Financial advisers waste almost five hours a week doing menial tasks, according to a study by adviser tech platform Advicefront.
With an average hourly wage of £46.38, one hour in eight is spent on unnecessary tasks and costs advisers £220 per week in wasted time.
The survey asked advisers how much time they spend weekly on tasks that are “unnecessary” or “could be done faster” and got an average of 4 hours and 45 minutes.
Advisers waste from roughly two and a half hours to three hours a week on each of these tasks: shredding or disposing of paperwork, printing documents, filling out forms by pen or pencil, or physically filing paperwork.
Advisers further waste more hours each week manually doing tasks that could be automated such as fact-finding, preparing suitability letters and re-keying data.
Surveyed advisers were spending on average 5 hours and 25 minutes on financial planning and 4 hours and 16 minutes on “client engagement and education”.
Advicefront chief executive José Supico says: “It’s clear that financial advisers are overwhelmed with paper and facing a daily fight against increasingly onerous admin tasks, leaving them less and less time to do what they love doing – sitting down with their clients.”