Administrative and compliance responsibilities continue to dominate advisers’ workloads, limiting the amount of time spent on clients, says Fidelity International.
According to the latest IFA DNA study from Fidelity Adviser Solutions, 20% of an adviser’s day is spent preparing reports and plans and 18% on compliance and admin. This leaves 33% of the day for client meetings; 20% in person and 13% remote.
Almost three quarters (72%) of advisers say reducing the administrative burden would improve their workday.
The study found advisers are feeling optimistic about the adoption of AI, with 40% of advisers believing AI will allow them to spend more of their day in client-facing tasks. More than one in three (31%) also believe AI will increase the importance of face-to-face interactions with clients. And while more than half (56%) of advisers cite compliance as a top challenge, almost half (49%) believe AI will have a positive impact, despite 9% fearing a loss of personal touch.
A fifth (19%) of firms have introduced an AI tool in the past year, with uses including meeting transcription (13%), automation of routine tasks (10%) and acting as a personal assistant (7%).
In addition, Fidelity also explored what an “ideal workday” looks like for advisers. While a third of their day is currently spent with clients, advisers say their ideal would be 51%. The study also found that 44% of advisers say their ideal workday feels distant, with improvements hinging on streamlined compliance, automated onboarding and better system integration.
While most advisers remain positive about their careers (83%), just 31% are completely satisfied.
Paul Richards, head of adviser distribution at Fidelity International, said: “Our latest IFA DNA study highlights the reality of the modern adviser’s working day – too much time lost to administration and compliance, and not enough spent with clients.
“Advisers tell us that in their ideal day, they would spend half their time with clients compared with just a third now. Technology, particularly AI, is already starting to close that gap.
“We see AI as an enabler, not a replacement. By streamlining routine processes, it frees advisers to focus on what really matters – building relationships, understanding client needs, and delivering long-term outcomes.”
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