What does a day in the life of a financial advisor look like?

1 min read by Unbiased team Last updated July 4, 2024

Learn about a typical day in the life of a financial advisor and how they spend their working time.

Summary

  • A financial advisor’s day includes client management, administrative tasks, lead generation, financial planning, and continuous self-education.

  • Financial advisors play a crucial role in helping individuals and families achieve their financial goals.

  • The Bureau of Labor Statistics projects a 5% increase in employment rates for financial advisors from 2021 to 2031.

  • Financial advisors can specialize in various areas, such as retirement planning, investment management, tax planning, or estate planning, catering to diverse client needs.

What is the difference between a financial advisor and a financial planner?

While the terms are often used interchangeably, there is a subtle difference between financial advisors and financial planners. It’s important to bear this distinction in mind for those planning on becoming a financial advisor:

Financial advisors typically manage clients' investments. They may help choose specific stocks, bonds, or funds based on the client's risk tolerance and financial goals. They might also offer advice on tax strategies or insurance products.

Financial planners take a broader, more holistic approach to a client's finances. They create comprehensive financial plans that address all aspects of a client's economic life, including college savings and estate, retirement and tax planning.

What does a financial advisor do on a daily basis?

A day in the life of a financial advisor differs, but some common tasks include:

  • Admin

  • Client management

  • Finding new leads

  • Planning

  • Self-educating

Let’s break these down and have a closer look at each. 

Admin

Admin tasks for a financial advisor can include responding to emails, filing paperwork, updating client records, scheduling meetings, and preparing reports. These tasks are essential for maintaining organized records, ensuring compliance with regulations, and providing efficient client service. 

The time spent on admin tasks can vary depending on the advisor's practice, but advisors typically spend 1-2 hours daily.

Client management

Client management for a financial advisor involves a range of activities to build and maintain strong relationships with clients. This includes:

  • Regular communication: Keeping clients informed about market updates, investment performance, and financial planning strategies through emails, phone calls, or in-person meetings.

  • Addressing client concerns: Responding to client inquiries, addressing their problems, and providing guidance on financial decisions.

  • Reviewing financial plans: Regularly reviewing and updating client financial plans to ensure they remain aligned with their goals and changing circumstances.

  • Providing ongoing support: Offering support and guidance to clients as they navigate life events and financial challenges.

Advisors spend up to 3 hours daily on client management, although this is a general estimate.

Finding new leads

For a financial advisor, finding new leads involves engaging in activities to attract potential clients and grow their business. This can include:

  • Networking: Attending industry events, joining professional organisations, and building relationships with other professionals.

  • Online presence: Maintaining a professional website and social media profiles, creating informative content, and engaging with potential clients online.

  • Referrals: Encouraging satisfied clients to refer their friends and family to the advisor.

  • Advertising and marketing: Utilizing paid advertising channels or targeted marketing campaigns to reach potential clients.

Finding new leads is essential for the long-term growth and sustainability of a financial advisor's practice, and most will put 1-2 hours into this.

Planning

Planning is a crucial aspect of a financial advisor's role. It involves creating comprehensive financial plans tailored to a client's unique goals and circumstances. These plans may encompass retirement planning, investment strategies, tax optimization, estate planning, and more.

The time spent on planning can vary significantly depending on the complexity of the client's financial situation and the specific goals they want to achieve. However, it's safe to say that a financial advisor could dedicate a few hours each day to planning activities.

Self-educating

Self-education is a continuous process for financial advisors. It involves staying up-to-date with the latest financial regulations, market trends, investment products, and economic developments.

The time commitment for self-education can vary, but most advisors dedicate at least 30 minutes to an hour each day to learning and professional development.

What is the average week for a financial advisor?

Those wanting to pursue a financial advisor career will spend their week doing the following:

Weekly check-ins with clients: These check-ins provide an opportunity to discuss any changes in the client's financial situation, address concerns, and make necessary adjustments to their financial plans.

Portfolio reviews: Advisors may review client portfolios weekly to assess their performance, rebalance assets if needed, and ensure that the investments align with the client's risk tolerance and financial goals.

Prospecting and networking: Financial advisors often dedicate time each week to prospecting for new clients and networking with other professionals in the industry.

Administrative tasks: While not the most exciting part of the job, administrative tasks like responding to emails, updating client records, and preparing reports are essential for maintaining an organized and efficient practice.

What is the average month for a financial advisor?

The average month for a financial advisor often involves several key tasks that contribute to the long-term success of their clients and their practice:

Client Reviews: These in-depth reviews typically occur monthly or quarterly and involve a comprehensive assessment of the client's financial plan, investment performance, and progress towards their goals.

Financial Planning Adjustments: Based on the insights gained during client reviews, financial advisors may need to adjust the client's financial plan.

Goal Setting and Tracking: Advisors may work with clients to set new financial goals each month or track progress towards existing ones.

Continuing Education and Training: Many financial advisors dedicate monthly time to continuing education and training. This could involve attending industry conferences, participating in webinars, or reading relevant publications.

Business Development: Financial advisors may also allocate monthly time to business development activities, such as networking with potential clients, marketing their services, or building relationships with referral partners.

Want to work with Unbiased?

A day in the life of a financial advisor is filled with various activities and encompasses numerous tasks and responsibilities. Not only do financial advisors manage a roster of clientele, but they’re also engaged in administrative tasks and continuous self-learning. 

If you want to grow your business, Unbiased Pro can deliver clients straight to your inbox and give you the tools you need to manage them throughout the sales process.

Writers

Unbiased team

Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.