The pressure on the families of financial planners should not be dismissed as advisers grapple with stress and depression caused by the changes in the advice sector.
According to Barry Daniels, former financial planner and founder of PFM Australia, many advisers were finding the educational and regulatory requirements were becoming the ‘final straw’ for them.
Many of these self-employed advisers will have been hoping their business would fund their retirement, but Daniels said, the effects of recent changes have made that unlikely.
“In 2019, FASEA, education requirements and crashing practice values- destroyed through the legislated removal of income from their business- mean the planned exit and succession aspirations for many advisers have evaporated, devastating the lives of many planners who can no longer cope.”
Much has been written about the mental health difficulties for advisers but Daniels said this awareness should also be extended to their partners who were having to pick up the load.
“These advisers, however, often continue to present a stoic persona to their peers and even to their family, while they suffer inner turmoil and pain - in isolation and without help.
“Into this battlefield, which is now stressing advisers and their families to breaking point, the adviser’s husband or wife find themselves having to step-in to support their spouse and save the family.
“It is heartening to see dealer groups, professional associations and media groups reaching out to help planners cope with mental illness. But where is the ally and support structure for planners’ partners to help them save their spouse and their family?”