How Can Trust Companies and Family Offices Quickly Adapt to the Complexities of a Remote Workforce?
Trust companies and family offices, like other businesses across the country, are facing unprecedented challenges as the COVID-19 crisis continues to unfold. Aside from the daunting challenge in the preservation of wealth through hostile markets, fiduciary organizations have had to manage the abrupt switch from office environments to employees working from home (WFH).
How are trust companies and family offices overcoming the challenges of accommodating a remote workforce?
Theoretically, information-based companies like trust companies and family offices should be uniquely suited to be able to respond and adapt to this situation, considering that the main challenges of WFH are secure and efficient access to primarily digital information. Unfortunately, the primary technology platforms fiduciaries use—from accounting systems to document management and others—weren’t designed and built to manage the stresses imposed by the entire employee base working remotely. These issues are compounded by the simultaneous changes in management style and practices demanded by a remote workforce.
While we are not going to address the issues in managing WFH, our experience at WealthHub in providing an operating platform for trust administration that is designed for use from any device and any location gives us some unique perspectives into the primary issues fiduciaries should be addressing in adapting to WFH: security; user experience and efficiency; and communications, including reviews, approvals and related documentation.