Chief Financial Officer
Reflecting on the past year, no one could have anticipated the wide-ranging implications of COVID-19. Organizations around the world were forced to step up and make critical decisions related to business continuity. During periods of disruption, a firm’s ability to manage and mitigate the impact to its business is critical. In the face of a global pandemic, I believe Oxford demonstrated strength and resilience as we swiftly adapted to changing circumstances.
Addressing one’s fears is essential to charting a path forward. Each of us at Oxford plays an important role in advancing our clients’ financial goals. Despite the current headwinds, we can be certain of one thing — normalcy will return. As past crises and market upheavals throughout history have demonstrated, staying the course has always been a prudent approach.
Ensuring business as usual during the shutdown meant maintaining communication, embracing technology and working together effectively. Our existing infrastructure ensured associates had the ability to securely access Oxford’s systems remotely. We further supported the shift to off-site work by equipping staff with additional computer monitors and equipment. And, we successfully onboarded new associates, providing them with the support, training and guidance needed to become successful team members. Recognizing the challenges associated with isolation, we took steps to boost employee morale with virtual after-hour events and gifts of appreciation sent to their homes.
We understand that our clients have had to adapt to many changes and that’s allowed us to engage with clients in different ways. Following guidance from state and local health officials, we resumed travel to meet with clients in-person, of course following social distancing guidelines. For those clients who preferred it, we also continued to meet remotely via teleconferencing. We recognize that every client relationship is unique and therefore we must chart a path forward together.
We are thankful to report that despite all the changes, Oxford is stronger than ever:
- We have enjoyed a record year in terms of our top and bottom lines
- We eliminated almost all of our discretionary expenses of the firm without pay cuts or position eliminations
- We were able to pay all of our associates their maximum deserved bonus
- Firm morale and culture is probably the highest it has ever been
It has been a year of challenges and it is a testament to our clients and advisors for their faith in us, and our exceptional team of associates for their hard work and dedication, that we have come out of 2020 with such strength and success. We are extremely thankful to our clients, advisors and staff for their trust and support.