An advisor’s most precious resource isn’t their technology or expertise. It’s their time. But that time is in high demand, with many competing priorities, including growing the firm, providing great service, staying up-to-date and compliant with changing regulations, administrative tasks, and more. Even with those tasks, advisors can’t forget who matters most: their clients.
Let’s look at how much time advisors actually spend with clients and how they can automate their back office to make the most of that time.
Surveys Show Advisors Have Limited Client Time
A recent survey by J.D. Power found that nearly one-third of advisors say they don’t have enough time to spend with clients because of time-consuming administrative tasks. Instead of building precious client relationships, advisors spend time entering data and trying to stay organized. Of the advisors who say they don’t have enough time, 41% spend more time each month on “non-value-added” chores like compliance and administrative tasks than interfacing with clients.
Even advisors who may feel like they have time to spend with clients spend much of their time on other tasks. In a typical advisor’s day, about 20% of their time goes to administrative tasks, plus another 30% preparing for client meetings. Essentially, for every one hour of client meetings, advisors spend at least two hours in preparation, plus their time on administrative tasks.
On a given day, administrative or organizational tasks may seem small. But when you multiply those findings by an entire week or month, advisors spend hours on work that doesn’t put them in front of clients or build relationships. That ratio isn’t sustainable and limits how many clients an advisor or firm can take on. By spending so much time behind the scenes, advisors restrict their time with clients and their firm’s growth.
The Best Thing You Can Offer Clients? Your Time.
Time spent with clients matters — after all, clients keep advisors in business and the reason behind their careers. Advisors who feel strapped for time with their clients rank lower in client satisfaction. One survey found that advisors who don’t spend as much time with their clients can have a Net Promoter Score (NPS) of 27–30 points lower than their competitors.
Time with clients matters because it helps advisors get to know them better and personalize the experience and their recommendations. Trust is the foundation of a solid client-advisor relationship, and it comes from meeting and building rapport. If clients feel like their advisor never has time for them or takes a long time to return their calls or emails, they’re more likely to look for another advisor who can show up for them.
One survey found clients fire their advisor when they are unhappy with the following:
- Quality of financial advice/services (32%)
- Quality of relationship with their advisor (21%)
- Absence of quality communication (9%)
These concerns all center around time. When an advisor doesn’t spend as much time with clients or isn’t available to them because they are working on other tasks, it impacts the quality of their financial advice, relationships, and communication. Advisors choose an advisor because they want their advice and expertise. Successful advisors prioritize their time to focus on clients.
How To Spend More Time With Clients
Even for advisors who understand the importance of spending time with clients, finding the time can be a struggle.
One of the most impactful ways to free up time is to turn to automation. The most time-sucking tasks, such as data entry, document storage, and scheduling, can be automated to provide smoother processes and more accurate results and free up time for more important tasks like building relationships with clients.
When advisors don’t have to take so much time collecting client information, analyzing data, and completing forms, they can spend that time getting to know their clients. Advisors can free hours every week to build relationships and grow the firm — and that’s time that can lead to a ripple effect of improved service, a stronger reputation, and more referrals.
Reducing manual processes helps advisors prioritize their time where it counts: with their clients. Learn more about how Docupace can reduce compliance errors, streamline back-office operations, and eliminate tedious paperwork.
