Average working week for an adviser is 42.3 hours

When Prudential asked the same question last year just 27 per cent said they were working longer hours than the year before. 

Business growth was the main driver for the increase in working hours, with 40 per cent of those who put in extra time saying it was due to expansion, but regulation and compliance were also identified as major factors. 

About 32 per cent said their increased working week was due to compliance while 26 per cent saying regulatory requirements meant client meetings had to last longer.

Paul Harrison, head of Prudential’s business consultancy for advisers, said: "Advisers can expect that their working week will continue to change as demands from clients for more specialist and sophisticated advice increases. 

"In parallel, they need to adapt to the regulatory framework while running a business and focusing on continued professional development.  

"Longer hours when driven by increased business may be viewed positively and that is the case for many advisers who are happy to work harder to ensure they are delivering the best possible support and advice for clients. 

"For many people getting advice is critical to their long-term financial goals."

Prudential's poll found the average working week for an adviser is 42.3 hours and that around 31 hours a month is being spent on non-fee earning work. 

But this is just the average, with one in 20 advisers saying they need to work more than 60 hours a week to meet the demand for advice and regulatory requirements.

However the longer hours have not meant any increase in average fees.

In 2016 the average across all work was £157 an hour compared with £160 an hour in 2017.

Prudential’s research showed support for training and continued professional development with 62 per cent of advisers saying they plan to gain more qualifications, with more than half the advisers undertaking more than the minimum CPD requirement.

damian.fantato@ft.com