Investment advisers spend only 20% of their time in client meetings, with over twice that on behind-the-scenes work. A typical week includes 8.8 hours of client meetings, 6.6 hours of planning analysis, 5.5 hours on investment management, and 4.2 hours on administration. Top performers leverage support staff to maximize client-facing time.
What Does an IAR Actually Do All Day?
The Series 65 exam tests your knowledge of securities law, investment products, and fiduciary duty. But the exam doesnât prepare you for what youâll actually do from 6 AM to 6 PM.
The reality: investment advising is a relationship business wrapped in a compliance framework, powered by analytical work. Your day blends client psychology with market analysis, sales with service, and strategy with paperwork.
For every hour you spend in a client meeting, expect to spend more than 2 hours on preparation, follow-up, and behind-the-scenes work. Client-facing time is the tip of the iceberg.
A Typical Day: Hour by Hour
Hereâs what an established IARâs day looks like. New advisors will spend more time prospecting and less on client service.
| Time | Activity | Duration |
|---|---|---|
| 6:00 - 7:00 AM | Review emails, transaction reports, market news | 1 hour |
| 7:00 - 8:00 AM | Personal routine, industry reading, exercise | 1 hour |
| 8:00 - 9:00 AM | Meeting preparation, review client files | 1 hour |
| 9:00 - 12:00 PM | Client meetings (2-3 appointments) | 3 hours |
| 12:00 - 1:00 PM | Lunch, networking, or prospect calls | 1 hour |
| 1:00 - 3:00 PM | Financial planning analysis, portfolio reviews | 2 hours |
| 3:00 - 4:00 PM | Client follow-up, phone calls, email responses | 1 hour |
| 4:00 - 5:00 PM | Administrative tasks, CRM updates, compliance documentation | 1 hour |
| 5:00 - 6:00 PM | Business development, referral outreach, tomorrowâs prep | 1 hour |
Crisis periods change everything. Advisors often start at 5:30 AM to prepare for proactive client calls, and days can stretch to 10-12 hours including weekends. The focus shifts entirely to client communication and reassurance.
The Five Core Activities
Every IARâs day revolves around five essential activities, though the proportion varies by career stage and practice model.
1. Client Meetings
The heart of advisory work. Meetings fall into several categories:
Discovery Meetings
First meetings with prospects to understand their financial situation, goals, risk tolerance, and investment experience. Youâre gathering the information needed to create a personalized plan.
Plan Presentation
Presenting comprehensive financial plans to new clients. These meetings require significant preparation and often involve visual tools from planning software like eMoney or MoneyGuidePro. Plans typically include asset allocation strategies.
Quarterly Reviews
Regular check-ins with existing clients to review portfolio performance, discuss life changes, and adjust strategies. Most advisors schedule these proactively rather than waiting for clients to reach out. Reviews often include diversification analysis.
Annual Reviews
Comprehensive yearly meetings that update suitability documentation, review all accounts, and set goals for the coming year. Compliance requires documenting these conversations.
2. Research and Analysis
The analytical work that powers your recommendations:
Portfolio Analysis
Reviewing holdings, assessing risk exposure, evaluating performance against benchmarks, and identifying rebalancing opportunities using tools like Morningstar or YCharts.
Financial Planning
Running scenarios in planning software, modeling retirement projections, analyzing Social Security strategies, and stress-testing plans against market downturns.
Market Research
Staying current on economic indicators, sector trends, and investment opportunities. This often happens in early morning hours before client meetings begin.
Investment Due Diligence
Evaluating specific securities, funds, or alternative investments before recommending them to clients. This includes reviewing prospectuses, expense ratios, and historical performance.
3. Business Development
Without clients, thereâs no practice. Business development activities include:
Prospecting
Cold calling, reaching out to referral sources, and following up with leads. New advisors may spend 50-75% of their time here. Established advisors rely more on referrals.
Networking
Marketing
Creating content, maintaining social media presence, hosting seminars, and building visibility in your target market. Modern advisors increasingly use LinkedIn and educational content.
4. Compliance and Documentation
The regulatory layer that governs everything you do:
Daily Compliance Tasks
- Document all client communications (calls, emails, meetings)
- Log investment recommendations and rationale
- Update CRM with client information changes
- Record trade instructions and confirmations
- Maintain compliant advertising and marketing materials
5. Client Service
The relationship work that drives retention and referrals:
Responding to Inquiries
Answering client questions about their accounts, market movements, tax documents, and life changes. Responsiveness is a key differentiator.
Proactive Outreach
Birthday calls, check-ins during market volatility, and regular newsletters. Clients who hear from you frequently are more satisfied and more likely to refer.
