One of the most distinguishing features of the legal profession is its rigorous approach to time management, particularly in the form of billable hours. Lawyers meticulously track their time in six-minute increments, ensuring that every moment spent working on behalf of a client is accounted for and billable. This systematic approach to time tracking serves multiple purposes: it provides transparency to clients, enables precise billing, and helps lawyers identify inefficiencies in their workflow.

Financial advisers, while operating under a different model, can greatly benefit from implementing a similar system. By carefully tracking the time spent on different tasks—whether it is client meetings, portfolio analysis, or administrative duties—advisers can gain critical insights into where their time is being most effectively utilised. More importantly, they can identify areas where time might be wasted (travel may now be one of these areas of significant “waste”), allowing them to focus on value-adding activities. This structured approach not only improves overall productivity but ensures that financial advisers are fairly compensated for the time and expertise they invest in each client.

Lawyers are adept at managing a high volume of work by prioritising tasks according to their urgency and importance. In a typical legal practice, not all cases demand immediate attention, and skilled lawyers learn to assess which matters are most pressing and which can be deferred without jeopardising client outcomes. This approach enables them to maximise their efficiency while handling multiple cases simultaneously.

Financial advisers can adopt a similar mindset when dealing with their own diverse workloads. Not all client interactions are created equal, and advisers must prioritise tasks that have the greatest impact on their clients' financial wellbeing. For instance, preparing a client for a significant investment decision or major life event should take precedence over routine administrative work. By focusing on high-priority tasks first, advisers can ensure that they are delivering the most value to their clients while avoiding the pitfalls of becoming bogged down in less critical activities.

In a typical law firm, senior partners focus on high-value activities such as court appearances, strategic advice, and negotiations, while delegating routine or procedural tasks to junior associates, paralegals, and administrative staff. This division of labour not only optimises the firm’s resources but also allows senior lawyers to concentrate on the aspects of their job where they can make the most significant impact.

For financial advisers, the principle of delegation is equally valuable. Routine tasks such as data entry, report generation, and client communications can and should be handled by paraplanners and support staff or, where appropriate, automated systems. Indeed, one area we’ve seen significant growth in is the hiring of professional support staff within financial planning practices, who put in place effective systems and who free up advisers’ time. By leveraging these resources, advisers free themselves to focus on core responsibilities like financial planning, investment strategy, and client relationship management. This not only improves efficiency but also enhances the overall client experience by ensuring that advisers are fully engaged in the areas where their expertise is most critical.

In the legal profession, continuous professional development (CPD) is a requirement, with lawyers expected to stay abreast of legal precedents, regulations, and best practices. This commitment to ongoing learning ensures that they can provide clients with the most current and relevant advice. The financial services industry is similarly dynamic, with constant changes in market trends, financial products, and regulatory frameworks. Therefore, financial advisers must also commit to CPD to ensure they remain at the forefront of their profession. We can’t remember ever having a candidate turned down for a role because they have too many professional qualifications.

By dedicating time to continuous learning, financial advisers not only enhance their technical expertise but also build greater trust with clients, who depend on their up-to-date knowledge for sound financial guidance. Furthermore, staying informed about the latest industry developments allows advisers to proactively adjust their clients’ strategies in response to emerging opportunities and risks.

Clear and transparent communication is a cornerstone of the lawyer-client relationship. Lawyers are trained to manage client expectations from the outset, providing realistic timelines, explaining potential outcomes, and regularly updating clients on the progress of their cases. This not only reduces the likelihood of misunderstandings but also builds trust and rapport over time.

Financial advisers, too, can benefit from applying this approach to their client interactions. By setting clear expectations regarding timelines for achieving financial goals, the risks associated with various investment strategies, and the steps involved in the financial planning process, advisers can engender a deeper level of trust and satisfaction among their clients. Regular updates, even when no significant changes have occurred, can help reassure clients that their financial adviser is actively managing their portfolio and working in their best interests.

The lessons U.K. financial advisers can learn from the legal profession are clear and actionable. Time tracking, prioritisation, delegation, professional development, and clear client communication are all practices that can be readily adapted to the wealth management industry. By embracing these strategies, advisers can significantly enhance their efficiency, provide greater value to clients, and ensure the long-term success of their practice in a highly competitive market. As client expectations continue to evolve, advisers who adopt a more structured and leveraged approach to time management will be best positioned to meet those demands and grow their business accordingly.