Due to an increase in the number of workers who do not want to continue working in typical office settings, shared workspaces have become quite popular. Not only can coworking spaces provide basic workplaces, but they also do so at a relatively low rate.
Coworking spaces can also boost productivity, albeit they may not be suitable for all businesses. Consultants, on the other hand, have migrated in droves to Coworking spaces throughout the years.
Because of the flexibility, cost-saving potential, and availability of resources at a reasonable cost, shared workspaces are great for financial advisors.
A financial advisor’s duty is to provide competent financial advice, manage customers’ finances, and project success in the external world. They must work in an atmosphere that provides them with such power in order to attract the best clientele.
8 Reasons Why Financial Advisors Should Embrace the Virtual Practice Model Today
Under the COVID-19 pandemic, the market for long-term office leases has entirely collapsed, as has the requirement for in-person meetings, at least for the time being.
Once we begin to recover, demand for coworking spaces will grow, but offices will never be the same. Financial advisers will likely have to wait a long time to meet with their customers one-on-one again, at least in person, since consumers are more than ever comfortable with virtual meetings and will certainly prefer them to the old belly-to-belly methods of the past.
If in-person meetings are held, they are most likely to take place in coworking spaces that have all of the required hygiene and safety safeguards in place. So, what does the “new normal” for financial advisers look like?
The sooner financial advisers adopt the virtual practice model, it appears, the better. In my honest view and experience, becoming a Virtual Financial Advisor is the only way to keep working and grow your business like never before. Let’s look at 8 reasons why.
1. Exponentially Make More Money While Managing Risk
Consider how much money you’ll save if you move your practise online. Your overhead will drop dramatically, and the money you save will be immediately translated into profit, which you may put back into your business or use to improve your current quality of life.
You’ll also be able to efficiently manage risk. You won’t put your clients in any dangerous situations, and you won’t waste money on a meeting with a potential client just to have them refuse your services.
2. Increased Productivity
This is particularly true for small company owners who operate from home. It’s easy to become sidetracked while we’re at home. Children require attention, the house must be cleaned or maintained, and special projects can arise at any time. You can establish a “work mode” that will help you be more productive by moving to a different location. Many coworking spaces are open 24 hours a day, seven days a week, so you never have to worry about getting work done.
Coworking is about being flexible. Choose the day and time of your work and get there, it’s that simple! Renting office space from an agile workplace offers you the chance to take charge of your own day without the hassle of owning an office. It’s basically, one less key to worry about!
4. Reduce Operational Costs
For small business owners, having a dedicated private office space might seem costly but working within a coworking space, the benefit of using shared amenities outweighs the cost. Business owners can work within these spaces without having to worry about the overheads such as the internet, electricity, maintaining office equipments, replenishing cups, tea, and coffee to name a few.
5. Place To Learn
The working environments in a coworking office space allow for interactions with people with a different mindset, skills, and knowledge. This can improve a person’s outlook and provides a learning opportunity to either upskill themselves or improve their own productivity.
6. Mental Wellbeing
Working in a shared office space is a way to meet new people and increase your own network. This helps in avoiding loneliness, improving interpersonal skills, and many coworking spaces also offer various self-improving workshops which can help in boosting your productivity.
7. Virtual Mailing Address
Aside from having a common workspace, co-working members also share a virtual space. Each member gets their own official virtual email address. As a startup or small business, first impressions are that much more critical when building clientele. A corporate email provides a distinct way to validate the business’ credibility as a report and trust is built.
8. Leveraging Time and Money in Modern World
People want things fast, and they are willing to pay a premium for instant gratification. If you can deliver your services online and progressively at the convenience of your clients, you can leverage time to make more money. It’s as simple as that.
Physically having to meet with people, either at your office or in their homes, was a slow and tedious approach, and quite frankly dated. If you are to leverage time and money in the modern world, you are going to need to provide a forward-thinking, cutting-edge service.
Coworking Space vs. Traditional Office Space: Which is Right for You?
When you’re choosing a physical location for your business, you can either go with a coworking spaces or a traditional office. Each has its pros and cons, but the right choice depends on the type of business you have, the goal for production and how you want your business to be perceived by clients.
If you are trying to decide between a coworking space and a traditional office space for your business, here is what you need to know.
Coworking spaces often have an open-concept layout and are shared with anyone who is a member of the space. In order to maintain an environment of collaboration and communication, the spaces are typically filled with comfortable furniture, shared technology like printers and Wi-Fi, and even free coffee.
Pros of Coworking Spaces:
Varied workspace: Coworking spaces allow individuals to move around within the area.
Collaboration and networking opportunities: There are many opportunities to meet individuals who you may not have met otherwise.
No miscellaneous expenses: Costs like utilities, renovations and furniture are all included in your fee. There are no high up-front costs or long-term commitments. You can pay month-to-month, or choose a different plan depending on the space you choose.
Built-in management: You don’t need to worry about office management.
Traditional Office Spaces
Built for productivity and focus, traditional office spaces are a private headquarters for your company. The layout may be open like a coworking space, but you also have the option to divide it up into cubicles or offices for individuals. There are designated conference rooms for group meetings, and you have complete control over your technology and other resources.
Pros of Traditional Offices:
Privacy: Office spaces and meeting rooms offer quiet, professional environments with fewer distractions and scheduling conflicts.
Individual production: Rather than the collaboration and networking that happens in coworking spaces, traditional offices encourage individual work.
Professional client-facing environment: Confidentiality and privacy are maintained for clients.
Personal branding: The entire office space encapsulates your brand.
There are several reasons why financial advisors are using Coworking Spaces more frequently. This is due to several advantages it offers their business. The biggest consultants may still retain a personal workspace, but the tide is swiftly changing as well.
Interested in renting out a coworking space?
We offer spaces at monthly rates, from private offices to open networking spaces. If you’re interested, check out workspaces at Let’s Connect India.