Research from Prudential has found that nearly two out of five advisers (40%) are working longer hours this year due to business growth and more compliance.

Increasing business is the main driver for the rise in working hours with 40 per cent of those putting in extra time saying it was due to business expansion, however regulation and compliance are also significant factors.

About 32 per cent blamed their increased working week on regulatory compliance while 26 per cent said regulatory requirements meant client meetings were lasting longer.

Prudential’s Adviser Barometer found the average working week for an adviser was now 42.3 hours and around 31 hours a month is being spent on non-fee earning work. However, one in 20 advisers say they need to work more than 60 hours a week to meet the demand for advice and regulatory requirements.

Despite the longer hours, fees have not risen. In 2016 the average across all financial advice work was £157 an hour compared to £160 in 2017.

Paul Harrison, head of Prudential’s Business Consultancy for advisers, said: “Advisers can expect that their working week will continue to change as demands from clients for more specialist and sophisticated advice increases.
“Longer hours, when driven by increased business, may be viewed positively and that is the case for many advisers who are happy to work harder to ensure they are delivering the best possible support and advice for clients.

Prudential’s research shows strong support for training and continued professional development with 62 per cent of advisers saying they plan to gain more qualifications, with more than half the advisers undertaking more than the minimum CPD requirement as they feel it’s important.