Financial advisers are preparing to enjoy a rare industry-wide break from the office for the festive season, but there is a general consensus that being available to clients year-round is an intrinsic, accepted part of the job.
The primary driver of this accepted belief is company policy. Stanford Brown chief executive Jonathan Hoyle says full availability is a crucial part of the firm’s service offering and an essential part of the adviser/client relationship. Clients need to know their adviser will – within reason – be there to pick up the phone or swiftly return a call.
“Many advisers don’t give out their mobile numbers, but our clients expect to be able to contact us at any time, so our advisers are generally available during the holidays,” Hoyle says. “We think it’s vital.”
Craig Meldrum, head of technical services and advice at Australian Unity, agrees that this kind of broad availability is an important value-add for many clients. This is especially the case when a firm is starting out and has fewer resources, he says.
“Some principles, usually sole practitioners in newer businesses, will not take any leave other than public holidays as they work hard in their early years to build their offering.”
Meldrum points out that for institutional advisers, scale and staff can provide other options, such as locum services, during the period. In these instances, principles arrange for other trusted staff to deal with any client queries during the period.
“Generally, it is rare to see practice principles fully switch off when they do go on leave because of their passion for their clients’ wellbeing, their staff and their businesses,” he says.
The idea that advisers require a certain amount of non-available time each year is losing prevalence, but some firms are adapting by giving staff other leave incentives.
“We have no annual leave rules; advisers can take as much as they need in order to feel productive,” Hoyle says. “Some years, they may only need a few weeks, other times they may need two months to go on a honeymoon or do some travelling. The point is that we don’t measure our advisers on their time at the desk, we measure on output.”
Can advisers enjoy their vacation if they’re intermittently taking client calls? Life coach and strategist Laura Carrocci doesn’t negate the idea, but stresses the importance of deciding ahead of time if you’re willing to take calls and respond to emails on vacation. “Make your decision before the break commences and stand by the reason you made that decision,” she says.
If you do decide to work during the holidays, Carrocci explains, it’s important to decide early what work you will and won’t do. “Just be clear on what you want for the holidays and be intentional with your time,” she says. “It’s about taking 100 per cent responsibility for how you spend your time, energy and attention. Make a plan and honour it.”
