Home may be where the heart is, but more employees are finding it may not be where the bonuses and promotions are. And that’s got financial advisors speaking with clients more than ever about the financial tradeoffs of remote work.
As the return to the office trend takes hold, many wealth managers are increasingly helping clients explore its impact on their career choices, retirement savings and long-term financial strategies.
Collin Gimlin, financial advisor at Prime Capital Financial, said the long-term implications of remote work depend on the individual’s value to the company and the company’s philosophy on employees working from home. He points out that from a cost standpoint, the remote employee should theoretically be saving more money without having daily costs such as fuel and food. As a result, they should be able to save more for their retirement and wealth accumulation.
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