Advisers who spend more time with clients are far more likely to grow their business rapidly, according to research from Perpetual.
A Perpetual survey found that, on average, advisers see 7.5 clients per week, but that advisers in rapidly growing practices are managing to see an average of 14 clients per week.
Perpetual senior manager of client insights and analytics, Gary Lembit, said the research shows that the key to success for advisers is having a strong client-focused approach, and that structuring their business around it 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,” Mr Lembit said.
The survey found that advisers spend more than 30 hours per week on client business but only 9 hours per week face-to-face with clients, and that more than 60 per cent of advisers want more face time with their clients.
"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,” Mr Lembit said.
“Clients are now more driven to understand the thinking behind investment and strategic decisions.”
Perpetual surveyed 200 financial advisers in conducting its research.
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