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The Great Resignation: How investment advisors are responding

Investment advisor sitting at a desk with customers looking for advice on career moves and their financial impacts because of the Great Resignation.


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  • Investment advisors are seeing record numbers of customers looking for advice on career moves and their financial impacts because of the Great Resignation.
  • At the same time, advisors may be facing talent shortages of their own.
  • A cloud-based communications platform can help advisors essentially “do more with less.”

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In a trend known as the Great Resignation, an average of 3.95 million workers quit their jobs every month in 2021. By any objective standard, that figure is staggering. This drastic change in the workforce landscape has led to some unique challenges for investment advisors.

Many investment advisors are now working with a record number of clients trying to understand the financial implications of leaving their current jobs. In a labor climate highly favorable for employees, clients who once thought they would stay with their current employers until retirement are questioning whether there are better opportunities elsewhere. Investment advisors are fielding questions such as:

  • What should I do with my 401k benefits if I leave my job?
  • How will changing jobs impact my health insurance coverage or my general income?
  • Do I have enough saved to handle a period of unemployment while I look for another job?
  • Is this the right time for me to make a significant financial move?
  • How will an employment change impact my stock options, pension plans, and other financial perks?
  • What financial steps should I take before leaving my current job?
  • How can I ensure my next career move is financially sound?

At the same time, some investment advisors are facing their own employee shortages, with individual advisors rethinking their career options as well.

With more clients needing extra financial guidance and potentially fewer advisors to handle the stock portfolio management, what can investment advisors do? How can advisors, in effect, do more with less?

Financial advisor with a serious expression using a cloud-based communications platform to call a client on her mobile and give advice about the Great Resignation.

Having a cloud-based communications platform eases the load

One of the most cost- and time-efficient ways to help ease the client load for overwhelmed investment advisors is to leverage an all-in-one, cloud-based communications platform that can facilitate seamless advisor communication with clients and internal teams.

A cloud-based communications platform that includes phone, SMS messaging, and video conferencing capabilities opens the door to speedy communication and allows advisors and their clients to tackle issues quickly, so concerns don’t escalate into problems. Here are some of the ways a unified communications platform can help advisors connect with clients easily:

Offers anytime, anywhere access

Leveraging a cloud-based communications platform ensures that advisors can reach out to clients no matter where they are at any time via phone, video conference, or SMS messaging. Seamless API integrations enable advisors to use their favorite collaboration tools whether they are in the office or on the go.

Such solutions eliminate the need for clients and advisors to meet in person, saving clients (and potentially advisors) the time and expense of travel to a particular physical location. In practical terms, this means that advisors can spend more time actually advising clients and clients spend less time commuting.

Anecdotally, I used to meet with my financial planner in person twice a year. Following the beginning of the pandemic, that was no longer an option. I recall in the Spring of 2020 that my financial advisor sent a calendar invite for our regular meeting, but this particular meeting was going to be a video chat over RingCentral. I had never used RingCentral, but I distinctly remember how easy it was to log in to the call from my home computer. I didn’t have to download an app on the computer—I simply clicked on the meeting link, turned on my camera and microphone, and we were off and running. So easy, seamless, and convenient. Rather than spending 30-40 minutes driving to his office and then back again, we had the same “in-person” experience—only virtually this time. Truly an anytime, anywhere experience.

Offers collaborative tools for internal teams

A unified communications platform provides the same benefits between co-workers as it does in an advisor-client relationship. If an advisor needs additional data from a co-worker, a cloud-based communications platform gives them the tools to swiftly connect with other team members to obtain data, documents, or anything else that will allow them to assist clients effectively.

Gives clients options for their preferred communication channels

At a time when clients may be somewhat stressed by the thought of changing their careers, it is more important than ever for advisors to offer a great client experience. A well-designed cloud-based communications platform allows clients to choose their preferred channel of communication with their advisor. Mobile-first clients can be served on any digital channel, whether it’s voice, chat, email, SMS messaging, or social media.

A financial advisor offers a great client experience by leveraging a well-designed cloud-based communications platform that allows client to choose their preferred channel of communication with their advisor, as depicted by a voice call on a mobile phone.

Takes personalized service to a new level

​Communications platforms that leverage artificial intelligence ​​​for smart call routing can be paired with an advisor’s CRM tools to provide a more personalized experience for the advisor’s most important clients. By prioritizing those clients that need advice quickly to take advantage of upcoming employment opportunities, advisors ensure clients feel valued and appreciated during what could be a stressful time for them.

Provides peace of mind with industry-leading secure communications

​The right communications platform provides the highest level of security to protect customer privacy and personal financial data. ​​​For example, RingCentral’s cloud-based communications platform for financial services offers seven layers of security for end-to-end encryption. The platform is HITRUST CSF Certified and carries Skyhigh’s CloudTrust™ highest rating. RingCentral also offers support for FINRA-regulated customer compliance requirements, meaning that advisors and their customers can trust that communications are compliant with regulatory mandates across all communication channels.

Offers the convenience of one app for every communication need

According to Asana’s Anatomy of Work Index 2021, knowledge workers switch between 10 apps 25 times per day.  All that switching between apps leads to these workers missing a quarter of their deadlines.

​A cloud-based, unified communications platform provides advisors with one app for all their communications needs. It offers seamless API integration with the apps advisors need every day. That means no more clicking between disparate apps to get work done, which, in turn, leads to a higher level of productivity.

A financial services professional working on a laptop in a hybrid work environment
UP NEXT: Ensuring security in financial services hybrid work environments

Let RingCentral help you increase productivity

If you’re in the market for a leading unified communications platform that can offer you the right tools to stay connected with clients, RingCentral is the answer. It doesn’t matter if you’re working from a corporate office or at a local coffee shop. RingCentral provides strong results for investment advisors by:

  • Providing an all-in-one communications platform
  • Giving advisors anytime, anywhere communications access
  • Offering collaboration tools to keep your entire investment team on track and connected
  • Offering clients their choice of preferred communications channels
  • Providing seven layers of end-to-end security to protect data and client privacy
  • Supporting regulatory compliance requirements

The Great Resignation is having an impact on investment advisors, but you can lessen that impact by providing your advisors with the digital tools they need to address client needs effectively and efficiently. RingCentral is ready to help. Request a demo today to see how it works.

Originally published Mar 22, 2022, updated Mar 09, 2023

Work together from anywhere with messaging, video conferencing, and phone calls—all in a single platform.

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