“Some of the 30,000 independent firms that manage $5-triillion plus of personal assets are scaling up to larger, flashier, better-located offices at least for the nine-to-five workweek,” according to the article.
Lorenzo Esparza, CEO of Manhattan West Asset Management, leased a 13,000-square-foot space for his 42-person team in the Century City area beginning in October. The firm is currently in an 8,000-square-foot office.
To go to the new office, employees must be vaccinated. Clients do too. And temperature checks are taken at the door. "If you're going to work here, you have to be vaccinated. We created this safe bubble, and we don't let anyone in who isn't vaccinated," he said, according to the article.
Now may be a good time for advisors to renegotiate leases as they may have leverage over landlords.
Some firms are also adding headcount amid a return to the office.