UK advisers working longer hours, charging £157 per hour

Added 7th June 2016

More than a quarter of UK financial advisers are working longer hours, charging an average hourly rate of £157 ($226, €199), according to research from British insurer Prudential.

UK advisers working longer hours, charging £157 per hour

The survey, which questioned 206 advisers in the UK in March, found that some advisers work an extra two hours or more each day compared to a year ago.

The study into the working practices of advisers shows that on average advisers work a 43-hour week, charging an hourly rate of £157.

Around 4% of respondents said they regularly work up to 70 hours a week.

On average, advisers are spending  one hour and 54 minutes a week on client meetings that do not result in new business, while one hour and 42 minutes is used each week to pursue continuing professional development.

Paul Harrison, head of Prudential’s business consultancy for advisers, said advisers are working longer hours to attract business through word of mouth.

“Some are clocking up more than two hours extra each day compared with a year ago, with a few even recording a 70-hour working week.

“Previous Prudential research has shown that advisers’ client meetings increasingly act as a new business referral tool, as existing clients recommend them to others.

“This may be linked to the increased hours worked, as advisers work harder to ensure they are delivering the best possible support and advice, fulfilling the needs of their clients,” he said. 

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

Monira Matin

Senior Reporter

Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

Features

Disclosure is a benefit, 'not an enemy'

Disclosure is a benefit, 'not an enemy'

Having avoided the high commission trap, Isle of Man-headquartered IOMA Group is well placed to thrive in the new world of fee disclosure and transparency, says managing director Chris Kenning.

Analysis

Profiles

Directories

Canada Life International Limited
Canada Life International...

Canada Life International Canada Life House,...

Tweets

Events

IA International Portfolio Bond Forum Bristol 2017
IA International Portfolio Bond Forum Bristol 2017

Wednesday 22 February
Mercure Bristol Holland House Hotel

IA International Retirement Planning Forum Dubai 2017
IA International Retirement Planning Forum Dubai 2017

Wednesday 15 March,
Shangri-La Hotel, Dubai

IA International Portfolio Bond Forum Leeds 2017
IA International Portfolio Bond Forum Leeds 2017

Thursday 27 April
Thorpe Park Hotel, Leeds

IA International Portfolio Bond Forum London 2017
IA International Portfolio Bond Forum London 2017

Wednesday 3 May
Waldorf Hilton, London

Sponsored Content

Investment Strategy

OTHER STORIES FROM LAST WORD...