According to a survey conducted by J.D. Power, 38% of 4,183 employee and independent financial advisors expressed that they have insufficient time to dedicate to their clients. Among this group, 41% reported spending more time each month on tasks that do not add value, such as compliance and administrative duties.

Craig Martin, the executive managing director and head of wealth and lending intelligence at J.D. Power, told InvestmentNews, that advisors are questioning their firms' commitment to providing the necessary resources for success. The survey revealed that employee advisors who feel they lack time for clients scored 27 points lower on J.D. Power's Net Promoter Score, a measure of advisor satisfaction ranging from -100 to 100. Independent advisors who shared this sentiment scored 30 points lower.

Martin emphasized that in challenging market conditions, exceptional investment advisors distinguish themselves by proactively addressing client needs, offering comprehensive guidance, and maintaining clear and frequent communication about the clients' most significant concerns. However, according to Martin, many advisors are currently struggling to find the time to provide the hands-on service they recognize as crucial for business growth.

Wells Fargo Advisors ranked the lowest overall satisfaction among employee advisors, while Wells Fargo Advisors Financial Network received the lowest score among independent advisors. On the other hand, Commonwealth was rated highest by independent financial advisors, with CEO Wayne Bloom attributing the high satisfaction scores to the firm's collaborative approach with advisors and its focus on providing technology that frees up more time for advisors. On the other hand, Stifel received the highest score among employee financial advisors.

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