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Access Free BetaTime Allocation by the Numbers
Research from Kitces reveals how the typical advisor actually spends their 53-hour work week:
| Activity Category | Hours/Week | Percentage |
|---|---|---|
| Client Meetings | 8.8 | 17% |
| Meeting Preparation | 5.3 | 10% |
| Planning & Analysis | 6.6 | 12% |
| Client Servicing | 6.0 | 11% |
| Investment Management | 5.5 | 10% |
| Business Development | 9.0 | 17% |
| Administrative Tasks | 4.2 | 8% |
| Professional Development | 3.2 | 6% |
| Management/Other | 4.7 | 9% |
Source: Kitces Research Study on Advisor Productivity
Key Insight
Only about 50% of your time will be spent on direct client activities. The rest goes to business development, administration, and professional growth. This is why efficiency and delegation matter so much for practice growth.
How the Day Changes by Career Stage
Your daily activities shift dramatically as you progress from new advisor to established practice owner.
Years 0-3: The Hustle Phase
Primary focus: Business development
- 50-75% of time on prospecting
- Learning firm systems and compliance
- Limited client meetings (youâre building the base)
- Long hours with uncertain income
- Mentorship and training programs
Years 4-7: Building Momentum
Primary focus: Client service
- Client meetings increase significantly
- Referrals begin replacing cold prospecting
- Developing planning expertise
- More stable income and hours
- Building a sustainable service model
Years 8-15: Established Practice
Primary focus: Practice optimization
- Strong referral network
- Hiring first support staff
- Specialization in client types or services
- Strategic business development only
- Work-life balance becomes achievable
Years 15+: Leadership Phase
Primary focus: High-value activities
- Focus on largest client relationships
- Mentoring junior advisors
- Firm leadership and strategy
- Selective new client acquisition
- Potential succession planning
The career stages above show the long-term path, but your first step is passing the Series 65 efficiently. A structured study schedule helps you prepare in 4-8 weeks while balancing your current job, so you can enter the profession on schedule and start building your practice.
The Work-Life Balance Reality
Letâs be honest about what the research shows:
Burnout Statistics
- 77% of advisors report experiencing burnout at some point
- 71% report feeling stressed (FPA survey)
- 72% of rookie advisors leave the profession within 5 years
- 28% say they donât have enough time for clients
Sources: FlexJobs, Financial Planning Association, Cerulli
According to a CFP Board survey, 83% of CFP professionals report high satisfaction with their work-life balance, and 84% feel fulfilled in their careers. The key is getting through the early-career grind and building a sustainable practice model.
What separates thriving advisors from struggling ones:
- Support staff: Advisors with support gain 4 extra hours/week for client work
- Technology: Efficient systems reduce administrative burden
- Boundaries: Clear after-hours policies reduce burnout by 35%
- Key skills: Communication, empathy, and analytical thinking matter more than credentials
Smart exam preparation helps you avoid the stress of career delays. If you fail the Series 65, you must wait 30 days to retest, pushing your career entry back 6-8 weeks while your peers start building their books. Avoid common exam mistakes like underestimating difficulty and poor time management. These cause most preventable failures.
Technology That Shapes Your Day
Modern advisors spend significant time in these systems:
CRM (Customer Relationship Management)
Redtail, Wealthbox, or Salesforce. Your CRM is the operational backbone where you document client interactions, schedule tasks, and track relationships. Youâll interact with it dozens of times daily.
Financial Planning Software
eMoney, MoneyGuidePro, or RightCapital for creating comprehensive plans. These tools handle retirement projections, Monte Carlo simulations, and goal tracking. Analysis often incorporates time horizon considerations.
Portfolio Management
Orion, Black Diamond, or Tamarac for performance reporting, rebalancing, and trade management. Essential for investment oversight.
Communication Tools
Email (often archived for compliance), video conferencing (Zoom), and secure document sharing. Client communication is increasingly digital.
Tips for Managing Your Day
Successful advisors share these time management practices:
Time Blocking
Dedicate specific blocks to prospecting, client meetings, and administrative work. Protect client-facing time from interruptions.
Morning Prep
Review the dayâs schedule and client files before meetings start. Top performers plan the next day the evening before.
Batch Similar Tasks
Handle all follow-up calls together, process all documentation at once. Context switching kills productivity.
Delegate Ruthlessly
As soon as possible, delegate administrative tasks to support staff. Your time is most valuable in client-facing activities.
Research shows top-performing advisors spend 10% more time on client meetings than average advisors, gaining roughly 200 extra hours per year for high-value activities. This comes from delegation and efficient systems, not longer hours.
Client meetings are just 20% of your time: expect 2+ hours of behind-the-scenes work for every hour of face time
The typical advisor works 53 hours/week: split between client activities (50%), business development (17%), and administration (23%)
New advisors spend 50-75% prospecting: building a client base is the primary job in years 1-3
Compliance is a daily activity: documenting interactions, logging recommendations, and maintaining records is non-negotiable
Technology fluency matters: CRM, planning software, and portfolio tools are used throughout every day
Work-life balance improves with tenure: 83% of CFP professionals report high satisfaction, but 77% experience burnout at some point
Support staff is the key to scaling: top performers gain 200 hours/year for clients by delegating administrative work