Nearly 60% of IFAs spend 20hrs on weekly admin

Datamonitor’s latest financial adviser survey reveals 57% of IFAs spend more than 20 hours a week doing admin, with a further 23% stuck in paperwork between 11 and 20 hours. Assuming the average annual IFA turnover is £328,000, Datamonitor warns the adviser industry is "wasting" billions of pounds by spending half a 40-hour week on admin. Datamonitor says while advisers inevitably must conduct some administrative responsibilities, they need to find more time for core competencies. Mark Reidford, managing director of Chester-based IFA Innes Reid Investments, says an adviser can easily get...