Time management for financial advisors: A framework for success

Financial advisors often work long hours, balancing client meetings, investment analysis, and administrative tasks. As their client base grows, so does the complexity of their daily responsibilities.

Without a clear structure for how time is spent, it can become difficult to focus on work that directly supports client outcomes or business growth. Many advisors report feeling overextended, even when they are technically productive.

This article outlines a practical framework to understand and improve time management in an advisory practice. It begins by explaining why time management is not just helpful, but foundational, to long-term success in financial advising.

Understanding why time management matters for financial advisors

Time management for financial advisors refers to the ability to plan, organize, and allocate time across various responsibilities in a way that supports client needs, business operations, and personal well-being. These activities often include client meetings, financial planning, prospecting, compliance, and professional development.

Research shows a strong connection between how advisors spend their time and their income levels. According to data from Kitces Research, top-earning advisors spend around 10% more time on direct client activities than their peers. This includes time spent meeting with clients and preparing for those meetings.

Time management also affects client satisfaction and retention. Advisors who consistently allocate time for personalized service and strategic planning tend to build stronger, longer-lasting relationships. In contrast, inconsistent scheduling or overbooking can lead to missed deadlines, delays in communication, or lower service quality.

Key outcomes associated with effective time management in an advisory practice include:

1. Increased revenue: Advisors who spend more time on client engagement may experience higher earnings

2. Enhanced client service: Structured scheduling allows for timely follow-ups and consistent communication

3. Reduced stress: Organized time blocks and clear task prioritization can lower cognitive overload

4. Business scalability: Systematized workflows make it easier to grow the practice without sacrificing quality

How financial advisors actually spend their time

The typical financial advisor works approximately 43 hours per week. Of that time, about 20% is spent in client meetings, 45% is used for behind-the-scenes tasks like analysis and meeting preparation, and 35% is dedicated to business development, marketing, and administrative work.

This breakdown shows that most of an advisor's day is not spent directly with clients. According to some sources, advisors spend just over half of their time—or about 1,100 hours yearly—on direct-related client activities. Instead, most of it is focused on maintaining the business and preparing for client interactions.

Several challenges contribute to this disconnect between how advisor’s could most productively be spending their time in support of their clients and their actual time location: 

• Compliance requirements: Financial advisors must document advice, maintain accurate records, and follow regulatory standards

• Client emergency requests: Unexpected client needs can disrupt scheduled work and shift priorities

• Market volatility response: During uncertain periods, advisors often spend additional time reviewing portfolios and communicating with clients

• Administrative burdens: Scheduling, billing, and data entry can take up a large portion of the workweek

Even with awareness of these challenges, financial advisors commonly face difficulty adjusting their time allocation. Client needs are often unpredictable, and regulatory work cannot be skipped.

Core strategies to improve efficiency and scalability

There are actions that financial advisors can take to improve efficiencies and scale: 

1. Adopt standardized processes

Standardized processes are step-by-step procedures used to complete recurring tasks in a consistent way. These processes help ensure that tasks are completed accurately and efficiently.

Common advisory tasks that can be standardized include:

• Client onboarding

• Review meetings

• Portfolio rebalancing

• Financial plan updates

To document a process, write each step in a checklist or workflow document. This documentation can be stored in a shared location and updated as needed when workflows change or improve.

2. Use goal-oriented planning

Goal-oriented planning uses specific, time-based objectives to guide how time is allocated. These objectives can be set for daily, weekly, and quarterly timeframes.

Examples of goals include:

• Daily: Respond to all client emails within 24 hours

• Weekly: Complete financial plan updates for three client households

• Quarterly: Hold review meetings with all clients in the top service tier

A simple framework for prioritization is the "Impact vs. Effort" matrix, which categorizes tasks based on how much business impact they have and how much time they require. High-impact, low-effort tasks are prioritized first.

3. Manage client communications

Client communications can be grouped into scheduled batches to reduce interruptions. This includes checking and responding to voicemail, email, and client portal messages at set times during the day.

Setting clear expectations with clients helps avoid the need for unnecessary follow-ups. Advisors can communicate standard response times upfront, such as "within one business day," in onboarding materials or email signatures.

Templates can be used for frequently sent messages, such as meeting confirmations, plan delivery notices, or check-in emails. Templates reuse structure and language with placeholders for personal details so you can save time on common communications.

Time blocking and calendar management for client-facing work

Time blocking is a method of scheduling that assigns specific blocks of time to individual tasks. This approach helps reduce mental switching between tasks and is supported by cognitive science, which shows that multitasking decreases focus and performance.

1. Allocate dedicated client blocks

For financial advisors, time blocking is useful for structuring the day around direct client engagement. A sample template might include:

• 9:00 AM - 12:00 PM: Client meetings  

• 12:00 PM - 1:00 PM: Lunch and administrative check-in  

• 1:00 PM - 3:00 PM: Client meetings  

• 3:00 PM - 4:00 PM: Meeting follow-up and documentation

To protect these blocks from interruptions, advisors often turn off email notifications, route phone calls to voicemail during meetings, and inform team members of their availability through shared calendars.

2. Segment prospecting blocks

Prospecting blocks are scheduled periods dedicated to identifying and connecting with potential clients. These blocks are distinct from client service time to prevent overlap and ensure focused outreach.

