A new report from Fidelity Investments reveals that while organic growth remains a top priority for wealth management firms, many advisors struggle to achieve it due to poor time allocation. According to ThinkAdvisor, the study suggests that firms could generate up to $270,000 in additional annual revenue per advisor by dedicating just five extra hours per week to clients and prospects.

The report, which draws from three Fidelity studies conducted this year, identifies seven key strategies for improving both the quantity and quality of client-facing time:

Write a Business Plan

Only 43 percent of advisors maintain a written business plan, yet those who do see 50 percent higher organic growth rates. ThinkAdvisor reports that a clear plan helps advisors determine where to invest their time effectively.

Adopt Proven Time-Saving Practices

Advisors often fail to use time efficiently. Only 21 percent said they delegate effectively, and just 27 percent focus primarily on high-value activities. ThinkAdvisor notes that better time management directly supports growth.

Outsource Non-core Activities

Advisors can reclaim significant time each week by outsourcing tasks such as investment management (7.1 hours), compliance (3.4 hours), administration (6.8 hours), and IT or cybersecurity (3.2 hours).

Use Technology Effectively

Only 34 percent of advisors say they use technology to its full potential. As reported by ThinkAdvisor, the survey found that leveraging generative artificial intelligence could save advisors an average of 3.3 hours per week.

Prioritize High-Value Clients

Advisors often spend disproportionate time on lower-value clients. As reported by ThinkAdvisor, Fidelity's data shows that clients with $30 million or more in assets have seen 173% asset growth since 2019, while clients with under $1 million grew by only 27%. Advisors are encouraged to automate lower-profit segments and dedicate more time to their most valuable relationships.

Engage Clients' Families

Advisors risk losing relationships across generations. According to ThinkAdvisor, the report reveals that 43 percent of women change advisors after a spouse's death, and 80 percent of affluent investors do not use their parents' advisors. Engaging spouses and heirs leads to households with 2.2 times larger assets and 1.9 times higher revenue.

Let Clients Set the Agenda

Inviting clients to share what is on their minds before meetings fosters trust and opens deeper planning discussions. Fidelity found that only 8 percent of investors have received guidance on health care or major life events, despite these being key financial concerns.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.