Financial advisors are spending less than 20% of their time in client meetings, a Kitces.com survey shows.
“If 80% of advisors’ time is consumed with back-office and administrative tasks, they may only see clients once or twice a year,” Michael Kitces, director of wealth management at $2 billion Pinnacle Advisory Group, says. It’s “hard to retain clients like that.”
And heavy administrative and back office burdens may be the cause of such meager contact time with clients, the survey of over 1000 FAs seems to indicate.