Atlanta (July 23, 2003) -- Financial planners want to spend more time planning and less time on day-to-day business management and administrative activities, according to a study by the Financial Planning Association and Financial Research Corp.
According to the study, respondents devote approximately equal amounts of time in a given work week to financial planning, asset management and client service activities. Respondents spend the least amount of time on continuing education and professional development. Thirty-seven respondents allocate nearly half their time to tax planning and preparation. The report, “Understanding the Delivery of Advice and Financial Planning Services” is based on a survey of over 650 practitioners affiliated with the FPA.
Among 346 practitioners responding, 222 (64 percent) said they would like to spend more time doing financial planning, followed by sales, marketing and prospecting, cited by 47 percent (164 respondents). One-third said they’d like to spend more time on asset management, while 26 percent said they’d like to devote more time to client service.
When asked where they would like to spend less time, 65 percent of 259 practitioners responding said they would like to spend less time on day-to-day business management and administrative activities. Thirty-eight percent (99 respondents) said they’d like to spend less time on client service activities, while 20 percent said they’d like to spend less time on sales marketing and prospecting, FPA reported.
-- WebCPA staff
