Advisers lose 43 days a year by not 'embracing' IT - Wealth Wizards

The research found respondents spent 20 hours on the end-to-end advice process where technology was not being fully embraced. This included time spent on tasks such as fact-finding, risk-profiling, market quotations and the drafting of suitability letters. 

When technology was fully automated to the same advice processes, however, participants said it took them an average of seven hours per client. As such, Wealth Wizards concluded, advisers were spending 13 extra hours on each new case due to a lack of technology, equating to 43 days per year.

If they used the appropriate technology in their advice processes, Wealth Wizards maintained, advisers could spend the extra time on further relationship management or client-based growth, depending on the aspirations of an individual business.

'Squandering hours'

Wealth Wizards founder and chief executive Andrew Firth said the research had confirmed the company's belief that financial advisers were "squandering vast numbers of hours nationally by not taking advantage of new technologies".

He added: "This can seriously hinder their ability to manage compliance and scale, which impacts on their bottom line and - more importantly - limits time available to spend with clients. For bigger organisations, like wealth managers, adviser networks and banks, the lost opportunity is huge."

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