Suitability reports are still the single most time-consuming administrative task for advice firms, with the majority of advisers spending hours drafting each one, a whitepaper from AdvisoryAI has revealed.
The survey of more than 150 advisers over the last six months found that 71.9% spend between one and seven hours on a single report, with 39% taking one to three hours and a further 32.9% spending four to seven. Just 13.7% said they could complete a report in under an hour. Advisers said the process "isn't the occasional bottleneck" but is a "constant choke point" that consumes their week, with compliance checks, rework and missing data adding to the burden. Even firms that have invested in technology report mixed results, with one in three advisers saying their systems are still not ...
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