It’s mixed news for IFAs as new research from Prudential shows how the working lives of advisers are changing.
The findings showed that 27% of financial advisers are working longer hours. Some are clocking up an extra two hours each day compared to a year ago. This means that for a quarter of advisers, the average working week is now 43 hours. But, this is nothing compared to 4% of advisers who say that they work more than 70 hours a week.
But, it’s not all gloom, as at the other end of the spectrum, just short of 20% advisers state that they are currently working fewer hours than compared to a year ago.
As for the average hourly fee, the research indicated that this now stands at £157.
What’s more, it’s also been revealed that advisers spend an average of one hour and 42 minutes each week on continual professional development. And one hour and 54 minutes a week on client meetings that do not result in new business.
Head of Prudential’s Business Consultancy for Advisers Paul Harrison said: “The last twelve months have seen an increase in the average number of hours worked each week by advisers. Some are clocking up more than two hours extra each day compared with a year ago, with a few even recording a 70-hour working week.
“Previous Prudential research has shown that advisers’ client meetings increasingly act as a new business referral tool, as existing clients recommend them to others. This may be linked to the increased hours worked, as advisers work harder to ensure they are delivering the best possible support and advice, fulfilling the needs of their clients.”