Over 70% of financial advisers experience high levels of burnout from stress and 67% experience some level of depression due to the major reform changes the industry is currently experiencing, according to research.
An AIA Australia report carried out by The e-lab and Deakin University found that 82% of advisers found regulatory and compliance demands to be highly or very highly stressful.
Co-researcher of the ‘Australian Financial Advisers Wellbeing Report 2021’ Dr Adam Fraser, said: “Concerningly, we found that advisers had the lowest scores in areas of wellbeing, mental and physical health and higher scores in terms of stress, burnout and work overload, than any industry we had previously studied”.
Another 77% felt high levels of frustration despite most advisers finding meaning and purpose in their work.
Also commenting, co-researcher, Dr John Molineux, said: “Due to major change and reform in the industry, many advisers are struggling and it is impacting their health and wellbeing, which I think should be a major concern to us all.
“Yet there is hope, as pathways for help are becoming available and many of the advisers we interviewed are learning, coping, adapting, recovering and moving away from stress reactions which can prevent us from taking positive action.”
Some of the key findings of the report included:
- 73% of respondents are experiencing high levels of burnout from stress;
- 67% experience some level of depression – ranging from ‘a little of the time’ to ‘all the time’;
- 61% have poor sleep due to stress;
- 33% of respondents are seeking medical care to manage their health symptoms caused by stress in their roles; and
- 25% indicated that their medical practitioner has advised them that they are in a high-risk category for heart disease or stroke.
However, the report noted that engagement with industry support services and associations, a positive work/ life balance, practising regular recovery activities such as exercise or mindfulness and having collegiate support were key differentiators between those who were thriving and those who were not.
The report surveyed over 700 financial advisers in Australia in late 2020.