Research from financial services group Perpetual has found that a majority of advisers want more face time with their clients.
A Perpetual survey found that advisers spend more than 30 hours per week on client business but only nine hours per week face-to-face with clients, and that more than 60 per cent of advisers want more face time with their clients.
Perpetual senior manager of client insights and analytics, Gary Lembit, said: “We need to work with advisers, clients and the industry to ensure admin and regulation don’t limit the time advisers spend in conversation with clients.
“Clients are now more driven to understand the thinking behind investment and strategic decisions,” he said.
The survey also found that advisers see 7.5 clients per week on average, but advisers in rapidly growing practices are managing to see an average of 14 clients per week.
Mr Lembit suggested the research shows that the key to success for advisers is having a strong client-focused approach, and that structuring their business around this is vital.
“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,” he said.
Perpetual surveyed 200 financial advisers in conducting its research.