The average financial plan takes an advisor more than 15 hours to produce.
Rich Napolitano | Dec 23, 2020
A study from Michael Kitces found that while financial advisors work for an average of 43 hours per week, only 36% of that time is spent building client relationships or engaging in business development and meeting with prospective clients or centers of influence. Instead, advisors must spend the bulk of their time on non-client-facing work such as building financial plans and reports.
From data gathering to plan presentation, the study found that the average financial plan takes an advisor more than 15 hours to produce. While the majority of advisors report using stand-alone financial planning software, most use other tools in tandem, suggesting that the systems they’re using are not really integrated.