Admin, compliance hampers adviser face time
Financial advisers spend more time on administration and compliance than they do conducting face-to-face meetings with clients, according to Perpetual.
The financial services group's research found advisers spent more than 30 hours a week on client business but only nine hours a week on face-to-face client meetings.
It also said advisers spent up to 10 hours a week preparing client statements of advice and other client-related administration work, six hours on the phone or e-mailing clients, and four hours on preparing for client meetings and reviews.
Perpetual client insights and analytics senior manager, Gary Lembit, said: "We need to work with advisers, clients, and the industry to ensure admin and regulations don't limit the time adviser spend in conversation with clients".
"Advisers know the value of face time with clients, yet feel their ability to meet face to face is compromised by the administrative and compliance effort required to manage their client's affairs."
Advisers in growing practices were seeing an average of 14 clients per week while the average adviser was seeing 7.5 clients a week.
The survey of 200 financial advisers also showed more than 60 per cent of advisers wanted to spend more face time with clients.
Meanwhile, more than half of clients said meeting with an adviser boosted their confidence, while 80 per cent of advisers believed face time with clients gave them more confidence in the advice provided.
Lembit said it was crucial to resolve the contradiction of advisers wanting to meet clients but being unable to do so due to compliance and administrative tasks.
AUTHOR
Malavika Santhebennur
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
