Shame of depression contributing to advisers’ struggle

Advisers who are struggling should not feel ashamed to seek help as shame is holding the industry back from assessing the real impact of changes.

Speaking to Money Management, Max von Sabler, clinical psychologist at MVS Psychology Group in Melbourne, said advisers possibly were unaware how many others were in the same situation as them because they were reluctant to talk about it.

This was particularly a problem for men, who made up a large proportion of the adviser profession, with research by BeyondBlue finding men making up an average of seven out of every nine suicides that occurred each day in Australia. This week, from 13-19 June, was Men’s Health Week.

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Von Sabler said: “For advisers who are affected, my takeaway would be that you’re not alone. What you are going through is an experience being felt by many others, more than you would imagine.

“There is a huge amount of shame and a lot of these people don’t feel able to talk to a professional. That creates a barrier for talking about it.”

He recommended advisers or anyone struggling in the profession found a person they could confide in, whether that was a friend or a mental health professional.

“You need a trusted circle, or at least one other person, that you can talk to about what’s happening. Leaning on friends and family wherever possible is essential or reaching out for professional help. Things like exercise, good nutrition and keeping active are important but they will only go so far for people who are struggling.

“Sharing the burden with other people has an absolutely enormous effect on how we feel.”

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I find the sharing just traumatises me all over again!!!!!

For all the scorching focus on ethics and 'Continuing Professional Development', there is ZERO incentive for Advisers to pro-actively focus on and improve their mental health, bar the avoidance of the regulators long stick. Yet there is clearly a link between our mental health and our client outcomes.

So, how about ASIC direct a few hours of their annual CPD targets to this area? Licensees can add mental health seminars into the usual PD day agenda, or the more engaging non-Licensee groups (like XY Adviser) can save the day. Either way, Adviser health and client outcomes will benefit, and there is effectively no additional burden on the adviser.

Yeah, I'll get right on to this as soon as I've finished with all the paperwork I need to finish to keep my business running.

Hmm, wonder why advisers would not admit their under mental stress and suffering. ASIC would investigate and potential remove their license as not being a Fit and Proper Person under RG 204. As small Business People who are proud and Driven, they would find it hard to ask for help, especially in an enviroment of regulation and compliance.

Spot on Tired Adviser.. you have hit the nail on the head.....we have enough risks when running our own business, we can't afford another...sad but true.

As an adviser who suffered greatly and ultimately had to sell my business for my mental health, the last thing you want to do is tell your licensee. I did and what a Pandora's box that opened relating to my ongoing ability to service my clients and potential other issues. Just caused more stress and depression that l didn't need.

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