The increased amount of time advisers spend meeting with clients during the market turmoil has been the root of the increased stress. The “2008 Health of Advisors Report” found that 77% of responding advisers say client demands are the most stressful demand on their time.
The report compares data before and after the crisis, which demonstrates an increase in time spent with clients. Before September 1, 71% of responding advisers reported spending less than 14 hours per week with their clients. Since September 1, nearly 57% of advisers reported spending more than 15 hours per week with their clients.
Of course, advisers are known to be hard workers. More than 81% of respondents work more than 40 hours per week, and almost half (47%) work more than 50 hours a week. And if they could have any wish come true? The leading response, with more than 75% of respondents, was to increase income/revenue or profitability.
In fact, nearly half (48%) of advisers surveyed reported boosting client numbers during the recent economic turmoil. The report suggested that advisers might have overextended themselves. Katherine Vessenes wrote in the report that “there is still a major problem here that is straining adviser’s health and their practices. That problem is that these advisers, who are seeing growth in their practice, are not properly prepared to spend more time with their clients—and it’s wearing on their health.”
Breathe in, breathe out. At least you are not alone.
The research was based on responses from 300 advisers and members of the Financial Planning Association.