Many financial advisors are attracted to the industry due to their love of markets (especially stock markets). Others get a thrill from helping others improve their financial lives. Whatever the reason, these professionals quickly find that a profitable business is dependent on spending a significant amount of time on client servicing and marketing.
The chart below presents the results of a study clocking the hours spend by elite and non-elite advisors. There is a clear differential in how elite and average advisors spend their time. The average advisor spends over 40% of their working hours on investment and administration matters. Client-based and employee training activities constitute most of elite advisors’ working hours.