Juggling work-life balance during vacation season

Hey financial advisors, are you ready for the summer?

Memorial Day marks the unofficial start to summer for American workers. It also means the official start of juggling season for wealth managers who need to keep their practices afloat while their support staff cycles through their well-deserved vacation time.

And maybe even steal a few days off for themselves too, if possible.

Josh Hawkins, COO at Leverty Financial Group, believes in the importance of balancing work and personal life, especially during the summer months. As a result, he implemented “Summer Fridays,” where his team finishes work at noon on Fridays from Memorial Day to Labor Day.

“We view this time as an opportunity for our employees to spend quality moments with their families and enjoy the great outdoors,” said Hawkins. “Alongside our ‘Flex Time Off’ policy, this initiative helps our team manage their schedules while still providing excellent service to our clients.”

He adds that this summer policy ensures his team remains “happy and productive, ultimately benefiting everyone.”

Meanwhile, Craig Robson, founding principal and managing director at Regent Peak Wealth Advisors, says his firm implemented an unlimited PTO policy when they launched in 2019. He calls the move “a rarity in the wirehouse environment and a point of pride in our culture.”

“Some colleagues start their day early, take a midday break for exercise, and then finish up their work. Others need to see their kids off the bus in the afternoon and can work remotely to complete their tasks once their kids are home,” said Robson. “Some team members have volunteer commitments, and we allow them to structure their schedules to balance work with their board responsibilities or community involvement.”

He says as summer approaches and more team members take time off, he expects the firm will balance its workload internally among groups with similar roles to maintain its “high standards” to meet client needs.

During the summer, clients are more inclined to engage, reconnect, and exchange ideas, says Monish Verma, founding partner, Vardhan Wealth Management, a Summit Financial firm. In addition, Verma says the season presents an ideal opportunity for firms to appreciate their internal teams.

“At Vardhan, we use the summer to strengthen both client and employee relationships in settings outside the office, including dinners, baseball outings, happy hours and family barbecues,” said Verma. “Deepening these connections helps us to better understand our clients needs and remain aligned on goals. It also contributes to a more efficient and collaborative work environment for our employees.”

Christopher Foster, founding partner at Procyon Partners, says his practice maintains a hybrid remote working schedule year-round that requires employees to be in the office three days a week, but permits them the flexibility to work remotely on Mondays and Fridays. Beginning Memorial Day weekend, and running through Labor Day, he also allows employees to work alternating half-day Fridays.

“Employees pair up with a colleague, and for 12 weeks they alternate leaving early every other Friday to get a head start on their weekend,” said Foster, adding that it’s been a “greatly valued perk.”

On the other hand, Christopher Davis, partner at Hudson Value Partners, says there will be no adjustments to his office work schedule for summer.

“Investment management is a full-time job and we are always studying for the ‘pop quiz’ the market will throw at us,” said Davis.

That said, Davis says he does take advantage of quieter days summer often provides for more time-intensive research projects and in-house initiatives. He adds that summer can also be handy for more “in-depth conversations with clients who may have less on their plates.”