Every day, financial advisors and business owners are tasked with various duties to help their clients reach their financial goals. From prospecting to helping current clients, from developing skills and education to performing administrative tasks, these professionals work hard to provide the best possible service.
This article will outline some of the typical tasks that are done daily by financial advisors and business owners as well as what their weekly schedule looks like.
Typical Tasks Done Each Day
Financial advisors and business owners typically spend their days performing various tasks. These can include:
- Prospecting: This involves reaching out to potential clients in order to try and bring them on board. Financial advisors and business owners use a variety of methods to reach potential clients, including networking, online research, and cold calling. Financial advisors spend about 25% of their time on prospecting activities.
- Financial Planning: This involves working with clients to develop a plan that will help them meet their financial goals. Financial advisors take into account a variety of factors when developing a financial plan, including income, debts, and investment portfolio. Financial advisors spend about 50% of their time on financial planning activities.
- Helping Current Clients: This involves working with clients who are already on board to help them meet their financial goals. Financial advisors may provide guidance on investment decisions, offer advice on financial planning, and help clients with any problems they may be having. Financial advisors spend about 15% of their time helping current clients.
- Administrative Tasks: This involves keeping track of client records, preparing reports, and handling billing. Financial advisors spend about 10% of their time on administrative tasks.
- Skill and Education Development: This involves activities such as reading industry publications, attending conferences, and taking continuing education courses. Financial advisors spend about 5% of their time on skill and education development.
Typical Schedule and Hours Per Week
Financial advisors and business owners typically work about 40 hours per week during business hours. However, many advisors, especially early on in their career, will work more than 40 hours per week in order to build up their client base. In addition, financial advisors may have to work evenings and weekends in order to meet with clients who are unavailable during business hours.
Though advisors’ schedules can vary greatly depending on their individual circumstances a typical schedule could look like this:
Monday Through Friday:
9 am: Prospecting
10 am: Financial Planning
11 am: Administrative Tasks
12 pm: Lunch
1 pm: Helping Current Clients
2 pm: Skill And Education Development
3 pm: Prospecting
4 pm: Financial Planning
5 pm: Wrap Up For The Day
Evenings: Networking Events, Meeting With Current Or Potential Clients
Weekends: Attending Industry Conferences, Working On Skills And Education
How Do the Duties and Schedules of Financial Advisors Change Over Time?
There is a lot that a financial advisor is responsible for, but do these duties change over the course of their career? For the most part, the duties of financial advisors stay relatively consistent throughout their careers. However, as financial advisors gain experience and build up their client base, they may have less time for prospecting and more time working with current clients. Additionally, as financial advisors get older, they may work fewer hours overall and delegate more tasks to junior staff members.
The schedules of financial advisors also change over time. In the early stages of their career, financial advisors typically have to work longer hours to build up their client base. However, as financial advisors gain experience and build their business, they often have more control over their schedule and can choose to work fewer hours. Additionally, many financial advisors choose to semi-retire or retire completely later in their careers.
Furthermore, some financial advisors move into management positions later in their careers where they are responsible for overseeing a team of financial advisors. In these positions, financial advisors typically spend less time working with clients and more on administrative tasks and staff management.
As you can see, financial advisors and business owners have a lot on their plates! They must be skilled in many different areas to be successful. However, with hard work and dedication, these professionals can help their clients reach their financial goals.