Advisers struggling with face time priorities
Research by Perpetual Investment Group has found that financial advisers are increasingly struggling to make time to meet face to face with clients despite wanting to.
With success in the industry closely linked to client engagement, it’s vital that financial advisers make enough time for their clientele, the research suggested.
"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 clients' affairs," Gary Lembit, Perpetual's senior manager for client insights and analytics, said.
They found that while advisers spent 30 hours a week on client business, they only had nine hours per week to meet with them.
Furthermore, it was found that in rapidly growing practices advisers met with an average of 14 clients per week, well above the industry average of 7.5.
When research shows the link between client meetings and growth, it’s unsurprising 60 per cent of advisers want to spend more time with clients.
"The research clearly shows the key to success for advisers is having a strong client-focused approach, and structuring their business around that is vital," Mr Lembit said.
It seems the attraction is mutual, with more than half of clients interviewed saying that meeting with their adviser gave them more confidence.
"Clients are now more driven to understand the thinking behind investment and strategic decisions."
However, advisers are increasingly finding their time consumed by other areas, spending up to 20 hours per week completing administration.