Almost a third (31.5%) of advice professionals work more than a standard 35 to 40 hour week, with the number of hours worked closely connected to work-life balance, according to new research from Intelliflo.
Research respondents were asked to score their work-life balance between 1 and 5, with 5 being ‘very good.’ Average scores fall in an almost straight line as weekly hours climb, from 3.61 out of 5 for 35 to 40 hours per week, to 3.27 for those working 41 to 48 hours, and 2.90 for those working 49 hours or more.
The research found that many of the extra hours are spent on administration. Of the average 9.2 hours it takes to guide one client through the advice process, two-thirds are spent away from the client.
Technology adoption tells a more encouraging story. Four-fifths of respondents (80%) say technology made a significant or moderate improvement to their work-life balance. Those who report that it has made a significant improvement also rate their work-life balance meaningfully higher (3.75 out of 5) than those who feel little or no benefit (3.23 out of 5).
Asked what they would do with time freed up by technology, respondents’ priorities were personal rather than commercial. More than half the profession would put it back into their own lives, with 35% saying they would reclaim personal time and 21% using it to reduce their core working hours, compared with 25% who would grow their client base or business.
Richard Wake, chief operating officer at intelliflo, said: "The research shows that almost a third of the profession is working more than 40 hours a week, and much of that time goes on admin rather than advising clients. Technology is changing that.
"Firms that put it to work are saving hours on every client, and they can reinvest that time in their business, whether that's serving more clients, deepening relationships or developing their teams. And whether advisers put those hours back into their business or their lives, the choice becomes theirs. The right technology lets them take their time back."
