The Covid-19 pandemic and the subsequent move to work-from-home arrangements have presented new challenges to wealth management firms, according to a panel of lawyers hosted last month by Bates Group.
Employers are now faced with an unprecedented situation having to balance guidance from the Centers for Disease Control and Prevention, local and federal requirements and the health of their employees, which up to now has been a private issue, according to Beverly Jo Slaughter, managing counsel at Wells Fargo.
To stay ahead, managers should be sensitive to issues such as people opting to continue wearing masks while also directly addressing employees who say they don’t feel safe at the office, Slaughter said.
Slaughter added that firms may need to accommodate employees differently now that advisors have had the opportunity to evaluate their situations amid the pandemic. “Financial advisors had time to consider whether they wanted to continue to be an employee, an independent contractor, and where are the best opportunities to service clients,” she said.
Advisor supervision is an area affected by remote-work arrangements, but Slaughter and Bates Group managing director Ralph Blascovich both believe that firms already have the necessary tools to police employees properly. Blascovich pointed to annual compliance reviews, regular reviews of email and checking social media, while Slaughter said firms can look at declining production and frequent or large withdrawals, among other...
Read Full Story: https://financialadvisoriq.com/c/3310864/418794/employment_issues_going_forward_social_media_substance_abuse_litigation
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