Advisers have called for a reduction in administrative burden as they are spending just a third (33 per cent) of their working day with their clients, according to research from Fidelity Adviser Solutions.

Its IFA DNA study showed that 20 per cent of an adviser’s day was spent preparing reports and plans, while 18 per cent was spent on compliance and administration.

Almost three quarters (72 per cent) of advisers said reducing the administrative burden would most improve their workday.

Looking into the impact of artificial intelligence (AI), 19 per cent of advice firms had adopted an AI tool over the past year, with uses including meeting transcription (13 per cent), automation of routine tasks (10 per cent), and acting as a personal assistant (7 per cent).

Fidelity Adviser Solutions found that advisers were optimistic about the benefits of AI, with 40 per cent expecting the technology to allow them to spend more of their day with clients.

Almost a third (31 per cent) felt AI would increase the importance of face-to-face interactions with clients, 29 per cent said the time savings would help them work more effectively, and 23 per cent believed AI would allow them to work more effectively with lower levels of assets.

However, advisers still faced ongoing industry pressures, with 56 per cent citing compliance as a top challenge, although 49 per cent felt AI would have a positive impact, despite 9 per cent worrying about a loss of personal touch.

Advisers felt the ideal proportion of each day being spent with clients would be 51 per cent, while they would want to spend 13 per cent of the day preparing reports and plans, and 6 per cent on compliance and administrative tasks.

Nearly half (44 per cent) said their ideal workday still felt distant, with improvements being subject to streamlined compliance, automated onboarding, and better system integration.

While 83 per cent of advisers remained positive about their careers, just 31 per cent were completely satisfied.

“Our latest IFA DNA study highlights the reality of the modern adviser’s working day - too much time lost to administration and compliance, and not enough spent with clients,” said Fidelity International head of adviser distribution, Paul Richards.

“Advisers tell us that in their ideal day, they would spend half their time with clients compared with just a third now. Technology, particularly AI, is already starting to close that gap.

“We see AI as an enabler, not a replacement. By streamlining routine processes, it frees advisers to focus on what really matters - building relationships, understanding client needs, and delivering long-term outcomes.”

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