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Stress levels in the financial advice industry are rising as structural changes take place, according to Association of Financial Advisers (AFA) chief Richard Klipin.
Klipin said the Future of Financial Advice reforms had created uncertainty and confusion, with some advisers concerned about the impact of the proposed changes on the sale value of their businesses, and others wondering whether they had the ability and energy to meet new standards expected of the industry.
The AFA chief said it was becoming increasingly important to recognise the impact of that pressure on advisers, which could lead to stress-related depression or anxiety.
The advice industry continues to be male-dominated. Many men, particularly of the older generation, “don’t wear their heart on their sleeve”, Klipin said. As such, they may be less likely to express their concerns or emotions to others.
“I’m seeing it come through in anger, [with people saying:] ‘Who’s got the right to change my life, change my set up, change my relationship with my clients?’”
Klipin said he did not want to see an exodus from the advice industry, with many of the “more experienced” advisers expressing their intention to leave. It was important for advisers to understand that although “they’re going through a stressful time, that doesn’t mean your only option is to walk away”.
Beyond Blue national workplace program manager Therese Fitzpatrick said the impact of job uncertainty on mental health should not be underestimated.
“Job stress often occurs where there is a mismatch between what is expected of a person and what they are able to do, and job uncertainty is one of the key things that lead to that.”
Fitzpatrick said some of the warning signs for depression and anxiety include changes in eating and sleeping patterns, social withdrawal, difficulty concentrating and reduced productivity at work. Men were likely to become irritable, while an increase in negative thinking is also a warning sign.
She said the key to managing stress-related depression and anxiety was early intervention. Fitzpatrick called for strong leadership within financial services organisations.
You can watch the interview with Beyond Blue’s Therese Fitzpatrick on Money Management’s 4minutes program.
