When asked by the British insurance company if they thought they were working longer hours this year, 39% of advisers said yes.
This compares with just 27% of advisers in 2016.
Growth and regulation
Prudential said the main driver for the rise in working hours was business growth, with 40% of advisers noting it as the reason they had worked extra time in 2017.
This was followed by 32% saying they were working longer due to compliance, while 26% said regulatory requirements meant client meetings had gone longer.
Paul Harrison, Prudential’s head of business consultancy for advisers, said those working in the financial advice industry can expect their working week to continue to change as demands from clients for more specialist sophisticated advice increases.
“[Advisers] need to adapt to the regulatory framework while running a business and focusing on continued professional development,” Harrison said.
“Longer hours when driven by increased business may be viewed positively and that is the case for many advisers who are happy to work harder to ensure they are delivering the best possible support and advice for clients.
“For many people getting advice is critical to their long-term financial goals,” he said.
Longer hours
Prudential’s barometer found the average working week for advisers is 42.3 hours, with about 31 hours a month being spent on non-fee earning work.
That is just the average, however, with one in 20 advisers saying they need to work more than 60 hours a week to meet the demand for advice and regulatory requirements.
However, the longer hours have not meant any real increase in average fees. In 2016, the average fee across all work was £157 ($209, €175) an hour compared with £160 an hour in 2017.
