Looking back on the 2017-18 financial year, Financial Standard wants to know the most common financial advice clients requested.
This week the Financial Standard spot poll asks where did advisers spend the most time actually delivering advice in FY18?
A 2017 whitepaper from the Financial Planning Association of Australia shows the modern day financial adviser is one that embraces fintech solutions, which ultimately leads to increased client engagement.
Financial planning professionals are adapting to the needs of digital clients by offering a personal financial management site or application, delivering non-generic financial plans, and communicating via sophisticated technology, the paper said.
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At a recent Advice Intelligence roundtable, FPA head of policy and government relations Ben Marshan said the advice industry's inexplicable obsession with hardcopy Statements of Advice is a hindrance in more ways than one.
With the cost and time spent on compliance expected to increase dramatically in the coming years, Marshan said producing hardcopy SoAs will prove unsustainable.
"We're wedded to producing advice using technology that was invented in 105B.C. - we're in 2018. There is nothing in the Corporations Act or in ASIC regulatory guidance that says we need to provide advice on paper," Marshan said.
Despite ASIC declaring itself technology agnostic, Marshan said a majority of the advice industry is still producing "100-page doorstops" that contribute to a lack of client engagement and understanding.
A recent survey from NAB and Investment Trends found financial advisers using managed accounts save an average of 12.4 hours per week on portfolio management tasks.
A managed account structure is enabling advisers to spend more time with clients and shaving 105 minutes off administration work, the research found.
About 97 minutes per week previously spent on researching investments is now better spent elsewhere, while many are saving 93 minutes per week on preparing Statements of Advice.
Advisers are also seeing the benefits of managed accounts from their clients' point of view - about 64% either recommended or intended to use managed accounts in the last 12 months.
Of those advisers that recommend managed accounts, 75% believe their clients' outcomes have improved as a direct result, and 59% said their clients have become more engaged.
As an adviser, which of these areas on average did you spend the most of your time with clients?