Increasing regulatory requirements area reason two out of five advisers are working longer hours this year.
Nearly two out of five advisers are working longer hours this year than in 2016 owing to business growth and increased compliance and regulatory, research from Prudential1 shows.
When Prudential asked the same question in 2016 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.
The news comes at a time of increasing pressure from the robo-advice and digital wealth management space where more processes tend to be automated.
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.
One in 20 advisers, however, say 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.”