Friday, 21 September 2018 09:07

Advisers spend less than 5 hours 30 mins a week on Financial Planning

Rate this item
(0 votes)
Some advisers face admin overload Some advisers face admin overload

Financial advisers spend nearly five hours a week on “unnecessary” tasks, according to a study of how advisers use their working week.

Most of the advisers surveyed (see table below) said they spent only 5 hours 25 minutes a week on providing Financial Planning advice to clients.

The study by adviser tech platform Advicefront found that time wasted per adviser amounted to around one in every eight working hours, costing them £220 per week in wasted time.

The firm asked 86 UK financial advisers to reveal their salaries, average weekly working hours and the hours they spend on various tasks.

The average gross annual wage was £81,956 for an average 39 hour week, according to the survey, giving an hourly rate of £46.38.

 

Asked to work out the time wasted each week on tasks they believed were either “unnecessary” or “could be done quicker”, the average adviser response was 4 hours and 45 minutes.

For an adviser on a 40 hour week working the standard 46.4 weeks per year, that amounts to a ‘loss’ of £10,222 per year in productive time.

Respondents said they spent on average:

  • 2 hours and 55 minutes shredding or disposing of paperwork
  • 2 hours and 41 minutes printing documents
  • 2 hours and 35 minutes filling out paper forms by pen or pencil
  • 2 hours and 23 minutes filing paperwork

 They were also asked to say how much time they spent manually on tasks that can be automated using technology and said they spent, on average:

  • 4 hours and 34 minutes fact-finding
  • 4 hours and 16 minutes preparing suitability letters
  • 3 hours and 8 minutes fact-finding
  • 2 hours and 55 minutes re-keying data

 

Asked about two main client-facing tasks, they spent an average of 5 hours and 25 minutes a week on Financial Planning and 4 hours 16 minutes on “client engagement or education.”

José Supico, chief executive of Advicefront, said: “It’s clear that financial advisers are overwhelmed with paper and facing a daily fight against increasingly onerous admin tasks, leaving them less and less time to do what they love doing – sitting down with their clients.”

 

Task

Hours

Base of respondents

Financial Planning

5h 25m

70

Client engagement/ education

4h 16m

81

Data collection

3h 36m

83

Re-keying data

2h 55m

80

Performance reports

3h 23m

85

Regular review service

4h 34m

83

Fact-finding

3h 08m

82

Pipeline / sales tracking

2h 44m

85

Wrap account opening

2h 33m

83

Portfolio trading

2h 59m

84

Client approval and signatures

2h 59m

85

Secure document sharing

2h 47m

83

Client referrals

3h 36m

85

Suitability letters

4h 16m

82

Opening letters

2h 27m

85

Printing documents

2h 41m

85

Filling out paper forms by pen or pencil

2h 35m

83

Physically filing paperwork

2h 23m

84

Shredding or disposing of paperwork

2h 52m

85

source: Advicefront Survey

 

FREE. Get more stories like this daily to your inbox. Unsubscribe at any time. Sign up now.

FINANCIAL PLANNING JOBS - Save 10% with this code 
Reach 12,000+ potential candidates by advertising your vacancy with us. Set up an account and post your job in minutes. Big savings for advertising 2 or more vacancies.
2019 Special Offer: Save money - Use code 'FPJSaver10' on checkout to save. Click here for details:
jobs.financialplanningtoday.co.uk/