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.
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.”