The devastation following the COVID-19 crisis will lead to a lull in RIA mergers and acquisitions, followed by a surge until a return to normal, writes David DeVoe.
Even as the number of advisors jumping channels has slowed during the pandemic, it has not stopped independent channels from continuing to attract the most net new advisors, according to new data.
Advisor headcount at the big firms continued to erode, and the expected flight to cash, zero interest rates and slowdown in economic activity cut into assets under management.
'That first night was just agony and screaming, because the body was under attack. But a virus is not going to take me down,' said Kashif Ahmed, a Boston-based financial advisor who contracted COVID-19.
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With so much uncertainty and negativity pervading our lives, it’s helpful to imagine a future where we witness positive effects of the crisis on the RIA industry.
In addition to the 5,000 employees who already worked from home prior to the pandemic, the insurance company will have a total of 30% of its employees working remotely on a permanent basis.
