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Time-Starved U.S. Financial Advisors Considering Alternative Options, J.D. Power Finds

An illustration of a female financial advisor, in a grey t-shirt in front of a black laptop, and a male advisor, in a grey jumper in front of a black laptop, looking at a clock. Two disappointed looking clients stand behind in red outfits.

New research from J.D.Power says nearly one in three advisors say they don’t spend enough time with their clients.

Why? Because they spend an average of 41% more time each month than their peers on non-value-added tasks, such as compliance and admin.

Many advisors struggle to find the time to deliver the level of service they know is critical to growing their business.

This is making many advisors assess their future, with 20% of advisors indicating they are five years or less away from retirement and around 30% of advisors “probably will” be working for their current firm in the next one or two years (as opposed to “definitely will”).

We’ve seen our customers take many different paths to improve the time their advisors spend with clients. Here are a few ideas to help get you started:

  • Use your advisors for discovery and pass execution to paraplanners, support, or technical staff. Essentially, these firms ensure advisors use their time seeing clients, with everything else passed over to other team members.

  • Outsource everything not client-facing. Several of our customers use virtual assistants and outsourced paraplanners from firms such as Virtual Business Partners.

  • Use technology to make the back office more efficient. Several firms help you streamline your technology solutions to improve efficiency in the back office through repeatable processes or automated workflows. In fact, we have a partnership with LibertyFi, which specializes in creating operational efficiencies.

  • Use technology to make the front office more effective. This is where tools like Lumiant come in. Proven engaging processes and experiences help you get under the skin of clients consistently, making the meeting process more effective.

Also, check out our latest Lumiant Live episode with CEO of LibertyFi, Allie Jordan.

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