A recent survey by The Exeter has found financial advisers are feeling a squeeze on their time, with increased advice demand and regulatory changes cited as major pressures.
The research found that 34% of advisers pointed to increased demand for advice and regulatory changes as key challenges.
Another 26% said documenting and recording advice conversations was eating into their time.
More than a third (35%) of advisers felt that network, industry, and provider updates were impacting their time.
Matthew Chapman, The Protection Coach, offered some advice for advisers facing these time pressures.
Chapman said: “The best advisers focus on having meaningful client conversations rather than drowning in admin.
“To make the best use of the time they have with clients, advisers should consider making some simple changes to their processes and look to technology to help save time where possible, these could include: Blocking out ‘dedicated hours’ in their diary for client conversations, where nothing can distract them from having proactive advice conversations.
“Using structured sales frameworks (such as anchoring to financial goals) to make meetings efficient and compelling, reducing the need for follow-ups.”
He also suggested automating or delegating non-client-facing tasks where possible and recording advice conversations and using technology to transcribe and summarise key points.
Chapman added: “Regulatory changes, CPD, and industry updates are non-negotiable, but they shouldn’t consume client time.
“Instead, advisers should look at these as opportunities to improve their effectiveness:
“Consider booking non-client time into the diary each week and set this aside for structured learning and development.”
He said: “Access CPD resources in a way that works best for them, whether it’s attending a training session, listening to industry podcasts while commuting, or following relevant experts for insight and opinion.
“Ensure they surround themselves with like-minded high performers who can share valuable insights to help cut through the noise we face as advisers.”
Chapman also recommends using the ‘one-touch’ rule.
He added: “Every interaction advisers have should add value to their business and help them manage future workloads: when making recommendations to clients, ensure they are crystal clear, so that they don’t need endless follow-ups to clarify information.
“When updating on regulation or provider changes, focus only on what’s actionable and relevant to their clients.
“And finally, leverage existing client touchpoints, like annual reviews, to combine a range of topics, such as compliance and protection, to ensure the conversations are high value.
“By taking control of their time and being intentional with their focus, advisers will be able to not only grow their business but also maintain a level of balance in a constantly evolving landscape.”
Jamie Page, head of protection distribution at The Exeter, said: “These findings highlight the challenges advisers face daily and underscore the importance of balancing client-centric conversations with ongoing professional development and efficient time management.
“Matthew Chapman’s practical tips provide valuable insight on navigating these pressures whilst continuing to deliver the best possible outcomes for clients.”
Page added: “As well as looking to colleagues or the wider adviser community for support, I would also encourage advisers to make the most of the relationships, tools and resources available from insurers which are designed to support their advice conversations and ongoing professional development.”
