UK protection and health insurer, The Exeter, has released findings from their survey of financial advisers, revealing their priorities and concerns for the upcoming year - with over a third of advisers (35%) find their time being impacted by network, industry, and provider updates and a further third (34%) stating an increase in demand for advice as well as regulatory changes as a key challenge.
Additionally, advisers also noted continued professional development and learning (31%), meetings with business development managers and third parties (28%), and the documenting and recording of advice conversations (26%) as taking up a significant portion of their time that could otherwise be spent with clients.
The Protection Coach, Matthew Chapman, has suggestions for advisers looking to balance the demands placed on their time to ensure they get the most out of their advice conversations, including prioritising client-centric conversations over admin; blocking out dedicated contact time; delegating or automating administrative tasks, and scheduling time for professional development.
Chapman said:
“The best advisers focus on having meaningful client conversations rather than drowning in admin. To make the best use of the time they have with clients, advisers should consider making some simple changes to their processes and look to technology to help save time where possible."
He added, of regulatory requirements adding hours to the working week: “Regulatory changes, CPD, and industry updates are non-negotiable, but they shouldn’t consume client time. Instead, advisers should look at these as opportunities to improve their effectiveness." He suggests advisers vary their CPD resources - for example, using podcasts rather than reading. He also noted that clarity for client recommendations was key, ensuring they dont need 'endless follow-ups to clarify'.
He concluded: "When updating on regulation or provider changes, [advisers should] focus only on what’s actionable and relevant to their clients. And finally, leverage existing client touchpoints, like annual reviews, to combine a range of topics, such as compliance and protection, to ensure the conversations are high value. By taking control of their time and being intentional with their focus, advisers will be able to not only grow their business but also maintain a level of balance in a constantly evolving landscape.”
Jamie Page, Head of Protection Distribution, The Exeter, said: “These findings highlight the challenges advisers face daily and underscore the importance of balancing client-centric conversations with ongoing professional development and efficient time management.
“Matthew Chapman's practical tips provide valuable insight on navigating these pressures whilst continuing to deliver the best possible outcomes for clients.
“As well as looking to colleagues or the wider adviser community for support, I would also encourage advisers to make the most of the relationships, tools and resources available from insurers which are designed to support their advice conversations and ongoing professional development.”