A weekly calendar may include one or two prospecting blocks, such as Tuesday from 10:00 AM to 11:30 AM, and Thursday from 2:00 PM to 3:30 PM.

Track prospecting efficiency using clear metrics like the number of new contacts made, meetings booked, or follow-ups completed. Financial advisors can then review these numbers weekly and adjust strategy accordingly.

3. Reserve deep work time

Deep work refers to long, uninterrupted periods of focused effort on tasks that require analytical thinking. In financial advisory services, this includes portfolio analysis, financial planning, and evaluating complex scenarios.

To identify peak cognitive performance hours, advisors can monitor energy and focus levels across the day for one or two weeks. Common high-focus periods are mid-morning and early afternoon.

Creating a space for deep work may involve closing nonessential tabs, silencing phone alerts, and working in a quiet location. These steps help maintain concentration during tasks that impact long-term planning and client outcomes.

Delegating tasks to maximize advisor time

Financial advisors can protect time for their most important work by delegating specific tasks that don’t require their attention. 

Identify tasks to delegate

To categorize tasks for delegation, use a two-factor framework: value and complexity. Tasks that are low in value and low in complexity are the most appropriate to delegate.

Tasks commonly delegated include:

• Scheduling client meetings

• Data entry into a CRM

• Preparing routine reports

• Following up on paperwork or signatures

• Monitoring deadlines for compliance filings

Tasks that usually require advisor attention include:

• Developing financial plans

• Holding client meetings

• Making investment recommendations

• Handling complex client needs or transitions

To analyze workload for delegation, track time spent on each task for one to two weeks. Group tasks by type and calculate the total hours spent per category. Identify categories with high time investment but low strategic importance for hand-off.

Build a support team

Common roles that support time management include:

• Paraplanner: Prepares financial plans and handles data gathering

• Client Service Associate: Manages communication, paperwork, and scheduling

• Operations Manager: Oversees workflows, technology, and vendor relationships

When ongoing work volume is stable and internal control is important, that’s often a good time to consider hiring support staff. Outsourcing may be suitable for specialized, infrequent, or short-term tasks.

Training support team members involves providing written documentation of processes, offering guided practice with supervision, and establishing regular check-ins for feedback. Consistent training ensures that tasks are completed accurately and that client experience remains consistent across the team.

Leveraging technology for scheduling and automation

Technology tools can significantly improve time management for financial advisors by automating repetitive tasks and streamlining workflows.

Automate repetitive tasks

Several tasks in a financial advisor's workflow involve repeating the same actions across multiple clients or plans. These include generating client reports, entering client data into a CRM system, and running basic financial calculations.

Automation software can handle these tasks by pulling data from integrated systems and performing actions based on rules or inputs. For example, some tools can schedule and send quarterly performance reports without manual intervention.

When selecting automation tools, consider:

• The number of clients served

• The complexity of services offered

• The existing tech stack and integration capability

• Data security and compliance requirements

Integrate financial planning tools

Comprehensive financial planning software combines multiple functions in one platform. These tools reduce manual work by centralizing data, calculations, and client deliverables.

Key integration points include:

• CRM systems: Sync client contact information, meeting notes, and service history

• Planning software: Create budgets, retirement projections, and tax strategies

• Portfolio management tools: Import investment performance and asset allocations

Integrate your systems to avoid duplicate data entry and ensure that updates in one system appear across all connected platforms.

Maintaining work-life balance for sustainable productivity

Work-life balance is not only important for personal health; it also affects the long-term sustainability of a financial advisory practice. When advisors work long hours without rest or boundaries, productivity may decrease, and client service can suffer.

According to Kitces Research, financial advisors work an average of 43 hours per week, with many reporting hours well beyond that, especially during periods of market volatility.

Establishing boundaries between work and personal time can help prevent burnout. Common strategies include:

• Setting daily cutoff times for client communication  

• Creating "no-meeting" days for focused work or rest  

• Limiting work-related phone or email checks during evenings and weekends  

Technology can support work-life balance when used intentionally. For example, advisors can use scheduling tools to limit meetings to specific timeframes. Email autoresponders can set clear expectations for response times.

Key wellness practices that support sustainable productivity:

• Strategic breaks: Taking short breaks during the workday can improve focus and cognitive performance. Even a 5-minute walk can help reset attention span.  

• Physical activity: Regular exercise has been linked to improved mood and better decision-making.  

• Mental recharging: Quiet time doing activities such as reading or meditation—without screens—can reduce mental fatigue, especially during periods of high client activity.  

Streamlining retirement plan administration

For financial advisors who manage retirement plans for business clients, administration can be time-consuming. Tasks like compliance testing, recordkeeping, and employee education require significant attention.

Partnering with specialized providers like Human Interest can automate many of these functions. Human Interest's 401(k) and 403(b) solutions handle payroll integration, compliance testing, and recordkeeping automatically.

This automation allows advisors to maintain high service quality while spending fewer hours on plan administration. The time saved can be redirected to client meetings, financial planning, and business development.

Ready to enhance your advisory practice with retirement plan solutions? Get started and learn how Human Interest can help you expand your service offerings.

The information provided on this page does not, and is not intended to constitute legal or financial advice and is for general informational purposes only. The content is provided "as-is"; no representations are made that the content is error free.