In last week’s Question of the Week we asked, “How many hours per day does the average plan advisor work in a normal work week?”
The votes are in. Here are the responses, expressed as percentages:
6 hours per day: 17%
8 hours per day: 19%
10 hours per day: 48%
12 hours per day: 15%
14 hours per day: 0
So what's the "right" answer? "The best-practice advisors work 10 hours per day in an average work week," says Warren Cormier of the Boston Research Group, which collected these data in one of its industry practices surveys. "In the interest of knowing if this schedule was sustainable while still being physically and mentally alert, advisors also told us that they get, on average, six to seven hours of sleep a night during the work week. They also said that if this work/sleep ratio gets out of balance, their productivity, accuracy and quality deteriorates rapidly."
This week’s question is: “ What percentage of 401(k) plan sponsors are "very satisfied" with the overall service they receive from their plan advisor?” It can be found at the bottom of the right column of any page on the portal. On mobile devices, scroll all the way to the bottom. (Speaking of mobile devices, a reminder to use your device’s browser to bookmark the NAPA Net home page. This will create an icon on your device’s home page.)
