Business growth and regulation increasing adviser working hours

Business growth is the main driver for the rise in working hours, at 40%, but regulation and compliance are also major factors.

About 32% say their increased working week was due to compliance while 26% say regulatory requirements meant client meetings had to last longer.

The research 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.

However one in 20 advisers are working 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.”