3 Ways Coworking Space Inspires Financial Firms

November 17, 2017 / Written by Corporate Suites Staff

Broker-dealers. RIA firms. Hedge funds. Fintech companies. While the trade varies from one type of financial firm to the next, what they all have in common is one thing: they live or die by the whims of the market. But it’s not all that cut and dry. The physical surroundings that a financial firm occupies can have a large effect on its success. Here are three ways that executive office suites in NYC can be a source of inspiration.

#1: The “Co” Culture

In a world where your Facebook status matters more than your DNA, we live in the age of heightened collaboration.

Just look at all the “co” words that are part of modern-day vernacular: coworking, co-habitation (when you live with someone you’re not necessarily interacting with), collabo (an online piece of content that jointly features two curators), co-parenting (raising a child with someone that you are not romantically involved with).

Financial firms have typically been buttoned-up types. They play it close to the vest and don’t get overly preoccupied with being the most popular guy or gal on the block.

With coworking, though, all of this has changed. Welcome in the Millennial generation, the cohort that came to the job market at the same time it was crashing down. The purveyors of the Occupy movement which was the proverbial “shove off” to Corporate America.

Suffice to say that they’ve changed the game. Now you see office culture impacted so dramatically by this new attitude of freedom, openness, collaboration, and acceptance of others. While it hasn’t quite inspired the financial world to make a 180-degree shift, it’s getting there.

Now you see financial firms such as hedge funds or financial advisors more open to working from an executive office suite in NYC whereas in years past they would have leased an office themselves and then sub-let the extra space to other occupants. Time-consuming and not necessarily the best thing for a small firm’s balance sheet. Plus consider the added stress of having to manage tenants. And furnish the place, and heat the place, and on and on and on…

A new age has dawned and financial firms are starting to turn a new leaf and participate in this “Co” culture by way of executive suites in NYC that provided by a coworking operator. In this set up, the company subleases directly from the operator and doesn’t have to worry about any of the administrative aspects of their office.

The people are inspirational. It’s not just the energy but also the potential for doing great things together.

According to Greg Fink of ACG Wealth, a financial planning and investment management firm, “We’ve found that for our company, an open space office plan encourages collaboration among team members from different generations. This has only increased our ability to execute team deliverables and serve our clients faster and more efficiently.”

Now the buttoned-up hedge fund manager is sipping coffee across from the well to do attorney I the coworking café. And by the way he just sold interests in his past firm so he’s got a ton of cash to invest and nowhere to put it…They may even meet a client or two at the coworking center’s monthly events.

Lots of attorneys and accountants in Corporate Suites 6 NYC locations – and these are great centers of influence who refer financial clients business. For that reason alone, financial companies should love the idea of working in one of our coworking offices in NYC!

 #2 Better Location Than Affordable On Your Own

The great thing for financial firms who take advantage of executive office suites in NYC is that they can get into Class A real estate that they wouldn’t have been able to afford on their own.

And being in a centrally located building with cache and all the accouterments is a great psychological motivator. Take for example the Corporate Suites office at 1180 Avenue of the Americas. Companies who lease a suite in this building get access to a world-class location and prominent business address with fantastic amenities, including 24/7 access and security, lobby attendants, imposing on-the-avenue entrance and modern lobby with multiple high-speed elevators. This location is easily accessible from all major transportation hubs, including Penn Station, Port Authority and Grand Central.

Forgive me for being blunt, but the truth of the matter is that for a small firm or a startup firm with a few people and a Bloomberg terminal, locking into a long term lease to be on the hook for high rental overhead doesn’t exactly jive that well.

This is especially true for startups who may be facing unstable income. And also consider the nature of the markets, cyclical and seasonally influenced. Who wants to be on the hook for more rent than they can afford just because the summer was slower than you thought? Or because your income crashed due to a political development that shocked the markets?

It’s not a slam dunk for all financial firms. The decision to pursue executive office suites in NYC depends on a myriad of factors including the firm makeup.

Take for example the financial advisor community. According to Jack Waymire, CEO of Paladin Digital Marketing,” A small percentage of small RIAs work from home. Another percentage work in executive suites. It all depends on their employees which could be none, 1-2, or more. The more employees the more likely they are to have leased an actual office”.

#3 Conference Rooms that Impress

Nobody gets excited about the bathroom when they check out a new apartment. Likewise, conference rooms are not at the top of anyone’s priority list when looking for executive suites in NYC.

But it matters when you’re trying to close a deal with an affluent individual or a referral partner such as an accountant or attorney, you want to feel like you’re “killing it.” It makes a difference psychologically if you’re in a beat up meeting room with no artwork and the furniture looks like it’s from IKEA. No offense to IKEA, but you know what we’re getting at.

That’s why Corporate Suites decks out their meeting rooms with the finest technology and décor. We understand financial firms need that ambiance behind them when they’re in a transaction.

If you’re going to deal with the big money, you’ve got to look the part!

Summing it up on Executive Office Suites in NYC

The NYC office space where you work can be a source of stress and distraction or one of inspiration. Let us take you there with our executive office suites in NYC that will involve you with a vibrant community, put you in a great strategic location, and position you to impress those hard to convince clients. Financial firms can email info@corporatesuites.com for your private tour of our 8 NYC locations.