- Two out of five advisers are working longer hours this year
- Compliance and regulatory requirements are adding to the working week
Nearly two out of five advisers are working longer hours this year than last as a combination of business growth and increased compliance and regulatory requirements lengthens the working week, exclusive adviser research from Prudential1 shows.
When Prudential asked the same question in 20162 just 27 per cent said they were working longer hours.
Business growth is the main driver for the rise in working hours – 40 per cent of those putting in extra time said it was due to expansion but regulation and compliance are also major factors.
About 32 per cent say their increased working week was due to compliance while 26 per cent say regulatory requirements meant client meetings had to last longer.
Prudential’s Adviser Barometer found the average working week for an adviser is 42.3 hours and that around 31 hours a month is being spent on non-fee earning work.
That is just the average, however, with one in 20 advisers saying they need to work more than 60 hours a week to meet the demand for advice and regulatory requirements.
The longer hours have not meant any real increase in average fees. In 2016 the average across all work was £157 an hour compared with £160 an hour in 2017.
Paul Harrison, head of Prudential’s Business Consultancy for advisers, said: “Advisers can expect that their working week will continue to change as demands from clients for more specialist and sophisticated advice increases.
“In parallel, they need to adapt to the regulatory framework while running a business and focusing on continued professional development.
“Longer hours when driven by increased business may be viewed positively and that is the case for many advisers who are happy to work harder to ensure they are delivering the best possible support and advice for clients.
“For many people getting advice is critical to their long-term financial goals.”
Prudential’s research shows strong support for training and continued professional development with 62 per cent of advisers saying they plan to gain more qualifications, with more than half the advisers undertaking more than the minimum CPD requirement as they feel it’s vitally important.