Advice industry leaders united in call for more mental health support for financial advisers

Advisers overwhelmed by the perfect storm of change

Industry representatives have united in a call for a bipartisan and coordinated approach to support the mental health of financial advisers, as pressures within the industry contribute to rising levels of mental ill-health amongst financial advisers. 
 
Speaking at a recent Leaders Forum hosted by Zurich Life & Investments in Melbourne and Sydney, leaders from the AFA and FPA, licensee heads and leading financial advisers shared their stories on advisers struggling to cope with the multiple headwinds currently faced by the advice profession.
 
Advisers spoke of being overwhelmed by a perfect storm of change, which includes new professional standards, the ceasing of grandfathered commissions and the impact on revenue and business values, and widespread licensee consolidation. 
 
“The message from the conference was that any one of these conditions are red flags that the mental health of a financial adviser and small business owner might be affected,” said Kristine Brooks, Chief Distribution Officer, Zurich Life and Investments.  “Any adviser impacted by all three at once might really be struggling.”
 
Simone Du Chesne, Principal EQ Wealth and the AFA’s Adviser of the Year commented: “This is hindering advisers from doing what they love the most and who are potentially working harder for less money. A lot of us are small businesses owners with staff to care for, many of whom are also struggling with the uncertainty pervading our industry at the moment.”
 
Both the Association of Financial Advisers (AFA) and the Financial Planning Association (FPA) have mental health programs available to members. AFA Care utilises the support services of Benestar as does the FPA’s Wellbeing program which also offers free support sessions with qualified counsellors.
 
Licensees told forum delegates they are providing mental health resources to their staff including front line mental health training, courses provided by groups such as Beyond Blue and encouraging advisers to care for their colleagues. 
 
But they said there was still a gap and that they are not trained to deal with suicide threats or real distress, often feeling ill-equipped to handle the distrusted, confused and anxious state many advisers find themselves in. 
 
“Mental health is a complex issue and as such requires a well thought-out response that is effective,” said Maria Falas, Head of Mental Health and Wellness, Zurich. “We would like to work with the industry to achieve the coordinated approach we are discussing to provide and foster a sense of community and leadership in mental health for the benefit of our practitioners and our customers.”
 
The leaders present at the forum agreed to set up a cross-industry working group to provide greater guidance and alignment on the issue and to better coordinate existing efforts and resources.  Increased training for licensees to better identify mental health issues and support their adviser was one tactical idea that was welcomed.
 
Zurich is proud to support a number of mental health initiatives aimed at financial advisers and its communities of influence, including Mr Perfect which encourages conversations and connections through informal BBQs across Australia and the Tackle Your Feelings community program for AFL clubs and coaches.
 
Zurich provides the Mindstar wellbeing platform to its financial advisers, for them to access information on mental health and wellbeing and make appointments with counsellors. It is also a member of SuperFriend, an organisation which partners with the super and insurance industries on mental health and wellbeing.

 

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