Home office as an opportunity
Luxembourg, 04 January 2021 – With every new lockdown, more and more work is performed from home offices. “This situation is changing the daily lives of advisors and clients alike, but it also opens up new opportunities”, remarked Sabine Said, Executive Vice President of Moventum S.C.A. “While digital support is necessary in this process, it can never be an end in itself.” These are the results of a non-representative market climate survey of advisors.
52 per cent of Moventum advisors reported that their work had become more digital, although only some seven percent of clients are exclusively using digital channels. In a survey conducted by WhoFinance on behalf of Handelsblatt magazine, 86 per cent of all financial advisors revealed that the pandemic had accelerated their plans for digitalisation. “For the vast majority, digital offerings are an additional feature of their advisory work”, Said commented. About 21 per cent of clients rarely or never use digital access channels, while some 71 per cent only use them occasionally. “This reflects the importance of a personal approach to clients which will remain a meaningful element even when using all the new technologies.”
Home office is not necessarily a disadvantage, but actually offers new opportunities. “Many advisors are pointing out that home office work has actually strengthened customer contact, for example through video and telephone calls”, Said added. By eliminating travelling from and to clients, there is much more time left for personal conversations. With clients now frequently working from home, they are also benefitting from more time for work and relaxation. “Some people have been reviewing their finances more closely during the initial lockdown period”, according to Said. “And in the pandemic, it became evident that the portfolios of most of the advised clients did very well during that period.” On the other hand, private investors who were foregoing the use of advisors frequently ended up losing performance due to their frantic selling.
Nevertheless, successful work in the home office requires the right conditions – above all, a suitable infrastructure in the background. “It is important for advisors to have their administrative activities taken care of”, Said explained. “It is equally important to ensure that all legal issues are covered. Proactive, regular exchange on legal and regulatory aspects was really well received by our advisors.”
In recent years the financial sector has taken a number of steps to become more digital. “But this crisis in particular shows that financial advisors are crucial to clients’ investment success”, Said stressed. Moventum specifically benefits from its clear focus on advisors’ needs: “We are deliberately focusing on services for financial advisors, which ultimately helped us overcome the challenges during the pandemic.”
Additional information is available at www.moventum.lu.
As an independent financial service partner, Moventum S.C.A. is specifically addressing financial service providers such as financial advisors, asset managers, institutional investors, and NGOs. Its services in asset management and asset building include a web-based securities investment platform focusing on funds, relieving financial advisors of administrative tasks, and integrating custody and account management for individual investors. Investment management tools, regulatory-compliant reporting and individual securities services are also part of the full-service range. Standardised fund asset management service with a sustainable, successful track record for the relevant risk/reward profiles complements the offering. The Moventum Group also enables institutional investors to outsource securities processing in its entirety. The MoventumOffice investment platform offers access to more than 9,000 investment products including funds and ETFs from more than 400 investment firms, including the use of analysis, reporting and support tools.
Moventum Asset Management S.A. (Moventum AM) is a wholly owned subsidiary of Moventum S.C.A. The management company, in which Moventum’s asset management expertise has been concentrated since the beginning of 2019, manages Moventum’s own funds and individual mandates as part of its asset management portfolios.