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WCI #380: Michael Kitces on the State of Financial Planning
White Coat Investor Podcast
The Hidden Work of Financial Advisors
Financial advisors engage in extensive behind-the-scenes work that clients are often unaware of, significantly impacting the level of service provided. On average, advisors dedicate 20 to 25 hours per year to each client, but only a fraction of that time—about four or five hours—is spent in direct client meetings. The overwhelming majority of hours are consumed by crucial activities such as investment management, research, compliance, and planning analyses. Preparation and follow-up for client meetings alone require more than an hour for every hour spent in consultations, necessitating thorough documentation for compliance. Despite the demanding nature of the job and the professional obligations, the total work translates into a dollar-per-hour model that reflects the effort invested in supporting clients. This hidden labor underscores the professionalism and responsibility required in financial advisory roles, showcasing that the wealth perceived in the industry does not necessarily translate into exorbitant incomes for all advisors.
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