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. 

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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.

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