisory model, you’re promoting a healthy work/life balance.
The same goes for you too!
A Healthy Work/Life Balance
You can now maintain a greater balance between your personal life and your responsibilities as a business owner.
Rather than having to work all day and visit clients in the evening after hours at their homes, you are freeing up your time to focus on other things that interest you. Have you always wanted to renovate a boat? Do you want to pursue a passion project or even spend time with your kids in the afternoons? Well, now you can – it’s all about time management.
Being genuinely flexible allows you to live a fuller, more rewarding life.
Furthermore, a flexible schedule lowers stress and strengthens your output.
Retaining Employees Is No Longer an Issue
With the remote work model, you don’t have to have a single permanent employee if you don’t want to. You can quite literally run a business with a freelance workforce. Think about how expensive your hiring process is. With all of the online platforms for hiring freelancers now available, you cut those costs entirely. You pay per hour, per task, or project – no strings attached.
In fact, hiring freelancers is highly cost-effective as you only pay for their services. Are you looking for an expert in something out of your experience? No problem – you can find any professional online.
There’s another added benefit here – a truly diverse team.
When you bring a group of people together who have unique perspectives and backgrounds, it results in a more innovative workforce. If you have an idea, you can brainstorm with your team members, and receive much fascinating insight from them.
Think about how different the perspective of a junior financial advisor from California is to that of a digital marketer from Amsterdam, for instance? A diversified team can only be a positive step forward for your practice.
Technology to Better Serve Your Ideal Client
From building an easy-to-navigate website to promoting your services online, anything is possible in the digital age. You can even embed code into your website that syncs with your calendar to allow clients to book their own appointments. Your online presence becomes your new overhead cost (investment), and it’s a whole lot cheaper than office space and continuous travel expenses.
You’ll need to invest in software and perhaps a team of expert individuals to take your digital footprint to the next level. Fear not; it will most definitely result in more lead conversions.
A Fraction of The Cost
You won’t have to pay for electricity, water, office supplies, or furniture with the remote advisory model. You won’t have to pay for employee benefits or travel either.
It’s a no-brainer! Haven’t read our Virtual Proclamation eBook yet? Get it here for free and find out how you can start migrating to a fully remote financial practice today.
I hope you enjoyed reading this!