The Hidden Work of Financial Advisors

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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.

Today Dr. Dahle talks with Michael Kitces, creator of the popular blog Nerds Eye View. He is a CFP (along with many other designations) who has a passion for educating. His platform is huge and he knows more about financial planning and the financial planning industry than just about anyone out there. Today they tackle a range of topics with the higher level focus on the state of the financial planning industry. Michael shares valuable insight on how to find a trust worthy advisor, why he thinks there are so many fewer women working in the financial advising industry, if therapy training should be required for financial advisors and if the good guys in the industry are winning in the court of public opinion. We know you will love those topics and so many others from todays conversation.

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