More than a quarter (27%) of financial advisers are working longer hours with some working more than two hours extra each day compared with a year ago. One in 25 work 70 hours or more each week, according to new research.

Adviser research for Prudential found that:
• More than a quarter of advisers are working longer than a year ago, clocking up an average 43-hour week
• The average hourly fee for a financial adviser is £157
• Advisers spend an average of 1 hour and 42 minutes each week on continual professional development, and 1 hour and 54 minutes a week on client meetings that do not result in new business.

While more than one in four (27%) financial advisers are working longer hours at the other end of the spectrum, one in five (19%) say they are currently working fewer hours than a year ago.

The study into the working practices of advisers shows that the average adviser works a 43-hour week however, one in twenty five advisers (4%) clocks up more than 70 hours each working week. When it comes to fees, the average hourly rate stands at £157.

Paul Harrison, head of Prudential’s Business Consultancy for advisers, said: “The last 12 months have seen an increase in the average number of hours worked each week by advisers. Some are clocking up more than two hours extra each day compared with a year ago, with a few even recording a 70-hour working week.

“Previous Prudential research has shown that advisers’ client meetings increasingly act as a new business referral tool, as existing clients recommend them to others. This may be linked to the increased hours worked, as advisers work harder to ensure they are delivering the best possible support and advice, fulfilling the needs of their clients.”

The adviser research was conducted for Prudential by Opinium and was carried out in March 2016 with responses from 206 financial advisers nationwide.